Alexandra Levit's Water Cooler Wisdom

A Futurist's View of the Post-Pandemic Workforce

Given that I wrote a book about the rapid transformation of work as we knew it back in 2018, people often ask me what has surprised me about how human capital is evolving today. As a Workforce Institute Board Member, I’d like to share my topline thoughts, some of which have been derived as the result of quantitative research, and others which came about through engagement with organizations and futurist groups such as the Association of Professional Futurists (APF), the Future Today Institute, the Grey Swan Guild, and the foresight certification program I recently completed with the University of Houston.

The Acceleration of What We Saw Coming

Pandemic or no pandemic, several workforce-related trends were inevitable, including the rise of the gig economy, the contract workforce, internal talent marketplaces, and talent assembly – in which teams are constructed from different types of workers to solve specific problems in hot areas of the business.

We also surmised that organizations would begin to look closely at how human capital quantitatively drives businessvalue; the use of Big Data, analytics, and executive dashboards to determine what is and isn’t working in talent acquisition, learning, scheduling, and performance; the use of artificial intelligence (AI) to combat unconscious bias and measure productivity; and the focus on data quality, integration, and governance.

The shift in the flow of work due to new players like Facebook, Microsoft, and Amazon entering the online collaboration market was expected, as was theincreasing popularity of curated learning content by in-house subject matter experts, personalized course recommendations, and targeted certifications and microcredentialing. Given the technology available today, there is no reason individuals shouldn’t upskill and reskill using all the resources at their disposal, and at their own pace and convenience.

What Has Surprised Me

There have been a few head scratchers along the way. The first involves digital transformation. It is a bit disappointing how, during the pandemic, some organizations have simply slapped in-office processes up online. That was fine for the first six months of the crisis, but now it’s time to move on. One size doesn’t fit all. We must permanently adapt certain processes to be antifragile and an effective mix of high tech, high touch.

Also, with respect to digital transformation, it surprises me that no one is talking about what we’ll do when we are entirely dependent on technology and it breaks, what happens when it gets seriously hacked, what happens when we have bandwidth challenges and access inequity, what happens when there are too many systems and usability and adoption falter, and what data and privacy concerns will arise with increased employee monitoring. In my opinion, these are issues that every company should be closely tracking.

While the labor shortages occurring as a result of demographic shifts like baby boomer retirement and smaller generational cohorts like X and Z were anticipated, organizational attitudes toward post-pandemic employee retention are not. Many companies are currently issuing decrees about exactly when people should return to the office and how and when they should work. After a successful 18-month trial of much greater flexibility, this is not going to fly with top (and increasingly rare) talent, and I fear a “great resignation” is about to take place.

Finally, I’m perplexed that more leaders aren’t acknowledging that they were caught completely off guard by the pandemic and are now engaging in strategic foresight to be adequately prepared for what’s certain to be future disruptions.

While we can’t predict the future, we have a responsibility to look around corners as best we can and plan for a variety of potential scenarios. I look forward to continuing to be part of this process!

This post was originally published on the Workforce Institute blog.

Career Durability: Ensure You Have a Job As Long As You Want One

You might remember that last fall, I helped DeVry University with a survey about workplace sentiment during the COVID-19 pandemic. At a time when employees should be feeling recognized and celebrated, nearly one in four employed Americans said they believed that American workers are not valued. And, more than a third of survey respondents claimed that based on their employer’s actions since the start of the pandemic, they feel disposable.

Were these feelings valid? Could employers actually take or leave employees, not caring if they were successful or unsuccessful, contributing or not contributing, employed with the company or leaving to go somewhere else?

The workforce is changing in major ways. The pandemic sped up a movement from strict scheduling to flexible “work on your own time” engagements. Prior to COVID-19, we were already seeing smart machines and automation as part of daily work, and the tremendous growth of the gig economy.

Taken together, these trends show that the old ways of sustaining a career no longer work. In past decades, you could go to college or a trade school, get a degree, and use the skills associated with that degree to work for one – or maybe a few – organizations over the course of your working life.

