The nine to five model of work is becoming increasingly irrelevant as new technologies like automation, block chain, big data and machine learning shape the next generation workplace.
Today’s business world is shaped by a range of forces, moving together to carve out tomorrow’s landscape; among the most important are technology disruption, slow wage growth and aging populations.
The World Economic Forum estimates between 2015 and 2020, 7.1 million jobs will be lost due to technology, largely in office and administrative functions, as well as in manufacturing and production. Just 2 million jobs will be created.
More industries will see technology take over tasks previously handled by junior graduates or recruits but there will also be new jobs created. Big data experts and chief digital officers for example, are roles that did not exist just a few years ago.
Mercer’s recent report, Healthy, Wealthy and Work-Wise, found 58% of Australian business leaders have already analysed their workforce to identify which jobs could be automated, and 83% of employers are concerned about workers being left with obsolete skills.
New Zealand’s population is aging. New Zealand Statistics project that New Zealand's population is expected to grow from 4.7 million in 2016 to 5.8 million in 2038. By 2032, it is expected that 20% to 22% of New Zealanders will be 65 year or older, compared with 15% in 2016. By 2050, this proportion is expected to reach 21% to 27%. As high housing costs and low economic growth push both millennials and those now in their middle years to delay retirement, we could all be working till age 70 and beyond.
Older workers offer a multitude of benefits; they tend to change roles less frequently, reducing recruitment costs, and they are strong in traditional leadership, people skills and efficiency.