Alexandra Levit's Water Cooler Wisdom

Business Innovations of the Future

As a futurist, I often get asked to predict the business trends that organizations can afford to ignore, because, while they generate a lot of buzz, they are also likely to fizzle out. On the other hand, we must also pay attention to business innovations that are gathering such rapid strength that adoption is now essential. Let's look at a few.

Blockchain

A blockchain is a data structure that builds a digital ledger of transactions and shares it among a distributed network of computers. Using cryptography, each participant interacts with the ledger in a secure way without the need for a central authority. Bitcoin was the first app built using the platform in 2008, with a premise of sending digital payments between any two parties without the help of a financial institution. Bitcoin has now been joined by hundreds of other cryptocurrencies, and the model has moved out of financial services: organizations, employees, and customers are using it for all types of transactions.

Deep Learning

Deep learning (programming machines to mimic the actions of the human brain), is driving a whole new set of business innovations. It's the process of training computers to recognize patterns in data and then classify and categorize them as a human brain could. Together with complex algorithms, deep learning is already helping machines to participate in defining project scope, analyzing risks, developing budgets and allocating resources. It's catching on because it has massive implications. 

For the rest, have a look at the American Express Business site.

Key Findings from the World Economic Forum’s Future of Jobs Survey (Part II)

Last week, I shared some compelling results from the World Economic Forum’s 2018 Future of Jobs Survey. To recap, this research set out to represent the current strategies, projections and estimates of global business, with a focus on large multinational companies and more localized companies of significance due to their employee or revenue size.

Let’s examine some additional highlights from the report:

• Emerging in-demand roles: Among the range of established roles that are set to experience increasing demand in the period up to 2022 are Data Analysts and Scientists, Software and Applications Developers, and Ecommerce and Social Media Specialists, roles that are significantly based on and enhanced by the use of technology. Also expected to grow are roles that leverage distinctively ‘human' skills, such as Customer Service Workers, Sales and Marketing Professionals, Training and Development, People and Culture, and Organizational Development Specialists. There will also be a variety of roles related to understanding and leveraging the latest emerging technologies: AI and Machine Learning Specialists, Big Data Specialists, Process Automation Experts, Information Security Analysts, User Experience and Human-Machine Interaction Designers, Robotics Engineers, and Blockchain.

• Growing skills instability: Given the wave of new technologies and trends disrupting business models and the changing division of labor between workers and machines transforming current job profiles, the vast majority of employers surveyed for this report expect that, by 2022, the skills required to perform most jobs will have shifted Global average skills stability—the proportion of core skills required to perform a job that will remain the same—is expected to be about 58%, meaning an average shift of 42% in required workforce skills over the 2018–2022 period.
• A reskilling imperative: By 2022, no less than 54% of all employees will require significant re- and upskilling. Of these, about 35% are expected to require additional training of up to six months, 9% will require reskilling lasting six to 12 months, while 10% will require additional skills training of more than a year. Skills continuing to grow in prominence by 2022 include analytical thinking and innovation as well as active learning and learning strategies. Sharply increasing importance of skills such as technology design and programming highlights the growing demand for various forms of technology competency identified by employers surveyed for this report. Proficiency in new technologies is only one part of the 2022 skills equation, however, as ‘human’ skills such as creativity, originality and initiative, critical thinking, persuasion and negotiation will likewise retain or increase their value, as will attention to detail, resilience, flexibility and complex problem-solving.
• Current strategies for addressing skills gaps: Companies highlight three future strategies to manage the skills gaps widened by the adoption of new technologies. They expect to hire wholly new permanent staff already possessing skills relevant to new technologies; seek to automate the work tasks concerned completely; and retrain existing employees. The likelihood of hiring new permanent staff with relevant skills is nearly twice the likelihood of strategic redundancies of staff lagging behind in new skills adoption. However, nearly a quarter of companies are undecided or unlikely to pursue the retraining of existing employees, and two-thirds expect workers to adapt and pick up skills in the course of their changing jobs. Between one-half and two-thirds are likely to turn to external contractors, temporary staff and freelancers to address their skills gaps.
• Insufficient reskilling and upskilling: Employers indicate that they are set to prioritize and focus their re- and upskilling efforts on employees currently performing high-value roles as a way of strengthening their enterprise’s strategic capacity, with 54% and 53% of companies, respectively, stating they intend to target employees in key roles and in frontline roles which will be using relevant new technologies. In addition, 41% of employers are set to focus their reskilling provision on high-performing employees while a much smaller proportion of 33% stated that they would prioritize at-risk employees in roles expected to be most affected by technological disruption.

