Page 72 - February EW 2024 PDF

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The future of work

RAJESH MEHTA V. BADRI-PAUL

N 2023, THE WORLD PUSHED ASIDE THE GHOSTS 2024 is promising in terms of work-life
of the pandemic, and rebooted. However, remote-work
habits acquired in the pandemic have survived. In ad- balance, greater workplace diversity,
Idition, economies the world over have been confronted incremental adoption of artificial
with geopolitical unrest and high inflation, even as artificial
intelligence has made shattering advancements and head- intelligence and climate change
lines. What does the ‘Future of Work’ look like in the new practices. This trend is likely to continue
year onward?
Flexible and hybrid work. Thanks to the pandemic,
work from home became the norm. However with resto- health of the planet. EU corporates are already complying
ration of normalcy, people are not eager to return to the with mandatory environmental, social, and governance
pre-pandemic full-time work at office model. Hybrid seems (ESG) disclosure requirements and reporting their impact
to be the way of the future with options to work full-time on nature under a Corporate Sustainability Reporting Di-
from remote locations. Numerous research studies indicate rective. It is expected that at least 10,000 foreign compa-
two-three days in the office is the optimal hybrid working nies will also be affected by the EU’s Sustainability Rules.
arrangement. A State of Remote Work Study 2023 by Buf- California — a state in the forefront of sustainability — has
fer, a US-based online marketing software firm, says that legislated new laws that require large business entities to
98 percent would like to work remotely, at least for some report emissions and prepare climate-related financial risk
of the time, for the rest of their careers. disclosures, and voluntarily disclose carbon offsets and net
Generative AI will get the nod for workplace adop- zero emission claims on their websites.
tion. Generative AI tools like Facebook’s Llama and Ope- Workforce monitoring will increase. Hybrid and re-
nAI’s ChatGPT has made a big impact on knowledge work, mote employees should also be more vigilant when they
increasing productivity multi-fold. Employees in education, are working from home. It is widely accepted that compa-
marketing, law, technology, arts, architecture will increas- nies that permit hybrid work are already using monitoring
ingly be able to access AI tools in their workplaces. For ex- software to ensure employees are working productively at
ample, Generative AI tools can be readily used for written home. Increasingly, monitoring tools are being installed to
copy, image, video, audio, and code generation. While com- ascertain whether they are reporting to work on the days
panies were still learning and figuring out how to skilfully they are required to be in office.
use the technology in 2023, it’s likely we’ll see an adoption Increased globalisation and migration of work-
leap in 2024, as workers and companies become more com- force. With hybrid work becoming normative, corporates
fortable and confident about Generative AI, right from the now have the option to hire people from around the world
CEO to newly recruited college graduates. to recruit the best talent at best price. Geographical bound-
Employee health costs will push preventive mea- aries are slowly being eroded as the hunt for global talent
sures and outcomes. The current state of high inflation, acquires momentum. Advanced digital technologies enable
labour shortages, and developments in the healthcare in- global legal compliances and payroll management. Never-
dustry will sharpen focus on employee healthcare. For em- theless international migration will accelerate as people
ployers, this will mean offering higher-quality care options from Africa and Latin America in particular, search for
as well as greater emphasis on preventive care. Offering better opportunities. Willingness to migrate is particularly
programs to better manage specific health conditions, re- acute among youth.
ducing specialty prescription drugs and focusing on generic Incremental workforce diversity. Workplace diversity
options, virtual care, and providing self-help and educa- provides a more robust talent pool, understands customer
tion tools, are on the cards. Workplace employee health ex- needs better, and enhances corporate profit. Companies are
tends beyond physical healthcare. The pandemic, recession, initiating conversations and discreet surveys that encourage
wars, and general social unrest have spiralled anxiety levels employees to talk openly about racism, sexism, bias and
worldwide. Therefore, mental health and general well-being prejudice in their workplaces. Women, disabled, and the
will also receive greater attention in the future. LGBT communities will receive greater support as corpo-
Climate change will continue to pressure compa- rates become global and more inclusive.
nies to be part of the solution. Big business was respon- In sum, 2024 is promising in terms of work-life bal-
sible for 71 percent of the world’s greenhouse gas emissions ance, greater workplace diversity, incremental adoption of
over the past three decades. Increasingly consumers, in- AI, and climate change practices. The trend will continue,
vestors and government regulatory boards are demanding revolutionising the workplace for future generations.
business and industry to reduce carbon emissions. In 2024, (Rajesh Mehta is a Delhi-based international investment consultant and
organisations will start to slow climate change and support Vasudha Badri-Paul is a Silicon Valley (USA)-based consultant)

72 EDUCATIONWORLD FEBRUARY 2024