That is no longer the case. Jobs – and the skills required for those jobs – are changing rapidly.

In these times, nothing is certain except change, and this is unnerving. In fact, Ceridian’s 2021 Pulse of Talent report, which surveyed more than 5,000 people across five regions, found that 66% of individuals are taking job security into account more now than before the pandemic.

Career durability is a ticket to long-term security

To avoid feeling – and indeed being – disposable, today’s employees need to be the leaders of their own careers. They must build what we call career durability.

Career durability involves acquiring the skills, mindset, and knowledge to be an engaged and productive member of the workforce – continuously. On LinkedIn, I explained career durability as including these five areas:

• Hard skills: skills that allow you to complete tasks in a specific job.
• Soft skills: skills for collaborating effectively with others.
• Applied technology skills: skills that allow you to leverage available technology to do your job better.
• Institutional knowledge: job or industry expertise gained through experience.
• Growth mindset: being willing to improve, learn, and reconsider existing ways of doing things.

For more where this came from, read the full article at the Ceridian Dayforce Wallet blog.

Building Your First Reskilling Strategy

According to a not-yet-published research study by Chief Learning Officer and DeVry University, only half of leaders feel their organization’s learning strategy is properly aligned to their business strategy.

In last week’s webinar with SilkRoad, I discussed why upskilling and reskilling are so important in the post-COVID era. As you’ll recall, upskilling provides new skills to workers in their existing domains, while reskilling trains workers for new jobs.

Whether your strategy involves upskilling, reskilling, or a combination of both, the first step in creating it is ensuring business objective alignment.

An aligned learning strategy includes an established process for mapping learning initiatives to business goals and outcomes.

In contrast, an unaligned learning strategy is piecemeal or ad hoc, with little consideration of overarching company objectives. In other words, someone in the business or in L&D said: “We should do a training on that” and someone else said, “sure, let’s make it happen!”

Eight Steps to Reskilling Proficiency

Alignment sounds good, but how do you achieve it in reality?

1. If you’re an L&D professional, sitting in on c-suite meetings and/or getting briefed on executive plans in real-time is a terrific start.
2. You might also try embedding members of your team in business units so you know immediately what roles or skills you need to upskill and reskill FOR.
3. Next, map the identified workforce needs against the competencies your employees currently possess.
4. Convene a task force to outline jobs that are mission-critical for organizational growth and assess whether any of these roles can be redesigned, reconfigured, or combined.
5. Use strategic automation, or determining where human and machine labor best fit, and match resources to tasks.  When plugging in human labor, don’t forget about contract workers, subject matter experts, and anyone else with an alternative work arrangement.
6. If you’ve determined that your human workforce has skills gaps, next you’ll need to determine the best way to address those. Fortunately, there are endless external training resources to supplement internal ones and developing learning content has become more of a curation than a creation exercise.
7. Technology can absolutely help. A human capital management (HCM) solution can assist you in upskilling and reskilling at scale, predict on-the-job success using skills assessments, drive personalization and social connection, and document skill acquisition.
8.  If used “skillfully,” HCM technology can also provide learners with a more immersive, impactful experience that resonates on an individual level, facilitate mentorship, deliver rewards for training completion and/or skill mastery, and leverage analytics to determine what activities have the largest impact on your people and business.

So, before moving forward, make sure you understand the people systems you have at your disposal, as well as additional offerings that integrate with your technology infrastructure and will enhance the learning experience.

Remember too that any new learning strategy should be accompanied by a robust internal communications plan. It’s important to ensure that everyone, including those who are being reskilled and those who aren’t, understands why you’re undertaking the initiative and how their jobs will (or won’t) be affected.

Did you miss the webinar? Please catch us on replay to learn more about how to upskill and reskill your workforce to mid-21^st century success!

 

Is It Time for Your Business to Transition to a New Leader?

