Written by Vikram Nair, President, EMEA Business, Tech Mahindra
In today’s fast-paced business environment, change is the only constant. Leaders often feel like they’re standing at the intersection of technological advancement, shifting demographics and evolving employee expectations; understanding the need to build the workplace of tomorrow but not knowing where to begin. The only certainty is that this emerging workplace will be dynamic in every conceivable aspect.
At the heart of the transformation lies the need for innovation. Organisations must embrace a culture of innovation that encourages experimentation, creativity, and forward-thinking. It’s these which will ultimately gain a competitive edge in an increasingly competitive market. So, where to start?
Recognising the future is digital
Technology has become the cornerstone of modern workplaces, revolutionising how businesses operate, collaborate, and innovate. From artificial intelligence (AI) to cloud computing and the Internet of Things (IoT), emerging technology continues to reshape traditional work paradigms and unlock new possibilities for organisational growth and success. Companies that fail to adapt to these changes risk being left behind in an increasingly digital world.
Arguably now at the forefront of the digital revolution is AI. AI-powered solutions have disrupted every industry from healthcare to finance, helping to automate repetitive tasks, analyse vast pools of data, and provide actionable insights. It’s little surprise that Generative AI’s (GenAI) minimum expected impact on the global economy stands at $2.6tn in terms of added annual productivity globally. Furthermore, increasing adoption of emerging technologies could help address the UK’s productivity problem; the latest figures by the Office for National Statistics indicate that output per hour worked was just 0.6 percent higher than its pre-pandemic 2019 average in the first quarter of 2023.
Moving away from legacy infrastructure is a difficult but essential step to maximising ROI on GenAI implementations. Recognising how they constrain innovation and make it challenging to respond to evolving customer demands, and emerging trends is vital. Investing in modern solutions allows businesses to remain nimble, unlock their full potential and position themselves for long-term success in the digital age.
Upskilling employees to thrive in the digital era
Employers all around the world are facing upskilling challenges. Additionally, they are encountering a potential workforce crisis consisting of an overall labour shortage plus a skills mismatch. In fact, 69% of business leaders feel their organisation suffers from a skills gap which could hold them back in the digital age.
Clearly change is needed. The skill-based talent shortage is a pressing concern that threatens the country’s economic growth and global competitiveness. While the UK government has pledged to make amends, it’s arguable that not enough is being done to keep pace with the rapid advancement of technology, and the gap between skills possessed and skills needed is widening.
To address this, businesses must foster closer collaboration between educational institutions and industry as it can help tailor curricula to meet real-world requirements. Apprenticeship programs, internships and vocational courses offer hands-on training, while upskilling and/or reskilling initiatives for the current existing workforce must be encouraged. Without investing in a culture of continuous learning, workplace resilience will be compromised.
Meeting the evolving expectations of employees
In today’s fast-paced world, rigid work policies are no longer viable. Organisations must be flexible and adaptable to meet the evolving needs of their workforce. This means offering flexible work arrangements, such as remote work options, flexible hours, and compressed workweeks, as well as the tools required to make this a success.
However, four in ten employees are reportedly considering leaving their current job due to a lack of access to the right digital collaboration tools for flexible working. Businesses across the country are failing to meet staff’s demands, with a fifth of HR directors admitting they don’t know where to start in meeting their workforce’s flexibility needs. Creating flexible working policies is key to creating a future-ready workplace, and organisations must look to leverage technology and infrastructure to support remote work effectively. This includes providing employees with the necessary tools and resources to collaborate seamlessly from any location.
Similarly, a growing number of employees are seeking more than just a pay cheque; they want to work for organisations that are socially responsible and care about their wellbeing. By investing in comprehensive employee wellbeing platforms and digital feedback tools, organisations demonstrate a commitment to supporting their workforce’s holistic health and ensuring every voice is heard. Meanwhile, technology can support social responsibility initiatives, granting businesses the ability to make a meaningful impact and align with employees’ values.
It could not be clearer that the ever-evolving workplace of tomorrow will be defined by flexibility, innovation and resilience. As the revolution gathers momentum, it is no longer a matter of keeping up, it’s about leading the way in a rapidly changing world. By prioritising investment in emerging technologies, organisations can navigate the complexities of the future workforce landscape with confidence and emerge as leaders in shaping the workplace of tomorrow.