The digital transformation of work has finally arrived. He has lived in and led practices in the US, India, Russia, Belgium, Israel, and Kenya. Rather than shrinking from, or preparing to fight, the oncoming storm of change, they draw energy from it. The end state is neither clear nor predictable, but health care organizations understand that few people will return to the workplace they knew a few months ago and are exploring strategies and solutions to transform the way we work. The insurance sector faces a tricky road ahead after 2020’s difficult start. already exists in Saved items. New Delhi: Even as business productivity has suffered during the coronavirus crisis by reducing revenues and output, individual productivity has increased, according to more than half of the companies surveyed by Deloitte India. New possibilities: As they stage the return to work, organizations should consider how to encourage and offer opportunities for workers to continue to grow and adapt based on their potential, rather than solely on their existing skills or certifications. In each chapter, we show how organizations that embrace a new set of attributes anchored in purpose, potential, and perspective can create lasting value for themselves, their workforce, and society at large. In April, Deloitte said it would be cutting pay for partners at its British businesses by 20 per cent to protect jobs during the coronavirus crisis. New possibilities: As they stage the return to work, organizations need to ask themselves critical questions to help them prepare for the perceived and actual ethical impacts of business decisions. '. Shannon Poynton is a manager in Deloitte Consulting LLP’s Human Capital practice with nearly 10 years of experience advising global clients on complex organization, workforce, culture, and strategic change solutions. Previously, Yves was Business Unit Director ‘Talent Management’ for Hudson BNL where he was involved from a content and management perspective with salary surveys, compensation & benefits, HR strategy, competency and performance management, career counseling, assessments, management development, organisation and change. +1 713 752 1901, Duane Dickson is a vice chairman and principal in Deloitte LLP’s Energy Resources & Industrials industry group, as well as the US Oil, Gas & Chemicals sector leader and the Global Energy, Resources & ... More, As executive director for the Deloitte Research Center for Energy & Industrials, Deloitte Services LP, Kate works closely with Deloitte’s Energy, Resources & Industrials (ER&I) leadership to drive ene... More, Navigating the great compression in shale oil production, Exploring oil and gas and chemical sector trends and the impact of COVID-19. In those where it was, the crisis highlighted the digital divide within countries, across regions, and in rural communities and urban digital deserts.4 In those where the technology has been available, one of the biggest barriers was the difficulty of building models to integrate humans with those technologies: to create new habits and management practices for how people adapt, behave, and work in partnership with the technology available to them; to fulfill distinctly human needs such as the desire for meaning, connection, and well-being at work; to maximize worker potential through the cultivation of capabilities; and to safeguard ethical values. The COVID-19 pandemic has forced governments to take measures to minimise the spread of the disease and its social and economic impacts. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. DTTL (also referred to as "Deloitte Global") does not provide services to clients. The COVID-19 shift: COVID-19 put the spotlight on the CHRO and the HR organization, just as the 2008–2009 recession did for the CFO and finance function. That starts with how ITS deploys projects and supports technology enablement but, equally importantly, we’re also helping redefine how our practitioners work. They should also be monitoring government response, as this too will continue to evolve coming out of the crisis. Focusing on the return to work alone is not a viable option, as it will not allow organizations to capitalize on all that they have experienced and learned over the past few months. Alex Rankin, in his article The pandemic playbook, looks at insights into the levers utilized by CFOs as they respond to COVID-19 and subsequently […] Through our proprietary Experience per Square Foot TM (XSF) tool, Cushman & Wakefield has captured more than 2.5 million data points from workers all over the globe in the pre-COVID-19 era and a further 1.7 million data points from more than 50,000 respondents in the current work from home environment. Through this crisis, the world has had the opportunity to see the resilience and adaptability of the workforce as workers quickly assumed new roles and even contributed to opportunities in different fields and industries. An April 2020 survey found that 70 percent of gig workers were not satisfied with the support they received from their employers during the pandemic.10. In this role, she is focused on helping leaders solve their most complex and pressing human capital issues. The pandemic also put a spotlight on pay as it relates to essential