According to PwC’s Family Business Survey, 62 percent of family business owners expect to pass the baton to the next generation. But many businesses lose their way when making the transition from startup to a more structured, complex organization.

Despite solid intentions, only one-third of family businesses are expected to last beyond the founders’ generation while even less—an estimated 12 percent—will make it through the second generation to a third.

A confluence of factors make succession planning more urgent. The enormous baby boomer generation will retire en masse by the end of this decade. But according to the PwC research, over half of family businesses are unprepared for the transition to the next generation.  

Prior to this year, many companies’ succession plans were likely informal. Even if junior family members wanted to be involved in the business, PwC found that about half weren’t trained to take on senior roles, which include responsibilities such as executive decision-making and long-term planning. However, the pandemic has forced many organizations to acknowledge the vulnerability of their senior owners and to take steps to adapt to this disruption as well as whatever comes next.

Senior owners and their presumptive junior successors may look at the prospect of a leadership shift differently depending on their individual situations and aspirations.  

Senior Leaders Feel the Time Is Right

Given the amount of pivoting that's required of business owners as a result of this year's disruptions, some tenured leaders are considering handing the reins to younger family members who are better equipped to try new innovations, riskier technology and practices and fresh marketing approaches.

For Konrad Goess-Saurau, the founder of car equipment manufacturer AutoBead, timing was everything.

“When we moved our family from Austria to England and opened for business in a new country, I recognized the importance of brand awareness,” Goess-Saurau says.  

“I don’t fully understand today’s digital channels, but my son Markus does," he continues. "For example, he implemented automated marketing and data analysis that allows us to anticipate a customer’s next purchase and prompt them with relevant communication. I thought, why fight it? Let’s hand the business to the person with the best chance of success.”

The pandemic led Sophie Bowman and her business partner Jackie Nepola, to think more intently about the future of their PR firm Brand Branding.

“We always planned to have a next-gen division, but we fast tracked launching it when the pandemic hit. We have delegated graphic design and content creation to my partner’s teen daughters,” Bowman says.

“Not only can the teens close deals because they relate to consumers that brands struggle to reach," she says, "but this approach also gives younger family members a career at a time when there’s no guaranteed job security in someone else’s company.”

Timing also played a role in the leadership transition of the architectural firm Metzger Mandl from father to son.

“My partner died of pancreatic cancer at age 52. David ran the business, while I brought in the work and led the design responsibilities of the firm,” explains founder Marvin Metzger. 

“While I struggled to keep everything going, my son Eli got his architecture license and was honing his craft with other respected firms," he says. "He took over running the practice in a way that kept up our level of excellence in the area of multifamily housing in New York City.”

For the rest of the piece, head over to the AMEX Business site.

Superjobs Are the Roles of the Future

As companies begin to spin back up, leaders are looking to refill the roles they may have had to cut to survive. But many new roles won’t look like the old ones —organizations can structure their workforces to most effectively distribute labor between employees and automation through newly defined roles called “superjobs.”

According to Deloitte’s 2019 Global Human Capital Trends report, superjobs include components of traditional jobs to maximize the strengths of both humans and automated services. When thoughtfully deployed within an organization, superjobs can offload routine work to automaton to free up employees to focus on more strategic, revenue-oriented tasks.

"Calling for both hard and soft skills and cutting across typical departmental silos, superjobs require the flexibility to combine tasks and merge responsibilities as needed," the Deloitte report says.

While Deloitte's research on superjobs mainly focused on large enterprises, the concept is applicable to small and midsize businesses as well. No matter the size of your organization, superjobs can streamline operations in functions like supply chain management, accounting and marketing — really, wherever software exists to supplement human efforts. Indeed, Deloitte's research found that 41 percent of respondents are using automation extensively or across multiple functions. (The survey "polled nearly 10,000 respondents in 119 countries.")

To get started on this path, businesses must undertake an intelligent job design process, flatten their hierarchies to make room for flexible, self-managed teams and boost their arsenal of applied technology skills.