Overall, said the World Economic Forum, the report’s findings suggest the need for a comprehensive ‘augmentation strategy’, an approach where businesses look to utilize the automation of some job tasks to complement and enhance their human workforces’ comparative strengths and ultimately to enable and empower employees to extend to their full potential. However, to unlock this positive vision, workers will need to have the appropriate skills enabling them to thrive in the workplace of the future and the ability to continue to retrain throughout their lives. Crafting a sound in-company lifelong learning system, investing in human capital and collaborating with other stakeholders on workforce strategy should thus be key business imperatives.  A mindset of agile learning will also be needed on the part of workers as they shift from the routines and limits of today’s jobs to new, previously unimagined futures.

Want to learn more about how you can prepare for the future of work? Check out the new book, Humanity Works: Merging Technologies and People for the Workforce of the Future.

 

The Real Story Behind Stretch Assignments

Stretch opportunities are all the rage in the workplace. But as popular as they are, it’s unclear why some people decide to accept a stretch assignment or role – and others step aside. It’s also unclear why women haven’t benefited from stretches as much as men.

Selena Rezvani is Be Leaderly’s VP of consulting and research and a recognized speaker on women and leadership. She recently led Be Leaderly’s original research on how both genders decide if they are ready for a stretch, and how they make that decision. The report also explores how employers can create a workplace that supports employees who step out of their comfort zones. Based on a survey of 1,549 U.S.- based professionals, the research uncovered the following:

• Men (48%) and women (52%) are equally interested in ultimately advancing into senior vice president or C-suite roles.
• However, the largest portion of women (45%) don’t feel their employers make it easy to gauge if they are ready for a promotion, while the largest portion of men (40%) think their employers help them know whether they are prepared to advance.
• Women are less engaged in and passionate (67%) about their jobs than men (77%), another possible explanation for why fewer women take on stretch opportunities. A strong correlation exists between employees who feel engaged and passionate about their work and those who perceive that their employer makes it easy to assess their readiness to advance.
• In order to apply for a job, both women and men feel that they need to meet, on average, 75% of the qualifications for the role – a surprising difference from accepted thinking about gender attitudes toward the qualifications people feel they need to try for a new position.
• Women may hold back from taking stretches because when assessing how ready they are for a new job, they are less likely than men to overestimate or “round up” their skills, and more likely to underestimate or “round down” what they know or can do. (73% of women disagree that they round up their skills while 60% of men disagree).
• For both men and women, the top criteria for deciding whether to take a stretch assignment are having the influence to create a positive outcome (40% women/43% men), and getting an assignment that lines up with their career goals (33% women/33% men). Both genders say office politics is the biggest practical challenge to taking a stretch assignment (38% women/33% men), with lack of time a close second (34% women, 31% men).
• Money matters. Men are 3.5 times more likely than women to cite pay as an important factor in evaluating the appeal of a new assignment, job or level.

So what do we make of this? Well, if the workplace is being disrupted by sweeping, large-scale trends, employees must have the opportunity to continually redefine and hone their skills. One way employers can offer that is through stretch assignments that provide intrapreneurial short-term “gig economy” type work with minimal risk and disruption, all within the organization’s dominion. Employees, especially millennials, want to “job-craft” their roles. Offering an internal gig economy – or stretch marketplace – delivers big.

How to Create an Agile Process

Many organizations pride themselves on having predictable policies and procedures that drive performance and growth. However, given the rate of change in today's business world, sometimes being inflexible can be a problem rather than a solution. Having an agile process can help.