work—with some lower-paid jobs proving to be essential in a time of crisis. COVID-19 has revealed preparedness gaps while advancing digital innovations and underused technologies such as video conferencing, remote monitoring, and tools for remote work and online learning. About Deloitte: Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. A recent Gartner poll showed that 48% of employees will likely work remotely at least part of the time after COVID-19 versus 30% before the pandemic. New possibilities: As they stage the return to work, organizations need to go further than just fostering open dialogue and open practices around well-being. In the past few months, we have seen a greater appreciation for the breadth of what HR does and can do: It has been essential in everything from monitoring workforce sentiment, to establishing connections between organizational leaders, workers, and teams, to integrating well-being into work and reimagining how, where, and what work gets done. Deloitte Top 200: Covid-19 provides impetus for fundamental change . The theme … Deloitte has released its latest study on the global human capital trends for 2021, highlighting the five key workforce trends shaping the emerging outlook towards work and insists to make a “fundamental mindset shift: from a focus on surviving to the pursuit of thriving”. 3 Dec, 2020 03:59 PM 4 minutes to read. See something interesting? Deloitte’s Human Capital professionals leverage research, analytics, and industry insights to help design and execute the HR, talent, leadership, organization, and change programs that enable business performance through people performance. The COVID-19 shift: People’s hunger for information during the COVID-19 pandemic validated the phrase “knowledge is power.” As individuals around the world clamored for whatever information they could find on virus spread rates, care information, vaccine development, safety measures, business closures, and more, organizations used institutional knowledge to extend their adaptability, as they were able to quickly deploy workers into new roles, or even new organizations, by leveraging the knowledge that was now at their fingertips. Employment cyclicality is plaguing the industry. The COVID-19 shift: COVID-19 reinforced that it is more important to understand what workers are capable of doing than understanding what they have done before. Yan is a frequent speaker at public conferences on organization transformation and human capital trends and strategies. No. As organizations looked to adapt their ways of working in response to the crisis, they found that, in many—though not all—parts of the world, technology was not the greatest challenge. How will trends and technologies impact industries and the workforce moving forward? The coronavirus pandemic ushered in a sudden, massive work-from-home experiment for much of … Driven by accelerating connectivity, new talent models, and cognitive tools, work is changing. Social login not available on Microsoft Edge browser at this time. Discover Deloitte and learn more about our people and culture. The remote model of work tested in the COVID-19 situation has proven... that most services can be delivered from any location. Posted on 9/12/2020 | 0 Comments. About 1% to 2% of oil and gas capital expenditures were spent on green energy in 2019. Without question, it has changed attitudes, behaviors, risk perceptions, and fundamental ways of working, learning, and living. Predicting the future of work is always tricky, and the COVID-19 pandemic has made any type of prognosis even more difficult. 1: Increase in remote working. Taking action against systemic bias, racism, and unequal treatment, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. The culmination of this collaboration is presented in “The world remade by COVID-19: Scenarios for resilient leaders,” published by Deloitte and Salesforce. Throughout her 20+ year career, Erica has worked with some of the world’s leading organizations and is a frequent speaker on how market trends are impacting the HR organization and profession as a whole. Companies that choose to see the coming decade as an opportunity for transformation will likely not just outlive this compression but may even lead the industry into the future of work. A Deloitte Global survey of 400 women across nine countries found many respondents are concerned about the effect the pandemic may have on their career progression. COVID-19: preparing for a sustainable future using lessons from tackling the mental health needs of NHS clinical staff . We have developed a daily regulatory intelligence bulletin, powered by RegHub and Corlytics, which aims to provide a summary of regulatory developments relating to COVID-19. This is by no means an exhaustive list, but rather a starting point: an opportunity to consciously reflect on what has happened over the past few weeks and months in an effort to embrace the possibility that lies ahead. Certain services may not be available to attest clients under the rules and regulations of public accounting. According to Deloitte and Google, the workforce of 2021 will seek to augment its technology toolsets even further. But will it last? View in article. Deloitte said it would shut sites