Five Components Moulding the future work scenario

Now the future of work is redefined by the holy trinity. As an outcome, it has severely impacted 3 pivotal factors of a company Toiling, the workforce and the work destination. It is an incontrovertible fact that socio-economic reasons led to the creation of the future of work. It got influenced by the irresistible forces and demand of the new working conditions.

In total there are two parameters taken into the consideration before getting shaped.  The first area is the growth and establishment of Artificial Intelligence in the workflow, machine learning and augmentation reality. The second factor includes 5 components which are precisely discussed by the International Labour Office in their research work named “Literature Review on the Future of Work”.

Now let’s have a look at these 5 decisive components.

1. Job Creation
2. Job Quality and type
3. Social Safety or Security
4. Perks and package 
5. Social dialogue and industrial connections

The prospects of professions are simply linked with job creation, job depletion and the future arrangements of the toilers. The level of terror is rising because of the increment in automation and machines. The automation sector is witnessing tremendous growth in comparison to the growth level of job creations. The opportunities are vanishing because new careers are becoming stagnant. 

As per McKinsey, 45% of the activities can be completed by the automation itself. In current, 5% of professions can completely rely on technology. So, it simply implies that the majority of the working professionals will be toiling or working on tasks that cannot be performed by machines. Responsibilities like handling people, applying experience and interacting with different individuals.

We as human beings will focus less on activities like accumulating data and physical activities. Because these tasks can be performed by the machines with the support of tech.

Firms will also change the requirements, skills and duties which were essentially previously to a great extent. In the upcoming years, recruiters will recruit candidates with advanced cognitive attributes or who can think emotionally and logically. People get recognition because of their creative approach and reasoning power.

There is always a presumption that technological advancement will stagnate the workers’ spectrum to some extent. As we all are aware of the fact that globally, industries are flourishing. Secondary sectors already have versatile automated transport faculty and robots. Innovative production strategies are now executed. So, these points simply underscored that there will be a reduction in the labour cost.

The reality is that job quality will cover the problems like futuristic toiling settings or the continuity of the social protection system. The sudden rise of the gig economy has boosted the self-employment rate. In the US the self-employment rate has reached up to 40%. It can be seen that self-employment will break all the traditional types of employment. Now virtual assistance and freelance opportunity will rule the world.

But we must know the fact that these modernised career prospects don’t have any job security. But it has a high level of flexibility because you are the only one who will be constituting all the activities as ahead.

You can take charge and balance your personal and professional life. It is assumed that the development of the gig economy will improve the employment of businesses. Also, it will complement the business models. Although, a responsible job will receive lower wages, less training and reduced chances to grow professionally. In a nutshell, we can refer to it as a gig economy that has created its own place in the business world to flourish now.

Gig economy stands for the free-marketing model or concept in which companies have a surge and urge to hire freelancers, virtual assistants, interns and so on instead of full-time working professionals. If we look at the term “gig” then it simply prescribes the model of performance-based payment offered by a firm as a reward after completing a series of tasks.

In the gig economy workers are allocated for part-time roles and responsibilities only which further allows working professionals to transit from one occupation to another based on their preferences. They have the freedom to select multiple jobs for different vocations at the same point in time.

Career counsellors are now motivating graduates and students to opt for digital platform jobs, freelance opportunities and virtual assistants’ occupation to serve clients after analysing the current circumstances. If you want to know in-depth about the future career prospects then one can simply rely on career counselling to know briefly about the future of work.

9 to 5 working hours in a day’s model is not getting blurred because the gig economy motivates individuals to save stretches of time every day while giving limited service time.

So, this was all about the Five Components that Are Moulding the Future of Work Scenario.

-Hruditya Kumar