Agile processes are plans that involve advance planning and organization but also allow you to quickly change course if needed. To learn how business owners create agile processes in the real world, I consulted Mary Ellen Slayter, CEO of Baton Rouge, Louisiana-based B2B content marketing agency Rep Cap and Matt Weinberg, president of interactive digital agency Vector Media Group in New York City.

Why Use An Agile Process?

An agile process can be advantageous because it mandates a close consideration of your business goals, but can also be adjusted as you gain more information or as circumstances evolve.

 

“The agile framework forces owners to make decisions quickly and communicate frequently," says Slayter. “The emphasis on testing frees you from best practices so you can pursue the surprising insights that are unique to your business. In the end, the risk is actually lower because you're making fewer big bets."

It's also important to realize what agile is—and what it isn't.

“Just because you're agile doesn't mean you don't have process," Slayter points out. “Agile is not about flying by the seat of your pants—it's dynamically deciding how to deploy your resources to achieve your goals."

For the rest, check out the AMEX OpenForum.

Employee Experience is Not Just for Full-Timers

In the last few years, much emphasis has been placed on designing a strong employee experience that encourages talent activation, engagement, performance, and retention. However, all more organizations move toward experience design, most focus almost exclusively on a full-time, uninterrupted employee experience.

Most HR professionals recognize and support employee transitions such as maternity/paternity leave and FLMA or temporary leaves of absence. Some even encourage sabbaticals and phased retirement.  However, the word transition must be used loosely here, because in most cases, the employee in question just reassigns her work, leaves, and then just shows up again several months later (or, in the case of phased retirement, changes her role without fanfare or much acknowledgement).

If you really want your organization to derive value from these benefits, you must be strategic about designing an experience exclusively for every kind of transition situation or “career intermission.” Here are some questions to ask as you consider how to use each transition to strengthen your relationship with participating employees.

• Maternity/paternity leave: What projects is the employee looking to complete before this very personal event? At what place would she like to see her career when she departs? How can we keep her involved in a stress-free way while she’s off? What specific steps will we take to ensure she’s properly re-onboarded when she returns?
• FLMA/leaves of absence: How can we support him during this difficult time? What resources can we provide to help? How can we strengthen his commitment to the company when the crisis has passed? What specific steps will we take to ensure he’s properly re-onboarded when he returns?

For more where this came from, check out the SilkRoad blog.

Relocation May Soon Be a Thing of the Past

In a research paper, Understanding the Long-Run Decline in Interstate Migration, Greg Kaplan and Sam Schulhofer-Wohl of the Federal Reserve Bank of Minneapolis analyzed the secular decline in interstate migration in the United States between the early 90s and the early aughts. They found that while gross flows of people across states are about 10 times larger than net flows, they declined by around 50 percent over the study’s 20 year period.

The latest U.S. Census numbers support this decline. According to Richard Florida at CityLab, just slightly more than one in ten Americans (11.2 percent) moved between 2015 and 2016, almost half the 20.2 percent rate back in 1948, when the Census began tracking American mobility. “Mobility was once the cornerstone of the American Dream, but today Americans move less often than Canadians, and only a bit more than Finns or Danes,” he wrote.

Why Mobility Is Falling: The Research Speaks

It’s arguably easier to move out of state now than it was in the past, so why are fewer Americans doing so?  After looking at microdata on the distribution of earnings and occupations across space, the researchers assigned this fall in migration to a decline in the geographic specificity of occupations, together with an increase in workers’ ability, before moving, to learn about other locations and assess how much they will like living there through information technology and inexpensive travel.

In other words, you don’t necessarily have to relocate to Silicon Valley to work in software development, and if you were thinking about such a move, you might decide through online research that it would be dumb to trade a 10 percent salary increase for a 60 percent increase in living costs. So you stay put, whereas before the Internet you would have had less information available, made the move, and potentially regretted it.

In a related CityLab piece from a few years ago, Plumer speculated that today’s economy actually mandates fewer overall changes in jobs and careers, meaning opportunities to move would simply come up less often. And, he wrote, “in our increasingly specialized labor market, people increasingly sort into the places and jobs that best fit them far earlier in their careers. Those who want to be in finance head to New York while they’re still young, just as those who want to be in film head to L.A.” After a while, it becomes prohibitively expensive to leave that geography, so people stay.