in Gatwick, Liverpool, Nottingham and Southampton. With almost 25 years of transformation, leadership, talent, and strategy experience, Denny has helped organizations navigate large-scale transformations in the United States, Canada, United Kingdom, Japan, and Poland. Photo / Mark Mitchell. In addition to co-authoring the report, Poynton was Global Human Capital Trends’ 2020 program manager and coordinated the design and delivery of this year’s survey and report. Certain services may not be available to attest clients under the rules and regulations of public accounting. HR should take a leading role in helping the organization and the workforce adapt to changing organizational and business requirements. David, a 10-year veteran of the organization, led the research teams at Deloitte for six years. Future of work The future of work is being shaped by two powerful forces: The growing adoption of artificial intelligence in the workplace, and the expansion of the workforce to include both on- and off-balance-sheet talent. The report, titled 'Future of Work accelerated: Learnings from the COVID-19 Pandemic' was written after surveying and talking to CXOs of 42 Indian companies. - Kate Hardin, executive director, Deloitte Research Center for Energy & Industrials, Deloitte Services LP. COVID-19 has revealed preparedness gaps while advancing digital innovations and underused technologies such as video conferencing, remote monitoring, and tools for remote work and online learning. Steve Hatfield is a Principal with Deloitte Consulting and serves as the Global Leader for Future of Work for Deloitte. OG&C companies have a big task in hand to decarbonize their work; develop a new workforce architecture with people and for people; and ensure continuity of operations and mitigate risks associated with the new remote workplace environment. Sign up to receive a copy of our new approach to Trends launching this winter, Little did we know how powerful the foreshadowing was when we wrote in the prologue of this year’s Global Human Capital Trends report: “Much in the same way that we started the decade in uncertainty, we appear to be headed back into a period of uncertainty.” With the rest of the world, we watched in disbelief as the COVID-19 pandemic took hold at the beginning of 2020 and changed life as we knew it. Stephen Griggs, Deloitte’s UK managing partner, said in an emailed statement published by Reuters: “COVID-19 has fast-tracked our future of work programme, leading us to review our real estate portfolio.” The COVID-19 pandemic sparked an expansion of technology use as organizations sought to keep remote workers productive, efficient and collaborative. Deloitte's 14th edition of the Digital Media Trends Survey reveals that COVID-19 accelerates the cycle of paid entertainment subscriptions and cancellations as consumers search for value. These ethical implications extend to many segments of the workforce, but were particularly evident in the experience of the alternative workforce, some of whom faced decreased demand and related financial concerns, or increased demand and related safety concerns. The five actions it recommends are: Reflect, Recommit, Re-engage, Rethink and Reboot. From 2014-19, a dollar movement in oil price affected 3,000 upstream and oilfield services jobs compared to 1,500 in the 1990s. Deloitte Study: The Future of Work in Oil, Gas and Chemicals COVID-19 and the oil downturn make workforce and business transformation a strategic imperative . In the context of COVID-19, they will leverage the opportunity to return to work by designing the future of work, employing the lessons, practices, and goodwill they built during their accelerated crisis response. Now is the time to embed well-being into every aspect of the design and delivery of work itself and to fundamentally redesign work toward outputs instead of activities. Imagine the short commute to your office five steps away. In this webinar we will discuss the Future of Work and how covid-19 has challenged business leaders to do three things at once: stage the return to work, understand and leverage the advancements they enacted during the crisis, and chart a new path forward. As we design the workplaces of the post-Covid-19 era, we need to put inclusive workplaces for diverse talent at the forefront of how we think about the future of work… The short-cycle nature of shales has made hiring extremely cyclical. Prime Minister Jacinda Ardern. In this year’s report, we challenge organizations to reexamine whether humanity and technology were truly in conflict and to consider how it is possible to resolve the seeming paradox of finding ways to remain distinctly human in a technology-driven world. Given the convergence of pressures from the great crew change, global pandemic, energy transition and “great compression,” the study outlines four levers of transformation that could push OG&C organizations into the future. View in article, Digital Watch Observatory, “WTO highlights the implications of COVID-19 on digital divide,” May 5, 2020. Alex Rankin, in his article The pandemic playbook, looks at insights into the levers utilized by CFOs as they respond to COVID-19 and subsequently […] New possibilities: As they stage the return to