The future of work: What leaders must do to stay relevant
Sixty percent of the jobs in today’s market did not exist 80 years ago, according to a study of U.S. Census Bureau data. Will the labor market in 2100 look anything like today’s? What about sooner than that — say, 2035? How can leaders stay on top of those changes — or preferably, stay ahead of them?
I recently heard a presentation by Rishad Tobaccowala, author of the book, Rethinking Work. Here are some of his observations:
The Composition of the Workforce
Immigration: The U.S. population is flat and will decline. The reduced birthrate means we will need to rely on immigration to feed the labor market.
Boomers: This is “The Age of the Seasoned.” Many Baby Boomers are remaining in the workforce past age 65, which enables them to provide the long-term perspective that comes with age.
Gen Z: Many Gen Z members don’t believe in capitalism. Seventy percent of them want to be self-employed. The majority of workers in the U.S. under 30 are non-white.
The Impact of AI
AI capabilities double every seven months.
Knowledge will be free, so there’s no economic value to knowledge.
There will be no new hires unless they can prove that AI can’t do what they’re doing.
The economy will be increasingly freelance.
The Impact of COVID
The pandemic has had a large influence on why people work and for whom.
There has been a significant shift toward “debossification.”
Staying relevant in a rapidly changing world
What are the implications of these observations? For starters, people will need to learn the skills to lead a company of one. That means true mastery of your technical skills or craft, strong collaboration skills, and the ability to build your reputation. According to Tobaccowala, the most valuable qualities will be creativity, curiosity, and storytelling. In his opinion, the key questions, whether you’re a senior executive or a new entry to the workforce, are: “Am I still relevant?” and “How can I stay relevant?”
I don’t know about you, but to me this sounds both scary and exciting. If you want to talk more about where the world of work is going and what that means for you, contact me at ggolden@gailgoldenconsulting.com.