Depending on your professions, a move across state lines could actually negatively impact your career. For example, lawyers and doctors are licensed at the state level and might not want to go through the trouble of getting the necessary credentials in a different state, even if the state in question pays better or is experiencing greater demand. Similarly, a high school teacher who moves out of state after working for many years loses both his seniority and his pension eligibility.

For the rest, check out the QuickBase Fast Track blog.

Does Flexwork Decrease Productivity?

In the interest of productivity, some organizations have a predetermined scheduling policy, requiring that tasks be completed in a particular order. For example, we’ve talked about citizen development a lot on the Fast Track, and low code application development may indeed be one of those situations where a specific, sequential process has been implemented.

But in today’s work environment, professionals increasingly have more freedom over their time. Pursuing the noble goal of loosening their reins, employers are allowing their people to follow a prescribed schedule or choose to deviate, completing tasks in a different order at their own discretion.

Thanks to technology advances and the rise of virtual work, it’s easier than ever for employers to grant this sort of independence, and there’s no doubt that workers value it. But a new study from Harvard Business School found that, unfortunately, deviating from an organization’s prescribed task schedule tends to erode productivity – even among the most experienced workers.

In an article soon to be published in the Management Science Journal, researchers Ibanez, Clark, Huckman and Staats detailed their study, which asked about the drivers leading workers to deviate from employer’s task scheduling policy, and about the performance implications of doing so.

Using data from 2.4 million diagnoses derived from a large outsourced radiological services firm that staffed doctors whose jobs involved sequentially reading and diagnosing X-rays, CT scans, MRIs, and ultrasounds, the researchers found that doctors prioritize similar tasks and those tasks they expect to complete faster. But do these strategies impact their productivity?

For more on this fascinating issue, check out the QuickBase Fast Track blog.

Are You Wondering What Employees Are Really Thinking?

Gallup asked nearly 200,000 US employees their opinions on a variety of topics current transforming our workforces, including flextime, agile performance management, and matrixed teaming. Exactly how critical are these developments to weave into our cultures and establish concrete policies around today? The statistics speak for themselves.

Flextime

Gallup defined differentiating benefits and perks as those that a segment of organizations offer, those that most employees say they would change jobs to get, and those that correlate most highly with employee engagement and well-being. The survey respondents cited flextime, which allows employees to have some choice in the time of day they work, as the sole differentiating benefit. Fifty-one percent of employees say they would change jobs for this benefit, while 44 percent say their company offers it.

In conjunction with flextime, remote working is on the rise. In 2012, Gallup data showed that 39 percent of employees worked remotely in some capacity. In 2016, that number grew four percentage points to 43 percent.

Employees whose organization allows them to change their hours, schedules, and location of work as needed have higher levels of engagement and well-being than other employees. They are more likely to strongly agree that a manager who lets them set their own schedule cares about them as a person.

Agile Performance Management

According to the survey, the majority of US employees show up at their job every day without the guidance, incentives and support needed to perform at their best. Only a mere 21 percent strongly agrees that their performance is managed in a way that motivates them to do outstanding work.

Much of the criticism aimed at performance management focuses on the frequency and quality of performance feedback. Gallup found that only 20 percent of employees strongly agree they have had a conversation with their manager in the last six months about the steps they can take to reach their goals. Only 23 percent of employees strongly agree their manager provides meaningful feedback to them, and 26 percent of employees strongly agree the feedback they receive helps them do better work. Furthermore, only 21 percent of employees strongly agree they have performance metrics that are within their control.

Obviously, upping feedback frequency is an important component of making performance management more effective. But as these results indicate, employees also want to be fairly measured and evaluated and to have a say in their future.

For more from the Gallup survey, head over to the QuickBase Fast Track blog.

Agile Businesses Are Successful Businesses

Everyone has heard the fable about the tortoise and the hare. Conventional wisdom says that slow and steady wins the race. A strategy may not be perfect, but if one executes it patiently and consistently, it may outperform better initiatives that don’t get the benefit of time.