Intelligent Job Design 

Traditional roles are narrower in scope — the tasks an employee performs directly maps to what the employer outlined in the job description.

But automation and algorithms take over the routine and fixed aspects of work, business leaders can free their employees to use their critical thinking and feeling talents on tasks such as like data interpretation, problem solving, empathy, creativity and teamwork.

While you don’t have to throw out all your existing job descriptions, it’s worth looking at your workforce with a broader lens. Consider creating what Deloitte calls a “job canvas” — a more fluid and expansive way of examining the work you need done.

You can launch your canvas, which can be organized by team or individual, by thinking through the following questions:

• What core business problem does this team or individual need to solve?
• What should their outputs or deliverables be?
• What kind of supervision will the team or individual need to accomplish these objectives?
• What technologies can this team or individual use to augment their capabilities? Which tasks related to this business problem are best suited to people, and which should we automate?
• What learning processes can we put in place to target essential skill development for this team or individual?
• How will we measure this team or individual’s success?

Because you are now looking at your workforce at a higher level, you will likely find that your superjobs (or superteams) cross departmental fault lines of HR, IT, finance, sales, etc. Integrating data-driven insights with human intuition will be a central component of all superjobs. Depending on your business, your superjobs might include:

• a “customer experience architect,” who uses sentiment analysis to create stronger real-time engagement;
• a “case synthesizer,” who examines legal precedents mined by an algorithm and handpicks the most impactful ones; or
• a “supply chain effectiveness analyst,” who uses performance data to make recommendations that balance both cost and sustainability.

For more on superjobs, check out the full article on the AMEX Business site.

Effective Writing is More Important Than Ever

Good writing is infrequently considered a business skill, but when practiced, it can make everything from brand building to email marketing more effective. It's especially important now that businesses have been relying on digital channels to stay connected to their customers during the pandemic, finding themselves competing for attention with virtually every brand that has a social media presence.

Now is an excellent opportunity to hone your writing skills and craft a style that stands out in the era of social distancing — not to mention emoji, images and acronyms. 

1. Make your communication easy to digest.

Writing may not have been your strongest subject in school, and English might not be your first language—but as a business owner, your credibility depends on steering clear of grammatical pitfalls.

While you can absolutely take advantage of the “smart” features in word processors or presentation software to catch spelling and grammar errors, don’t rely on them exclusively. When in doubt about a word, phrase or sentence, check out online resources like Grammarly, 5 Minute English, FluentU and Grammar Girl.

If you’ve ever received advice for giving a memorable presentation, you might have heard this rule: “Tell them what you are going to tell them, tell them, then tell them what you told them.” This guidance applies to every form of written and oral communication. If you want your reader to absorb the message, share what you're about to say and why, explain the details and then summarize the key points.

Aim to get to your main idea quickly. Pretend you only have less than 30 seconds to sell a product to a just-browsing customer in a store, and make your document easy to scan with large headings.

2. Know your audience.

Your content and tone will vary depending on the target of your communication — for example, is your audience an investor, a customer segment or a group of frontline employees?

Think through what this audience wants to hear from you. What is this group worried about? What answers to do they need?

You may need to do some research via survey and interviews to determine where and how your audience consumes content. If your audience will be more receptive to certain messages and completely turned off by others, you want to know that before you start writing. A few questions to consider asking:

• Do people read an internal blog or e-newsletter?
• Are they on public social channels or is real-time instant message more their thing?
• Do they value expert advice?
• If they visit multiple channels, what would they most prefer to read on each one?
• Is there a particular type of content that your organization is best suited to deliver? 

Remember that your communication must strike a balance between what you need to say and what your target audience wants to hear. This is admittedly tough, so even if you are writing to a large population, it may help to imagine a single person reading the communication.

For the rest of my tips, head over to the AMEX Business site.

Americans Feel Their Employers View Them As Disposable

A new DeVry University study conducted for Labor Day found that at a time when American workers should feel recognized and celebrated, more than a third felt their employers could take or leave them.

