The Future of Work

The future of work

The future of work has always been a topic of debate, and the recent impact of COVID-19 has added even more layers to this discussion. According to Gartner, the future of work can be defined as “changes in how work will get done over the next decade, influenced by technological, generational and social shifts.”

For the purpose of this newsletter, we have divided the future of work into 3 different categories:

1. Where we will work (at home, in the office or elsewhere)

2. What will our jobs look like?

3. Who will be working? (Humans, AI, Robots? Etc.)

As this is such a wide-ranging topic, we are going to cover it a little differently than usual. Across the next three weeks, we'll delve into each of these areas, dedicating a week to each.

First up, where will we work in the future?

WFH, office work, Hybrid, on-site, where will we work in the future is a question being continuously asked. As we all know, the COVID-19 pandemic upended traditional working structures, forcing us all into remote work or ‘work from home’ (WFH) as it’s become known. This trend has continued even as most countries have returned back to their pre-covid norms.

The debate on the ideal work location/structure varies widely depending on who you ask. Employees seem to value job flexibility, whether that is working from home all the time or more of a hybrid structure. What is clear is that they want a choice, they don’t want to be forced into working in the office all the time. This is highlighted by the fact that 87% of workers in the US who have the chance to work flexibly, take up the opportunity.

In contrast, the general consensus amongst Employer’s is that they want their employees back in the office. Many companies are creating more and more incentives to entice their employees to come back into the office. This preference stems from various reasons. Companies pay millions of dollars a year for office space, leaving these spaces empty for half of the week is not an effective use of capital. In addition to this, many CEO’s of some of the world’s largest companies are beginning to believe productivity is decreasing amongst their employees, with remote work being one of the biggest factors causing this.

Where will we end up?

Where this will end up is probably somewhere in between the two extremes, a hybrid structure that see’s employees working 2/3 days in the office and at home. Many progressive companies also allow employees to work abroad for a period of time every year (anywhere from 2 to 6 weeks). This is a trend that we expect will continue.

A major problem for companies is that this structure will present is that office spaces will continue to stay near-empty for up to 4 or 5 days a week (Saturday, Sunday with very few employees working in the office on Monday and Friday). This is a problem currently without a solution that is universally used. Any ideas, anyone?

What else is going on in the world of tech?

NOKIA are cutting 14,000 jobs. The Finnish telecoms company is laying off around 16% of their workforce, as the company cites the difficulty monetizing 5G as one of the main causes.

WPP have announced a merger of two of its largest agencies to create the largest creative agency in the world. The merger of Wunderman Thompson and VMLY&R will create VML, employing over 30,000 people across 64 markets.

Taiwan Semiconductor Manufacturing Company reports biggest drop in profits in nearly 5 years. Although, a third-quarter profit of 211 billion New Taiwan dollars ($6.69 billion) doesn’t sound too shabby to me.

Weekly Shoutout’s

Podcast – The Athletic Football Podcast. For any Premier League soccer fans out there.