The Great Resignation AND Realization: Check out what the future of work looks like in 2022 and beyond!

Fridays: Mindfulness by Miles FROM THE DESK OF 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 this year and beyond. 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

The Great Resignation AND Realization: Check out what the future of work looks like in 2022 and beyond! Key Predictions on the Future of Work in 2022 and Beyond 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 the webinar titled, “Key Predictions for the Future of Work in 2022 and Beyond,” PwC’s Global Financial Services Leader John Garvey and I talked about the “Great Realization” and the rise of new financial currencies. Our discussion covered the: 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 I talked about in the webinar… The Digitalization of Business The digitalization of business is a major trend that is happening today, but it doesn’t sit quite well with some employees. Why? Some workers think this advancement will eliminate their jobs and will result in millions of jobless people all over the world. However, this is not the problem the workforce is experiencing right now. It’s actually the other way around! In fact, 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. I honestly think 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, I see this condition differently. While the “Great Resignation” is an accepted term to describe the situation of the workforce nowadays, I think it’s better to call it the “Great Realization.” My reason? A lot of individuals are now realizing that they have more options for work compared to what they may have had in the past. 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 do businesses have to do to get through this shift? Get the right talent at the right time. 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, 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. It’s also 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 for me, employers and employees alike should always be prepared. Another thing I’m sure of is 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, I think 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. Also, as a business leader, you shouldn’t underestimate change management. Why? It’s because this will help you form agile teams and train those teams to work more effectively and efficiently! … and when teams work more effectively and efficiently, they’ll achieve high performance levels and positively contribute to the companies they work for. I hope you find these insights helpful as you manage your own business, hire employees, or work as an independent professional! By taking note of some of our 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. Hope you’ve found this week’s insights interesting. Follow us on LinkedIn. Stay tuned for next Friday’s Mindfulness by Miles! Learn more about Miles Everson’s key predictions for the future of work in 2022 and beyond on next week’s Mindfulness by Miles!