work, organizations should seize this opportunity to step back and make sure that they are creating clear connections across individual jobs, team objectives, and the organization’s mission. Deloitte says companies need to rethink their strategies as they move towards the ‘recovery’ phase of COVID-19. Within Deloitte, she has served as a member of Deloitte Consulting’s Management Committee and Board of Directors. She has over 20 years’ experience in organizational transformation and HR strategies in advisory and operational roles with leading multinationals and state-owned enterprises in China and Asia, in industries such as financial services, real estate, manufacturing, consumer, retail, education, and pension plans. When evaluating those principles, the conversation should not be limited to market value, but should also account for human value in the form of purpose, fairness, transparency, growth, and collaboration. While it’s anyone’s guess what’s next, some constants remain: organisational performance will always be important, and it is dependent on employees. View in article, Josephine Moulds, “Gig workers among the hardest hit by coronavirus pandemic,” World Economic Forum, April 21, 2020. Simultaneously confronted with multi-decade low prices, unforeseen demand destruction, and changes in end-use consumption due to mass telecommuting, mounting debt loads, and renewed focus on health from COVID-19, the industry is entering a period of "great compression.” This compression is stressing the three deeply connected future of work dimensions of an OG&C organization — the core hydrocarbon business model itself (“work”), who does the work (“workforce”) and where work is done (“workplace”). Copy a customized link that shows your highlighted text. Get the Deloitte Insights app. Mumbai: As most companies saw their employees working from home due to the Covid pandemic, they are worried that this is also set to see a substantial jump in the frauds in next two years, a Deloitte survey said. Belonging: From comfort to connection to contribution. Jeff is a senior consulting partner and is a recognized global advisor and thought leader in the future of work. Hundreds of millions of people have lived … Below, we provide a view on how to start that process by leveraging this year’s human capital trends—a set of reflections, recommendations, and frameworks which we believe are more critical than ever as organizations head toward recovery from the COVID-19 crisis. While initially thought to be a virus that only affected the elderly, people soon learned that others were not invulnerable. Posted on 22/05/2020 | 0 Comments. Future of Work accelerated: Learnings from the COVID 19 Pandemic. In thesecompanies,work, workforce,and workplaceexperiencesare supported by an … Brad Denny, a principal with Deloitte Consulting LLP, leads Deloitte’s US Human Capital practice for the power and utilities industry and coleads the 2019 Global Human Capital Trends report. “The 2021 Deloitte Global Human Capital Trends survey showed that the proportion of HR executives who were very confident in HR’s ability to navigate future changes doubled, from one in eight in 2019 to nearly one in four in 2020. This consideration is especially important as it relates to organizations’ use and treatment of the alternative workforce, particularly in industries that rely heavily on the gig economy. He currently leads the US Consulting Future of Work research and practice; he is the co-founder and was the US lead partner from 2016-2019 for Deloitte Catalyst in Tel Aviv (the US-Israel Innovation Tech Terminal), and he has been the global editor and senior researcher for 10 years of Deloitte’s Global Human Capital Trends report, one of the world’s leading annual reports on the future of the workforce, organizations and HR, which he started in 2011. COVID-19 has changed perceptions about physical location – and, therefore, the whole operating model for Financial Services (FS) – in two fundamental ways. Hourua Pae Rau (our Māori services team) is working with Māori businesses and Iwi to navigate through COVID-19, facilitating workshops to help people through their COVID-19 challenges. Now celebrating 175 years of service, our network of member firms spans more than 150 countries and territories. Maren Hauptmann is the lead partner for the Organization Transformation & Talent service line within Deloitte’s German Human Capital practice. Today’s changed environment has given OG&C organizations the much-needed “why not” to transform themselves and find new ways to reclaim their previous appeal. We chose two specific areas of the report and asked Deloitte’s Global Human Capital Leader, Erica Volini, to provide insight on them. It also describes about what a COVID-adjusted strategy could look like for any organisation which is looking to embrace the 'Future of Work. Individuals and communities responded with empathy and strength. As the pandemic progressed, researchers honed their investigations based on population attributes that extended beyond age, whether geography, living situation, or prior health conditions, thereby quickly expanding the understanding of the virus at levels previously not understood. 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