Thirty-six percent of DeVry respondents said that based on their employers’ actions since the start of the pandemic, they believe their employers view them as disposable. This perception resonated  more with younger workers than older ones, with 47 percent of Gen Z-ers (born after 1996) and 42 percent of millennials (born 1980-95) saying they felt disposable compared with 28 percent of Gen X-ers (born 1964-79) and 32 percent of baby boomers (born 1946-63).

Respondents agreed that in today’s workforce, tenure, education, and industry experience do not matter as much as hard work,  meeting goals and deadlines, and having a positive attitude.

If you’re an employee, being disposable is clearly not the ideal status as it makes you vulnerable to layoffs, consolidations, or random turns in your marketplace. Fortunately, you can protect yourself from natural evolution and future disruptions by focusing on your career durability, or your ability to sustain gainful employment over a long period of time. The five components of career durability include:

Soft skills are interpersonal attributes that you need to collaborate successfully with others at work. As machines take over more work tasks over the next 10 years, soft skills like empathy, intuition, diplomacy, judgment, and problem solving will set human employees apart. You can hone yours through personality assessments/recommendations, classic business books such as those by Stephen Covey and Dale Carnegie, and on-the-job experience.

Hard skills are those in a specific area for which learning can be measured (i.e. you either know it or you don’t). If you’re applying for a given job, employers will expect you to perform the requisite functions. For instance, if you’re a phlebotomist, you must know how to insert an IV. You can acquire the hard skills you need via degree programs, online courses, certifications/microcredentials,  and employer training.

Applied technology skills represent the ability to leverage people, processes, data, and devices to do a job more efficiently. In all occupations, digital technology exists to augment human work. But do you know, for example, what software is available in your role and how to use it? You might increase your base of applied technology skills with employer training, mentorship, solo exploration, and investigation.

Institutional knowledge is industry specific expertise gained through experience and/or tenure. Organizations are facing a brain drain caused by the retiring baby boomers. Some things can only be learned by facing similar scenarios multiple times over a career lifespan. You typically acquire institutional knowledge by staying with one company or in one industry and gaining cross-functional and adjacent expertise via job shadowing, informational interviewing, and volunteering.

A growth mindset is the positive attitude that influences how an individual sees their world, and that motivates them to learn and change. Today’s learner must be continuous and self-directed, and curiosity, agility, and drive to improve will win the day. You can enhance your growth mindset through self, peer, and manager evaluations, acceptance of failure, implementation of constructive feedback, intrapreneurship, and inspirational books and podcasts.

Employee actions are only one piece of the puzzle, however. What if you’re an employer, and you’re rightfully concerned that so many of your talent employees feel disposable? Improved benefits and greater pandemic safety measures are essential, but don’t get to the heart of the disposability issue. The key  is to show appreciation early and often. The DeVry survey respondents indicated that the most effective ways are through pay increases (69 percent), awards (34 percent), and greater schedule flexibility (30 percent).

This year especially, Labor Day is an appropriate time to take the right steps so employment is beneficial and satisfying for all sides.

How Entrepreneurs Can Use Supply Chain Finance

Supply chain finance, also known as reverse factoring, links the seller, the buyer and the financing party to improve business cash flow on all sides.

How Supply Chain Financing Works

In leveraging supply chain finance, suppliers sell outstanding receivables to financial institutions to accelerate payment of receivables and extend payment flexibility to customers.

Once the supplier sends an invoice to the buyer, the buyer confirms to the financial institution that the invoice is approved and the supplier receives payment immediately. When the invoice is due, the buyer pays the financial institution back.

Benefits for Buyers Using Supply Chain Financing

There are many benefits for buyers using supply chain financing, including increased liquidity, less contentious relationships with suppliers, decreased liabilities and consolidated finances.

Increased Liquidity

Buyers initiate reverse factoring so their suppliers receive more streamlined payments at lower interest rates. The process aids liquidity for buyers because they receive lengthier and generous payment terms.

