Future of Work "Module 1 - Introduction"

Why is future of work important?

Why is future of work important?

To show companies the need to remain flexible, know actual trends and know how to work in the future

What is the dodo effect?

The story of extinction of the dodo bird, they were so confortable in their environment that when new entrants (humans) with new resources and threats arrived, dodo bird could not survive, he had no competitive capabilities and no ability to react.

Companies get too confortable in their environments and forget how to react, adapt and evolve.

What is the meaning of future fitness?

• Being prepared for both opportunities and challenges in the future working world by adapting short and long term actions

• changing market conditions like digitalisation demand, innovation and flexibility, stimulate competition and fostering new ways of work

Examples of future fitness companies and not future fitness companies

Future fitness

1. Google

2. Apple

3. Samsung

Not future fitness

1. Kodak

2. Nokia

3. Blackberry

Which are important trends for future of work?

1. Environment & health (virtual Drs., organ cultivation)

2. Working world (new work styles, new business models)

3. Technology and Innovation ( smart robots, bionic teams)

4. Society (AI, lifestyle shift, social isolation)

*Challenge is to try to find interdependencies

Which have been the changes in the working world?

1. Selected external characteristics

   1. Traditional working world

      Competition in the own sector, incremental change, exploitation of resources, human intelligence, data as a business model

   2. future of work

      competition in own and other sectors, disruptive change, sustainability orientation, AI supporting human intelligence, data protection as a business model

2. Selected internal characteristics

   1. traditional working world

      intuitive decision-making, linear problem solving, leadership with leaders

   2. future of work

      evidence based decision-making, agile working, self-management of employees

Example of future trend

Leap in time lab because of the following workplace settings:

• work & play ( fosters creativity)

• smart living and working (integrate work to life)

• activity-based working ( different meeting tables and spaces for concentrated work)

Definition of ambidexterity theory

describes how companies can simultaneously manage their innovativeness and efficiency to remain adaptable

Mention the 3 characteristics of ambidexterity theory

1. Exploration: degree to which a company tests new concepts, important for this are the opening up of new knowledge, knowledge acquisition and diversity

2. Exploitation: degree to which a company can manage their daily business. control, security and efficacy are important

3. Integration: degree to which companies can integrate exploration and exploitation

What is the challenge of ambidexterity theory?

How to combine the elements and take advantage of them

Scope of ambidextrous organizations

Definition of dynamic capabilities

ability of companies to integrate, build and reconfigure internal and external competencies to adequately adapt to rapid changing environmental and market factors

Goal of dynamic capabilities

Help companies to stay flexible and adapt to future needs of workforce

Which are 3 characteristics steps to dynamic capabilities? (the process)

1. Sensing

2. Seizing

3. Transforming

What means sensing?

The company continuously scans the environment and identifies new opportunities and threats early

What means seizing?

• The company mobilises resources to take advantage of the opportunities and generates value of them

• The company selects and develops business opportunities that fit with their environment

What means transforming?

The company is under continuous adaptation

Which are key activities of sensing?

1. investment on research activities

2. testing and retesting:

   *customer’s needs

   *technological possibilities

   *competitor responses

   *supplier responses

   -→ Make the most out of the market the company is in or check if they are in the market they want to be in

Which are key activities of seizing?

1. Selection of physical technology

2. Design business model

3. Hire managers to coordinate functional activities

Which are key activities of transforming?

1. realign assets

2. Redesign business model

3. remake of routines

Which are activities for future oriented sensing?

Future oriented sensing is the core of dynamic capabilities, some activities include:

1. Tracking new developments in science and R&D

2. Tracking new developments in AI and technology

3. Tracking supplier and competitors innovation

4. Identifying changing work force needs (ex knowing that Gen Z wants more flexibility)

5. Identifying changes in target markets and customer needs

6. Understand own future fitness