Organisations not prepared for the future of work: PwC
SINGAPORE (Nov 13): Although capabilities are important in the success of businesses, many fail to recognise the actions needed to be taken today to stay relevant in the future, according to findings from PwC’s latest Future of Work report, produced in collaboration with Lynda Gratton, professor of management practice at London Business School.
Some of the actions include data analytics to make workforce decisions and creating a compelling work experience for employees.
Without this, businesses are put at risk in the future as they lack behind when it comes to attracting, developing and retaining the talent they need to succeed.
The survey titled Preparing for Tomorrow’s Workforce Today also found that companies around the world are struggling to use data and advanced analytics to make better decisions about the workforce.
Encouragingly, South East Asia (SEA) seems to be advancing at a faster pace of take up than the global average. The top risk both globally and in South East Asia relates to using workforce analytics in improving the working environment and people’s behaviours.
More than 70% of respondents in SEA say using data analytics in workforce decision is important. But only 34% in the region actually use it.
Only 48% in SEA use data analytics to predict and monitor skills gap in the workforce, while about 40% use sophisticated workforce planning and predictive analytics, and 35% use data analytics to help limit bias in hiring to craft incentives tailored to individuals.
Moreover, six of the top ten “at risk” capabilities globally relate to the people experience.
In SEA, half of the top ten “at risk” capabilities relate to the use of technology and data analytics, while the other top concerns relate to diversity of talent, workload, mobility and autonomy.
PwC says that one area organisations can improve in is managing workloads.
In the region, 78% of respondents believe that this is important, but only 52% doing something about it.
Nicole Wakefield, people and organisation leader, PwC South East Asia Consulting says, “Global megatrends such as the rapid introduction of disruptive technology, demographic pressures on business and the rise of the gig economy are transforming the way we work. It is easy to be overwhelmed with these complexities, however companies who are able to be agile and adapt quickly to drive a positive outcome for themselves and society are most likely to thrive now and in the future."