Buyers also don't need to contend with early payment requests from suppliers. In the reverse factoring process, suppliers are already paid at previously agreed-upon, and typically faster, terms.

Less Contentious Relationships 

Supply chain finance helps the supply chain process run more smoothly and provides advantages for everyone involved.

In dealing directly with a supply chain funder (i.e. the factor), buyers can usually avoid payment disagreements with suppliers. When buyer/seller relationships don't deteriorate based on late payments or failure to pay, they can grow stronger and build trust, and are thus more likely to expand.

Decreased Liabilities

A business liability is money owed from past transactions that will require additional funds to resolve.

Buyers want to reduce liabilities so they can procure lower interest rates from lenders and maintain overall financial health. Using reverse factoring, the factor is on top of invoices and payments so buyers can focus on other things.

For the rest of the article, head over to the AMEX Business website.

Conduct Market Research on a Budget

Business success today depends on understanding what market trends are most prominent, what your customers need and what types of competitive strategies are the most effective. After all, there's nothing worse than spending precious resources launching a new product or service that ultimately flops in the marketplace.

Fortunately, advancing technology makes it possible to conduct competitive market research more rapidly than in the past. Let's explore how to conduct a market analysis efficiently, as well as strategies that facilitate quick learning of key market trends.

Conducting a Customer Needs Analysis

The first step in mastering market trends is getting to know your customers. You should use any information and feedback collected to divide your customers into segments. Segments should share a common characteristic (such as age or location) and be large enough to warrant individual marketing attention.

Within each segment, it's helpful to develop buyer profiles. Picturing your customer as a human being, you'll describe:

• their demographics and background,
• motivations and challenges,
• what they spend their lives doing,
• how they communicate with the businesses they patronize and
• the messages that are most likely to appeal to them.

Your last customer needs analysis step will be connecting each target buyer's needs to a product or service. Call out your benefits, why the target buyer would or would not choose you over a competitor. If there are holes, consider refining your offerings to better address critical customer pain points.

For the rest of the article head over to the AMEX Business site.

How to Build Relationships with Generation Z

 Generation Z, defined as those born 1996-2012, is a diverse and cosmopolitan group of young people that may be inexperienced, but appreciates unique opportunities to contribute. What else do we know about them, and what can we do to better connect with Gen Z?

They are city dwellers who stay put

Not only is Generation Z more ethnically and racially diverse than prior generations, but members reside in heterogeneous environments as well.  According to a late 2018 study by Pew Social Trends, Gen Z-ers overwhelmingly reside in metropolitan as opposed to rural areas. Only 13 percent of post-Millennials are in rural areas, compared with 18 percent of Millennials, 23 percent of Gen X-ers, and 36 percent of early Boomers at the same ages.

They are less likely, however, to move. Only about 11 percent of Gen Z-ers had a different address from a year earlier, compared with 17 percent of Millennials and 20 percent of Gen X-ers and Boomers at the same ages. Companies that want to learn how to reach Gen Z as employees or customers should integrate into the nearest metropolitan community by offering free learning and social opportunities.

They lack concrete work experience

Per the Pew report, Gen Z-ers are entering adulthood with less experience in the labor market than prior generations. Only one-in-five 15- to 17-year-olds in 2018 (19 percent) worked at all during the prior calendar year, compared with 30 percent of Millennials and 48 percent of Boomers at the same ages. A little more than half of Gen Z-ers were employed during the prior calendar year. 

I’m fond of saying that one can learn transferable workplace skills like sales, marketing, client relations, and finance in any job – even in retail or fast food. The trouble is, fewer Gen Z-ers are taking these positions as teens, and therefore enter the professional world less prepared to succeed. As a workforce futurist, I believe Gen Z-ers are less gainfully employed because they are spending more time in school and prefer to balance their time doing meaningful activities. Therefore, strategizing how to connect with Generation Z should include designing part-time or internship opportunities that expose them to the business and introduce essential skills.

For more where this came from, check out the full piece at AMEX Business.