The health crisis gave people a greater appreciation for the fact that humans and technology are more powerful together than either can be on their own. She has over 20 years’ experience in organizational transformation and HR strategies in advisory and operational roles with leading multinationals and state-owned enterprises in China and Asia, in industries such as financial services, real estate, manufacturing, consumer, retail, education, and pension plans. OG&C companies have a big task in hand to decarbonize their work; develop a new workforce architecture with people and for people; and ensure continuity of operations and mitigate risks associated with the new remote workplace environment. The publication talks about the seven key learnings relevant to the acceleration of 'Future of Work' in India, during these ongoing times of COVID-19 outbreak. This is by no means an exhaustive list, but rather a starting point: an opportunity to consciously reflect on what has happened over the past few weeks and months in an effort to embrace the possibility that lies ahead. In addition to co-authoring the report, Poynton was Global Human Capital Trends’ 2020 program manager and coordinated the design and delivery of this year’s survey and report. The multinational consulting giant Deloitte is proposing shuttering four office buildings in the U.K. but keeping all staff on work-from-home contracts, the company told ABC News Monday. No. See something interesting? In a post-COVID world, purpose, potential, perspective, and possibility are no longer future-focused aspirations, but the reality of the here and now. Learn how Deloitte’s more than 312,000 people worldwide make an impact that matters at www.deloitte.com. If organizations can better understand their workers, they will be able to more effectively develop targeted programs and policies that bring out workers’ personal best while affording them the heath protections they need to safely do their work. Deloitte Services LP Without question, it has changed attitudes, behaviors, risk perceptions, and fundamental ways of working, learning, and living. Predicting the future of work is always tricky, and the COVID-19 pandemic has made any type of prognosis even more difficult. Within Deloitte, she has served as a member of Deloitte Consulting’s Management Committee and Board of Directors. 5. These ethical implications extend to many segments of the workforce, but were particularly evident in the experience of the alternative workforce, some of whom faced decreased demand and related financial concerns, or increased demand and related safety concerns. The COVID-19 situation is complex and fast-moving, resulting in an extremely challenging environment to navigate. This is the time for strategists to make bold choices today that affect the work of tomorrow; and to adopt redesigned, cyber-physical teams and embrace a digital workplace culture as a basis for future innovation. Deloitte’s 2020 Human Capital Trends report provides a wealth of information on the future of work, Deloitte Australia launches AWS Cloud Guild. A former steward of the learning and development research practice for Deloitte, David developed the team's work in continuous learning and learning cultures. Touts skilled workers as key for adapting to remote working brought on by the COVID-19 pandemic. Through our proprietary Experience per Square Foot TM (XSF) tool, Cushman & Wakefield has captured more than 2.5 million data points from workers all over the globe in the pre-COVID-19 era and a further 1.7 million data points from more than 50,000 respondents in the current work from home environment. Through this crisis, the world has had the opportunity to see the resilience and adaptability of the workforce as workers quickly assumed new roles and even contributed to opportunities in different fields and industries. has been saved, Returning to work in the future of work The industry’s reputation as a reliable employer has been challenged following big layoffs and heightened cyclicality in employment triggered by recent subsequent downturns and the COVID-19 pandemic. Sign up to receive a copy of our new approach to Trends launching this winter, Little did we know how powerful the foreshadowing was when we wrote in the prologue of this year’s Global Human Capital Trends report: “Much in the same way that we started the decade in uncertainty, we appear to be headed back into a period of uncertainty.” With the rest of the world, we watched in disbelief as the COVID-19 pandemic took hold at the beginning of 2020 and changed life as we knew it. Deloitte Top 200: Covid-19 provides impetus for fundamental change . As per the report, India Corporate Fraud Perception Survey, 80% of corporate India believes fraud will rise in the next two years. View in article, Zach St. Louis, “Thomas Friedman on human interaction in the digital age,” Aspen Institute, January 10, 2017. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. COVID-19 has revealed preparedness gaps while advancing digital innovations and underused technologies such as video conferencing, remote monitoring, and tools for remote work and online learning. “COVID-19 has fast-tracked our future of work programme, leading us to review our real estate portfolio,” Stephen Griggs, Deloitte’s UK managing partner, said in an emailed statement. This consideration is especially important as it relates to organizations’ use and treatment of the alternative workforce, particularly in industries that rely heavily on the gig economy. to receive more business insights, analysis, and perspectives from Deloitte Insights, Telecommunications, Media & Entertainment, Belonging: From comfort to connection to contribution, Designing work for well-being: Living and performing at your best, The post-generational workforce: From millennials to perennials, Knowledge management: Creating context for a connected world, Beyond reskilling: Investing in resilience for uncertain futures, The compensation conundrum: Principles for a more human approach, Governing workforce