However, in today’s rapidly changing business world, an agile business is a successful business. So how do you reconcile these two truths? How do you know when the best thing for the project  is to change the plan, and how can you execute and communicate changes without destroying team motivation and momentum?

Business Agility Insight #1: Create and Challenge Assumptions

Any major strategic initiative should involve the upfront establishment of goals, milestones, and success metrics. But, as Tim Berry pointed out in his article for the Small Business Administration website, assumptions should also be considered in your initial planning. “Tracking your results, you want to be able to compare them to what you had planned or expected to see,” he said.

“Get your team members together once a month to review your plan and its results. “Take a hard look at your underlying assumptions and assess whether or not they’ve changed. If they have, there’s no virtue whatsoever in sticking to the plan you built on top of them.”

Berry suggested you look at the difference between what you planned and what actually happened. Some results will be better than planned, and some will be worse. “For each key difference you discover, and all of them combined, use your best judgment to determine whether the differences were caused by false expectations or unexpected good or bad execution.”

“Also, consider external and internal factors that may have influenced the results. Maybe your expectations were too conservative, or too optimistic. In that case, you revise your plan,” he said.

Common sense, remarked Berry, is critical.  Although the project may be close to your heart, you want to remain pragmatic: for example, asking yourself if you were you wrong about the whole thing, or just about the timing? You also want to consider if something else has occurred in the market to change your assumptions.

In any case, said Berry, maybe you discover that you and your team have executed better than expected, or results were better than expected. “Hooray. Stick to the plan. It’s working,” he advised. “And maybe you discover that your execution was wrong, poor, or flawed. If that’s the case, change the plan.”

For more business agility insights, check out the QuickBase Fast Track blog.

Cross-Company Innovation Addresses the Changing Nature of Work

As a long-time partner of Staples and Xerox, I just traveled to New York City to spend National Small Business Week with the two organizations, learning how they’re helping small business customers and entrepreneurs be more productive with the new multi-function self-serve machines in Staples stores across the country. 

By 2030, more than half of American professionals will no longer go to an office every day.  Getting simple things done, like sending a package or printing a critical document, will not be as easy as making a few clicks and sauntering over to the mailroom. As millions of new small business owners and contract workforce pour into the workforce, they will find out exactly how difficult it is to run every aspect of a business themselves. I’ve been working with Staples and Xerox to ensure that the two businesses are ahead of this trend and ready to offer the assistance that busy professionals, operating out of a home office and via mobile devices, so desperately need.

According to Amy Lang, Vice President of Print Merchandising at Staples, 18 million customers came to Staples stores last year, specifically to use Business Center services like printing. “Sometimes people have time to plan and order online; sometimes they need a document within the hour; sometimes they need help; and sometimes they want to come in and leave quickly without having to talk to anyone,” she said. “Our customers need to do their jobs, which involve thinking and doing as opposed to printing.”

Xerox printers have long been a “staple” of every Staples store’s Business Center, in the past, Xerox would simply send new products to Staples stores for employees to plug in and for customers to use. But Staples realized the value of tapping Xerox in advance to develop a machine that would address the changing needs of its customers.

Here’s what’s fascinating: you don’t usually see two large companies coming together to innovate on a solution that doesn’t yet exist. But that’s exactly what happened. Staples and Xerox combined their understanding of the customer, with Xerox’s constantly improving technology, to transform the Business Center experience from the ground up. “The goal was to design the machine to be intuitive to use for anyone walking up to it for the first time,” said Renee Carter, Vice President of Mid-Products for Xerox.

When Staples and Xerox finished their creation, they sent 3,000 of the new devices to Staples stores. The new MFPs have an interface that looks like a tablet and allows customers to print or scan from the cloud, usb, mobile device, and email. They have bar code readers to enable coupons and credit card readers so that people can pay without going to the counter. The MFPs are also future-proofed, meaning they are pre-configured with additional apps and functions that Staples customers may well demand soon.

Not only are the MFPs fully upgraded, but they save customers a tremendous amount of time and help them achieve productivity and results normally reserved for corporate employees. And THIS is a change that is bound to benefit everyone as the nature of work continues to evolve.