Career

Is This the End of Work as We Know It?

As technology disrupts the definition of employment, participants at The Economist’s first-ever Future Works conference tackled the big question: What's next?

When I made the trip from my apartment to the Renaissance Chicago Downtown for The Economist’s inaugural Future Works event on Nov. 1, I did what I always do when I’m running late. I took an Uber.

633x335-v3The ride was a fitting start to a day of discussing how technology is transforming the way people work. After all, the ride-sharing service is at the center of a range of companies that are fueling the rise of the gig economy. Other Silicon Valley stars like TaskRabbit, Lyft, and Airbnb are helping to pave the way toward a world powered by independent contractors. Rather than receiving steady paychecks and defined benefits in exchange for a 40-hour work week, the onslaught of new companies is giving people like Andra, my five-star driver, the power to be their own bosses.

A 2016 Gallup poll revealed that only 32 percent of employees describe themselves as engaged in their current positions.

But the evolution of work isn’t confined to the employees in this newly formed economy — it also impacts expectations about the way that more traditional business environments and leaders function, too. For example, Kris Duggan, co-founder and CEO of BetterWorks, asked Future Works participants to compare the Uber feedback loop with the feedback capabilities of the antiquated annual performance review. “We give feedback to an Uber driver as soon as the trip is over, but we wait until the end of the year to give feedback to employees,” Duggan said. “That doesn’t make any sense.”

Duggan said that the typical feedback cycle will no longer keep employees motivated, and recent data supports his perspective. A 2016 Gallup poll revealed that only 32 percent of employees describe themselves as engaged in their current positions. Duggan highlighted that successful organizations like Google operate on a foundation of more frequent communication that helps recognize strong performance and identify areas for improvement.

Embracing the Long-Term

While employees have grown accustomed to constant and quick communication in the fast-paced business world, the need for instant gratification is creating challenges, too. “Tools like email represent our addiction to the short-term,” said Matthew Breitfelder, managing director and chief talent officer for BlackRock. “We need to protect some long-termism.”

In a cloud of urgent messages, calendar appointments and buzzing wearable devices, safeguarding the long-term view is easier said than done, but Breitfelder stressed that it’s never been more important to leave time to think about the big picture. Why? Because that picture is going to look very different very soon.

Despite all of today’s tech innovations, most of the experts at FutureWorks agreed that human emotional intelligence will be the key to success in the future.

Participants agreed that the world is in the midst of the Fourth Industrial Revolution, and leaders must prepare for some seismic shifts. Automation will spread from factory production lines to Ph.D.-level work in operating rooms. Virtual meeting tools will create bigger disconnects between remote employees. And just as some organizations figure out how to engage Millennial employees, leaders will need to build bridges across a new set of generational gaps when members of Generation Z start interviewing for open positions.

All these changes may sound overwhelming, but it’s possible to navigate the next generation of work with some key insights that don’t rely on machine learning, virtual reality, or any other piece of the tech transformation. “I strongly believe you can take an average team and make it amazing if you understand how the human brain works,” said Caroline Webb, author of How to Have a Good Day and senior external adviser to McKinsey & Company.

Despite all of today’s tech innovations, most of the experts at Future Works agreed that human emotional intelligence will be the key to success in the future. “You have to create an environment that has clarity, purpose, and transparency,” Duggan said. “If you expect your team to work together, you have to be open.”

Looking to create a stronger sense of community in your office? Check out “Building Winning Teams” for some helpful tips from speaker and CNN commentator Mel Robbins.

David McMillin

David McMillin is staff writer at PCMA.