strategies: New questions for better results, Ethics and the future of work: From “could we” to “how should we”, A memo to HR: Expand focus and extend influence, A comprehensive timeline of the new coronavirus pandemic, from China's first COVID-19 case to the present, As job losses escalate, nearly half of global workforce at risk of losing livelihoods, WTO highlights the implications of COVID-19 on digital divide, Thomas Friedman on human interaction in the digital age, 15 companies retooling their operations to fight COVID-19, COVID-19 burnout growing among remote workers, Pandemic fuels burnout among nearly half of U.S. workers, Trudeau announces wage top-ups for front-line workers, but details unclear, Companies adjust executive pay amid COVID-19, Gig workers among the hardest hit by coronavirus pandemic, evoliniglobalhumancapitalleader@deloitte.com. The recovery from the COVID-19 pandemic, given the human dimension of urgent workforce challenges and the uncertainties facing business leaders, requires workforce strategies which focus on both short-term recovery priority actions—reflect, recommit, re-engage, rethink, and reboot—and reaching for the future and a new normal—integrating the attributes of purpose, potential, and perspective. Yves leads our Strategic Change proposition globally. The COVID-19 shift: COVID-19 showed people that while technology can augment and supplement work, it does not replace what is needed from humans. It also describes about what a COVID-adjusted strategy could look like for any organisation which is looking to embrace the 'Future of Work. This downturn requires “. Designing the future of work after COVID-19 The business change driven by the COVID-19 pandemic has been both sudden and lasting. New possibilities arising from the COVID-19 crisis. In each chapter, we show how organizations that embrace a new set of attributes anchored in purpose, potential, and perspective can create lasting value for themselves, their workforce, and society at large. Deloitte said it would shut its offices in Gatwick, Liverpool, Nottingham and Southampton, where about 500 people work. Brad Denny, a principal with Deloitte Consulting LLP, leads Deloitte’s US Human Capital practice for the power and utilities industry and coleads the 2019 Global Human Capital Trends report. COVID-19 and the oil downturn make workforce and business transformation a strategic imperative. Now is not the time to pull back on workforce development efforts, but instead to double down on commitments to building a resilient workforce that can adapt in the face of constant change. Deloitte says companies need to rethink their strategies as they move towards the ‘recovery’ phase of COVID-19. The world is upside down and sometimes it can be tough (really tough, if we’re honest) to stay optimistic and maintain sanity. The COVID-19 shift: COVID-19 put the need for and ease of access to insightful and future-oriented workforce data in the spotlight. Deloitte said it would shut sites in Gatwick, Liverpool, Nottingham and Southampton. The short-cycle nature of shales has made hiring extremely cyclical. In April, Deloitte said it would be cutting pay for partners at its British businesses by 20 per cent to protect jobs during the coronavirus crisis. The COVID-19 shift: COVID-19 brought ethical issues around employment to the forefront that many may previously have viewed as ivory-tower concerns, putting a spotlight on the impact of organizational decisions on workers’ lives every day. In this webinar we will discuss the Future of Work and how covid-19 has challenged business leaders to do three things at once: stage the return to work, understand and leverage the advancements they enacted during the crisis, and chart a new path forward. DTTL (also referred to as "Deloitte Global") does not provide services to clients. The sensitivity of U.S. OG&C employment to oil prices is extremely high, with a dollar change in oil price potentially affecting 3,000 upstream and oilfield services jobs. The U.S. oil, natural gas and chemicals (OG&C) industry slashed 107,000 jobs from March to August 2020, the fastest rate of layoffs in the industry’s history. Deloitte has released its latest study on the global human capital trends for 2021, highlighting the five key workforce trends shaping the emerging outlook towards work and insists to make a “fundamental mindset shift: from a focus on surviving to the pursuit of thriving”. Mumbai: As most companies saw their employees working from home due to the Covid pandemic, they are worried that this is also set to see a substantial jump in the frauds in next two years, a Deloitte survey said. From 2014-19, a dollar movement in oil price affected 3,000 upstream and oilfield services jobs compared to 1,500 in the 1990s. How will trends and technologies impact industries and the workforce moving forward? Getty. Future of Work accelerated: Learnings from the COVID 19 Pandemic. The COVID-19 shift: COVID-19 reinforced that it is more important to understand what workers are capable of doing than understanding what they have done before. Jeff is a senior consulting partner and is a recognized global advisor and thought leader in the future of work. COVID-19 has challenged business leaders to do three things at once: stage the return to work, understand and leverage the advancements they enacted during the crisis, and chart a new path forward. Deloitte Study: The Future of Work in Oil, Gas and Chemicals COVID-19 and the oil downturn make workforce and business transformation a strategic imperative . Belonging: Moving from comfort to connection to contribution Instead, we believe organizations should embrace New York Times columnist Thomas Friedman’s perspective that humans who want to adapt in an age of acceleration must develop “dynamic stability.” Rather than trying to stop an inevitable storm of change, Friedman encourages leaders to “build an eye that moves with the storm, draws energy from it, but creates a platform of dynamic stability within it.”5. NEW YORK, Dec. 10, 2020 /PRNewswire/ -- Amid unprecedented workforce disruption from the COVID-19 pandemic, organizations are enacting radically new ways of working and operating – … The risk is more than that of falling behind—it’s the possibility of never catching up at all. Public Relations With almost 25 years of transformation, leadership, talent, and strategy experience, Denny has helped organizations navigate large-scale transformations in the United States, Canada, United Kingdom, Japan, and Poland. The coronavirus pandemic ushered in a sudden, massive work-from-home experiment for much of … Posted on 9/12/2020 | 0 Comments. Creating a structured roadmap for “, More than 45% of the industry’s personnel are tenured with most retiring in five to seven years, while total U.S. university graduates for technical courses like petroleum and geological engineering courses have dropped by 15-21%. +1 973 602 4228, Abraham Silva While initially thought to be a virus that only affected the elderly, people soon learned that others were not invulnerable. What changes could be in store for the workplace, the workforce, and the nature of work … A podcast by our professionals who share a sneak peek at life inside Deloitte. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. DTTL and each of its member firms are legally separate and independent entities. But as new technologies and digital transformations dominated conversations in boardrooms, human concerns were considered separate from, if not directly in conflict with, technological advances. Organizations face a choice between returning to a post-COVID world that is simply an enhanced version of yesterday or building one that is a sustainable version of tomorrow. HR should take a leading role in helping the organization and the workforce adapt to changing organizational and business requirements. Individuals and communities responded with empathy and strength. Companies have adopted adaptable organisation models to deal with the situation, finds the report ‘Adaptable Organisation: The New Normal by Deloitte. It's a compelling opportunity to put customers and staff at the centre of that future by embracing automation opportunities with technology. About 1% to 2% of oil and gas capital expenditures were spent on green energy in 2019. And in some cases, COVID-19 has forced the pendulum of a long-observed pattern to one extreme. In those where it was, the crisis highlighted the digital divide within countries, across regions, and in rural communities and urban digital deserts.4 In those where the technology has been available, one of the biggest barriers was the difficulty of building models to integrate humans with those technologies: to create new habits and management practices for how people adapt, behave, and work in partnership with the technology available to them; to fulfill distinctly human needs such as the desire for meaning, connection, and well-being at work; to maximize worker potential through the cultivation of capabilities; and to safeguard ethical values. He is specialised in Leadership & Organisational Development and Talent & HR Strategy, working in business transformation contexts. View in article, Ryan Tumility, “Trudeau announces wage top-ups for front-line workers, but details unclear,” May 7, 2020. Given the convergence of pressures from the great crew change, global pandemic, energy transition and “great compression,” the study outlines four levers of transformation that could push OG&C organizations into the future. Certain services may not be available to attest clients under the rules and regulations of public accounting. This will open up the possibility for workers to both live and perform at their best. Employment cyclicality is plaguing the industry. That starts with how ITS deploys projects and supports technology enablement but, equally importantly, we’re also helping redefine how our practitioners work. Today we’re starting with the impact of COVID-19 on mental health and the role of insurers… DTTL (also referred to as "Deloitte Global") does not provide services to clients. We’ve already seen compensation-related actions on the front line, such as raising minimum wages for essential workers8 or cutting executive compensation to prioritize keeping people employed.9. 1: Increase in remote working. That’s why our Insurance services team will be publishing regular articles, breaking down what insurers need to consider, both in the near future and farther afield. The five actions it recommends are: Reflect, Recommit, Re-engage, Rethink and Reboot. The culmination of this collaboration is presented in “The world remade by COVID-19: Scenarios for resilient leaders,” published by Deloitte and Salesforce. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. Posted on 22/05/2020 | 0 Comments. Deloitte: In Wake of COVID-19, 61% of Executives Now Focused on Transforming Work, Double Pre-Pandemic Levels Executives focus on re-architecting work by … View in article, Josephine Moulds, “Gig workers among the hardest hit by coronavirus pandemic,” World Economic Forum, April 21, 2020. See Terms of Use for more information. While extremely challenging, this downturn presents an opportunity for companies to reposition. The theme this year is ‘kindness’ to reflect the impact that acts of kindness can have on improving mental health. Heightening employment cyclicality and layoffs are challenging the industry’s reputation as a reliable, long-term employer. This downturn or the “great compression” is like no other, challenging fundamental and deeply interconnected dimensions of the industry’s work, workforce and workplace. And ecosystems banded together to leverage their collective and complementary capabilities to effect meaningful change. New possibilities: As they stage the return to work, organizations have an opportunity to push the envelope in the ways they integrate teams of humans and technology. This piece was co-authored by Jeff Schwartz, principal and US leader for the Future of Work, Deloitte Consulting LLP. New possibilities: As they stage the return to