The rise of robots, machine intelligence, distributed ledgers, quantum physics, “gig” labor, the unexaggerated death of privacy, a world eaten alive by software—all these trends point to a new world that’s shaping up quite differently from anything we’ve ever seen, or worked in, before. We examine the five dimensions that are influencing the future of work and the labour markets as defined by the International Labour Office. Future of Work the impact of AI and automation in Belgium CONFIDENTIAL AND PROPRIETARY Any use of this material without specific permission of McKinsey & Company is strictly prohibited Dr. Jacques Bughin, MGI Brussels, December 4, 2018. Rapid advances in robotics and artificial intelligence are making inroads in the workplace, with machines carrying out physical and cognitive activities. THERE ISN’T A NATIONAL ECONOMY. What are the key priorities they should look to address? We use cookies essential for this site to function well. Indeed, the decline in work activities that mainly require basic cognitive skills is the largest across our five categories.” They add: “Demand for higher cognitive skills such as creativity, critical thinking and decision making, and complex information processing, will grow through 2030 at cumulative double-digit rates. McKinsey's Gary Pinkus on the Future of Work June 21st, 2018, 5:06 PM GMT+0000 McKinsey Managing Partner for North America Gary Pinkus speaks with … The future of work in the UK could mean millions of women will need to transition between into higher-skilled jobs due to automation. Definition of industrialized construction: McKinsey just put out a 124-page report on how automation and the always-on workforce is changing the way we live. The adoption of new technology and new work practices poses particular challenges to both business and policy makers. http://tinyurl.com/y4qvwb6 In today's global environment there is considerable pressure on businesses to do more with less. The future of work is being shaped by two powerful forces: The growing adoption of artificial intelligence in the workplace, and the expansion of the workforce to include both on- and off-balance-sheet talent. Caption: “Work has become a lot more fragile,” said James Manyika, top right, a senior partner at the consulting firm McKinsey and Company, chair of the McKinsey Global Institute, and a member of McKinsey's board of directors. The Institute for the Future is exploring how these technologies are poised to intersect with evolving social and economic forces that will define the future of work in 2030. Skip to main content McKinsey & Company Home What will this mean for employment? At the same time, the economy is generating new jobs—although they may be different occupations in different locations. What is the future of work? Emerging technologies are helping people prepare for, find and engage in work in ways that have never been seen before. The future of work looks set to be not a tale of machines replacing humans, but of machines complementing humans in the workplace, writes James Manyika in Milken Institute Review. Jun.21 -- McKinsey Managing Partner for North America Gary Pinkus speaks with Bloomberg's Julia Chatterley at the Bloomberg Breakaway CEO Summit in New York. Learn about our use of cookies, and collaboration with select social media and trusted analytics partners here Learn more about cookies, Opens in new tab. Please click "Accept" to help us improve its usefulness with additional cookies. It is clear, though, that “futuristic” trends are emerging, having been catalyzed by the COVID-19 pandemic. June 8, 2020. Adapting to the future of work will require organizations—and not just employees—to equip themselves with new capabilities. Yet, far too many initiatives are focused on incremental gains or efficiency-boosting activities. 2 McKinsey & Company 2 2 What are we talking about Future Possibilities and How to Prepare for Them. Nobody’s got time to read all that, though (except for me), so we pulled out the 10 things you need to know about the future of work. The interviews were filmed in April at the Digital Future of Work Summit in New York, which was hosted by the McKinsey Global Institute (MGI) and New York University’s Stern School of Business. FUTURE F WRK IN CNSTRUCTIN 6 In the Fall of 2019, Autodesk and RICS conducted a study on the Future of Work (FOW) in Construction that aimed to define the impact of industrialized construction (IC) on the work, the worker, and the workplace during the construction phase of a project. A key to companies’ future success will be in providing continuous learning options and instilling a culture of lifelong learning throughout the organization. Please click "Accept" to help us improve its usefulness with additional cookies. The big question is to what degree they will survive the crisis. Predicting the future of work is hard when you’re still in the midst of the catastrophe. In our first year of cooperation with the WEF, we produced two reports. McKinsey Global Institute ... Arun Sundararajan: The future of work that a college graduate is looking at today is so different from the future of work that I looked at when I was a college graduate. The first defines what will likely affect the future of work, and how various scenarios might lead to distinct future states. There’s far less structure, there’s far less predictability. The Future of Work, was produced in partnership with Dell Technologies and represents many months of research, including interviews with experts and an all-day workshop with thought leaders from around the world. America’s future of work As intelligent machines enter the workplace, some occupations are shrinking. This June, ahead of the world’s largest global conference on the health and rights of girls and women, BSR, Women Deliver, and the McKinsey Global Institute will join forces to host a private-sector pre-conference to discuss these critical shifts and explore how corporations across industries can collaborate to make the “Future of Work” work for women. We sat down with Matthew Smith, McKinsey’s Chief Learning Officer, to understand how the Future of Work has been reshaping learning strategies in one of the world’s most respected consulting firms. And it's changing for the better. We also look at the impact that changes in the labour market will have on the role that HR plays within the organisation and the way that we work today. That means McKinsey talent needs to be able to solve increasingly complex challenges. New technology has the potential to drastically change work. How can we prepare today for the shifts that are coming tomorrow? Aktuelle Studie von Stifterverband und McKinsey: Bis 2023 werden 700.000 Technologiespezialisten zusätzlich benötigt. Technology and structural shifts in the economy are reshaping the workplace and will continue to do so after the COVID-19 crisis abates. Create a profile to get full access to our articles and reports, including those by McKinsey Quarterly and the McKinsey Global Institute, and to subscribe to our newsletters and email alerts. What the future of work will mean for jobs, skills, and wages. Contributor: Mary Baker. We use cookies essential for this site to function well. McKinsey & Company 21 Many employers are also engaging in their ecosystems to address future of work challenges & Northrop Grumman and University of Maryland created “ACES” –the Advanced Cybersecurity Experience for Students, a certificate open to students in any major Each invested ~$1.1M to launch the program, Human Resources. What changes could be in store for the workplace, the workforce, and the nature of work itself? McKinsey Global Institute. By McKinsey & Company. As automation changes the world of work, governments, businesses, and members of the workforce can take action and adapt. In an era marked by rapid advances in automation and artificial intelligence, new research assesses the jobs lost and jobs gained under different scenarios through 2030. We are committed to working with employers, governments, educators, and others to create a future of work that is economically thriving and inclusive. At the 2018 SIEPR Economic Summit, a group of panelists discussed automation and the changing workforce. In our survey, this cultural change was ranked by companies across most sectors as the change most needed for developing the workforce of the future. As the pandemic resets major work trends, HR leaders need to rethink workforce and employee planning, management, performance and experience strategies. In this video, one in a four-part series, experts from academia and industry join McKinsey partners to discuss changing work patterns and what they may mean. Imagine the benefits of a future of work strategy aimed at generating more value and meaning for the customer, the workforce, and other partners, and greater earnings for the company over time. I'll let you in on a secret: The workplace as we know it is already changing. 9 Future of Work Trends Post-COVID-19. How Humans Work in 2030 . 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