Leaders from PwC & MBO Partners share their insights and advice on a major workforce shift. Know more about it here! [Fridays: Mindfulness by Miles]
Miles Everson’s Business Builder Daily speaks to the heart of what great marketers, business leaders, and other professionals need to succeed in advertising, communications, managing their investments, career strategy, and more.
A Note from Miles Everson:
On January 27, 2022, my team and I conducted a webinar with John Garvey, the Global Financial Services Leader at PricewaterhouseCoopers (PwC).
There, we talked about some of our key predictions for the future or work. We also highlighted how the COVID-19 pandemic has accelerated a few changes in the workforce.
Would you like to know more about the things we discussed?
Click here to gain access to the recording and transcript of the webinar.
I also encourage you to continue reading below to get a glimpse of our discussion on the future of work. I hope you’ll find our insights interesting and helpful!
CEO, MBO Partners
Chairman of the Advisory Board, The I Institute
Mindfulness by Miles
Today’s workforce is changing. The nature of work and work relations are currently being reshaped by:
- Changing demographics
- Greater diversity
- Increased global integration
- Technological advancements
Because of these changes, enterprises and organizations are compelled to level up their workforce model. They are now looking for ways to advance, outsmart the trends, and adapt to the ever-changing work landscape.
In a webinar titled, “Key Predictions for the Future of Work in 2022 and Beyond,” PwC’s Global Financial Services Leader John Garvey and MBO Partners’ CEO Miles Everson talked about the “Great Realization” and the rise of new financial currencies.
Their discussion covered:
- Key trends impacting the future of work for enterprise leaders
- Market insights about what businesses should do to stay ahead of the curve
- Key research from MBO Partners and PwC regarding the future of work
… and others.
Let’s take a look at some of the insights Garvey and Everson shared in the webinar…
The Digitalization of Business
According to Garvey and Everson, the digitalization of business is a major trend that is happening today, but it doesn’t sit quite well with some employees.
Some workers think this advancement will eliminate their jobs and will result in millions of jobless people all over the world.
However, Everson says that is not the problem the workforce is experiencing right now. It’s actually the other way around!
Here’s what he told webinar attendees:
“We have a human scarcity issue, not an excess human worker problem. And that’s not just in the United States, it’s global. I think if you dial back 4 or 5 years ago, everyone was concerned about too many people for jobs that would be available. You sit back today, and in the United States, we got over 11 million job openings and we’re at 3.9% unemployment.”
Note: That data was gathered in the middle of the COVID-19 pandemic.
That’s why for Everson, it’s interesting that the problem the workforce is experiencing at present is different from what industry experts predicted a few years ago.
One of the factors that contributed to today’s human scarcity issue?
The Great Resignation a.k.a. The Great Realization!
The “Great Resignation” is the term Garvey uses to refer to the condition of people leaving their traditional, full-time jobs to pursue independent or freelance work. He says since the digitalization of business, many workers are focusing on retraining and gaining more skills to thrive in the digital world.
Meanwhile, Everson sees this condition differently. He says while the “Great Resignation” is an accepted term to describe the situation of the current workforce, he thinks it’s better to call it the “Great Realization.”
A lot of individuals are now realizing that they have more options for work compared to what they may have had in the past. He says this setup is possible now due to the convergence of technology.
Additionally, the pandemic made people and companies realize that it’s possible to turn on a dime and work from home. This led to more workers creating multiple income streams and choosing independent work over traditional employment.
So… now that the workforce is having a human scarcity issue due to the “Great Resignation/Realization,” what are Garvey and Everson’s advice for businesses to get through this shift?
- Get the right talent at the right time.
Garvey and Everson say business leaders and executives should stop holding on to the traditional workforce model of only hiring full-time employees. Instead, they should start outsourcing and accessing independent talents to work on certain projects.
HR managers should also view independent professionals as an additional support for their firms’ existing teams.
In fact, Everson states it’s good to have access to these kinds of workers because although they are not completely part of a company, they help businesses accomplish certain kinds of projects while sharing their expertise and knowledge.
- Look beyond the borders.
Garvey and Everson say it’s important to look beyond the borders of the place where people are working nowadays.
For example: Before, companies only hired workers who lived near their offices… but now that the digitalization of business has come, some employers started hiring individuals outside their vicinity on a work from home basis and tapping into independent talents.
Some even enlist the services of independent professionals from Spain, Turkey, Philippines, Africa, etc. even though their main offices are in the US!
See how the digitalization of business and convergence of technology impact today’s workforce? These are good reasons why employers should start looking beyond the borders!
This will not only expose companies to a wide range of opportunities to expand their reach but also enable independents to enhance their network and develop more marketable skills.
It’s natural for people to feel uncomfortable whenever they go through some changes. However, change is the only permanent thing in the world and that is why Everson says employers and employees alike should always be prepared.
He also adds that we’ve been through various cycles of change―whether it’s about using desktop applications for the first time, changing jobs, or relocating to a new place.
So, for Everson, it all just boils down to change management or how you react to and handle the changes that happen both in your personal life and work life.
Another thing: Businesses and individuals shouldn’t underestimate change management. Why?
It’s because this will help them form agile teams and train those teams to work more effectively and efficiently!
… and according to Everson, when teams work more effectively and efficiently, they’ll achieve high performance levels and positively contribute to the companies they work for.
We hope you find Garvey and Everson’s insights helpful as you manage your own business, hire employees, or work as an independent professional!
By taking note of these industry experts’ key predictions for the future of work in 2022 and beyond, you’ll continue to thrive and boost your career despite the changes in the workforce.
(This article is from The Business Builder Daily, a newsletter by The I Institute in collaboration with MBO Partners.)
About The Dynamic Marketing Communiqué’s
“Fridays: Mindfulness by Miles”
High-performance businesses are run by people who think and act differently.
In other words, these are people who are high-performing individuals.
Companies and individuals of this kind have found ways to escape the grind of commoditization and competition by focusing on the RIGHT goals.
High-performing businesses and individuals are also “return driven” businesses and “career driven” individuals. They conscientiously develop unique capabilities and resources that allow them to deliver offerings in ways no other firm or individual can.
Every Friday, we’ll publish tips and insights from MBO Partners and The I Institute’s “The Business Builder Daily” newsletter.
These will help you gain knowledge on the things that Miles Everson, the CEO of MBO Partners, often talks about regarding the future of the workforce.
We’ll also highlight other mindfulness advice on how you can be a high-performing individual both in your career and personal life.
Hope you’ve found this week’s insight interesting and helpful.
Stay tuned for next Friday’s “Mindfulness by Miles!”
Head of Marketing
Valens Dynamic Marketing Capabilities
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