work, organizations have the opportunity to leverage the power of AI to build a culture of actionable knowledge-sharing and knowledge creation that strengthens organizational connectivity and affords the organization resilience to be able to withstand, and even to thrive in, environments of disruption, uncertainty, and change. In today’s world of constant disruption, those issues include everything from navigating the future of work to enabling the digital organization—all centered around how to optimize the intersection of the workforce and business performance. The social enterprise went to work. "COVID-19 has fast-tracked our future of work programme, leading us to review our real estate portfolio," Stephen Griggs, Deloitte's UK managing partner, said in an emailed statement. What will the future of work look like? View in article, International Labor Organization, “As job losses escalate, nearly half of global workforce at risk of losing livelihoods,” press release, April 29, 2020. Certain services may not be available to attest clients under the rules and regulations of public accounting. "The future of work is here now as Covid has proven. ITS was deeply involved in Deloitte’s future-of-work plans, and COVID-19 has pushed our team to a more central role in shaping strategy. Deloitte experts discuss the impact of COVID-19 on the hospitality and insurance sectors, customer behavior, and how CFOs are weathering the storm in the latest edition of Deloitte’s Middle East Point of View magazine. The COVID-19 shift: COVID-19 proved that generalizing by age alone can lead to incorrect conclusions. Whether it was data on the capabilities of the workforce, the state of workers’ physical and mental well-being, or an assessment of how well the organization’s culture was faring, we saw a plethora of vendors come out with ways to leverage technology to get the data and insights needed and get it fast. Social login not available on Microsoft Edge browser at this time. A podcast by our professionals who share a sneak peek at life inside Deloitte. The report, titled 'Future of Work accelerated: Learnings from the COVID-19 Pandemic' was written after surveying and talking to CXOs of 42 Indian companies. By putting people at the core of business transformation strategies, the industry may hopefully regain its appeal and position itself for what’s expected to be a much different landscape in the future. H+K Strategies Imagine the short commute to your office five steps away. While it’s anyone’s guess what’s next, some constants remain: organisational performance will always be important, and it is dependent on employees. Prime Minister Jacinda Ardern. Yves is a partner in the Belgian Consulting practice of Deloitte. The end state is neither clear nor predictable, but health care organizations understand that few people will return to the workplace they knew a few months ago and are exploring strategies and solutions to transform the way we work. We chose two specific areas of the report and asked Deloitte’s Global Human Capital Leader, Erica Volini, to provide insight on them. Yan is a frequent speaker at public conferences on organization transformation and human capital trends and strategies. The challenges around the initial impact of the pandemic have continued to leave lasting effects for Iwi, but they’ve responded strongly by bringing together communities to find new pathways ahead. Future of remote work: What impact will remote work have on your 2020 Swiss tax return deductions? View in article. New possibilities: As they stage the return to work, organizations should consider how to encourage and offer opportunities for workers to continue to grow and adapt based on their potential, rather than solely on their existing skills or certifications. First, the transition to wholesale working from home (WFH) has largely been an operational success. It also serves as a window into what can happen if the intersection of humanity and technology and the opportunity to operate as a true social enterprise are not fully embraced. New possibilities: As they stage the return to work, organizations should ask themselves what principles serve as the foundation for their compensation philosophy, programs, and policies. - Kate Hardin, executive director, Deloitte Research Center for Energy & Industrials, Deloitte Services LP. COVID-19 has revealed preparedness gaps while advancing digital innovations and underused technologies such as video conferencing, remote monitoring, and tools for remote work and online learning. NZ Herald. The theme … Predictions for the post-COVID future of work. The latter view can allow organizations to not only streamline costs, but to also create value and ultimately, provide meaning to the workforce as a whole. Alex Rankin, in his article The pandemic playbook, looks at insights into the levers utilized by CFOs as they respond to COVID-19 and subsequently […] COVID-19 has changed perceptions about physical location – and, therefore, the whole operating model for Financial Services (FS) – in two fundamental ways. Future of Work: Ways of working to sustain and thrive in uncertain times As the covid-19 pandemic drives profound societal and organizational shifts, leaders have the opportunity to return to work by designing the future of work, building on the lessons and … View in article, Digital Watch Observatory, “WTO highlights the implications of COVID-19 on digital divide,” May 5, 2020. © 2021. Organizations should evolve their thinking about technology from taking a purely substitution view (replacing humans with technology) to using technology as an augmentation or collaboration strategy. Hourua Pae Rau (our Māori services team) is working with Māori businesses and Iwi to navigate through COVID-19, facilitating workshops to help people through their COVID-19 challenges. The remote model of work tested in the COVID-19 situation has proven... that most services can be delivered from any location. Please enable JavaScript to view the site. 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