FUTURE OF WORK

The pandemic accelerated existing trends in remote work, e-commerce, and automation, with up to
25 percent more workers than previously estimated potentially needing to switch occupations. The
COVID-19 epidemic altered worldwide labour markets in 2020. Millions of individuals were
furloughed or lost their jobs in the near term, and others quickly adjusted to working from home as
offices closed. Many additional workers were judged necessary and continued to work in hospitals
and grocery shops, on garbage trucks, and in warehouses, but under stricter measures designed to
limit the spread of the unique coronavirus. The pandemic pushed companies and consumers to
rapidly adopt new behaviours that are likely to stick, changing the trajectory of three groups of
trends. We consequently see sharp discontinuity between their impact on labour markets before
and after the pandemic.

A year has passed since the pandemic began. So much has changed and so much remains ambiguous
for us, with one question looming over everyone's mind: "When will this end?" While we were
learning to live with the illness, the second wave of the virus hit India hard, forcing people back into
their houses. Although the healthcare system is being overburdened by unprecedented expansion,
the only good news is that corporations are better prepared to deal with the problem this time
around, which has only been made possible by digitization.

Today's workplace has undergone a complete transformation. Companies prefer a focus on

performance and productivity over a focus on timesheets. The trend has shifted for the better, as
organisations have understood that effort and quality of work are more important than the number
of hours people put in each day. The emphasis has shifted to abilities, talent, and efficiency.

Work from home culture will not go away, apart from tasks where physical proximity of employees
and teams is required. Companies will prefer and promote work from home after seeing the
outcomes they obtained during the epidemic, all owing to digitalization. Digitization has provided
firms with the tools and matrices needed to govern and evaluate work-from-home employees'
performance. People's perspectives have shifted. Managers have shifted from micromanaging their
employees' activities to focusing on outputs, performance, and productivity.

This shift is tremendously positive and will allow talent from across the world to enter. With physical
proximity of employees not being a crucial element in the assignment of personnel for specific tasks,
employers can hunt for talent outside of Tier 1 cities and build a more diversified and capable team
by balancing the skills and competencies necessary to the job. This will also help to close the gender
gap, since many women who previously unable to apply owing to geography, travel, or fixed time
limits will now be able to join and work without having their abilities called into doubt. Digitization,
when used wisely, creates career prospects for anyone with internet connection.

People with strong work ethics will advance in their careers. Organizations are more comfortable
than ever in developing and leading competent and diverse teams with high potential individuals,
thanks to redesigned work models, new governance matrices, and new performance evaluation
technologies.

The main characteristics that drive decisions in the business are flexibility, agility, productivity, and
cost savings - every decision is analysed and made based on these parameters. As a result,
workflows have been segmented, opening new chances to employ distributed and organised
workforce models. The organisations' spending on the gig and contingency labour will rise. According
to recent Indeed data, the hiring of flexible or temporary workers in India increased by 22% in
January compared to the previous year! But why is contingent staffing being heralded as the future
of work in India?

Flexibility and Agility

With optimization being the primary driver of the business since the outbreak of the pandemic, a
temporary workforce gives the much-needed agility and flexibility. For project-specific ramping up to
ramping down of personnel, or for filling a specific skill gap for a limited period, contingent
workforce is the only option to acquire devoted employees, committed to the work assigned as and
when required, while keeping costs under control.

Cost optimization
Hiring a contingent workforce for a shorter period for a given activity is less expensive than hiring
full-time personnel for the same work. With the ever-changing technological demands, it is not
feasible for businesses to recruit full-time personnel for every minor task.

Filling the skill gap

The unprecedented, rapid expansion of digital solutions has resulted in an increase in the demand
for a workforce competent in digital technology. Gartner predicts that the need for resources in
digital technologies will triple by 2025. To fulfil this surge in demand, contingent labour is a critical
cog in the wheel. Short-term contracts on people for a specific task in specific projects ensure the
rotation of skills in a skilled labour economy. As their duty is completed or is soon to be completed,
the resources become available in the job market, and their expertise can be used by other
organisations.

Employer branding and enhancing the talent matrix

Organizations may ensure they have access to workers with specific talents to complete work on a
project-by-project basis by embracing the gig economy and recruiting external workers, which is a
wonderful method to supplement internal expertise.

Faster hiring processes

Non-permanent employees enable your company to adjust to market and demand changes as they
occur. Your company will be able to respond, adjust, and adapt to market situations more quickly,
without the substantial delays that are generally associated with full-time personnel. They can be
hired as soon as they become available in the market and take significantly less time to onboard
than a full-time employee.

Hybridisation and Employee Welfare

The main disruptions of the year signalled a fundamental shift in attitude among executives and
boardrooms alike, with empathy and emotional intelligence emerging as key business drivers in
workplaces and the market. As a result, the ideology of ‘Meraki' - a Greek term that means
‘Whatever you do, do it with love, creativity, and passion' – became more prominent. To make any
method succeed in 2021, leaders would have to put their hearts and minds into it, as well as build
true relationships that inspire loyalty throughout the workforce.

The following year will mark the beginning of the era of work culture hybridization. To develop
collaborative workspaces, technology will be embedded in company infrastructure. Employees will
prefer organisations that provide flexible work hours and the flexibility to work remotely, given the
hybrid work culture's endless possibilities. Even if offices do open, professionals will be looking for a
welcoming work atmosphere that prioritises employee well-being.

As a result, HR will be required to establish and design policies that are tailored to individuals. The
“one-size-fits-all” approach will not be tolerated by the new generation of employees. To retain
talent, organisations must consider all aspects of welfare, including health, work hours, and facilities.

As employees want flexible work conditions, leaders must welcome and foster gender diversity in
the workplace. Supporting diversity and inclusion will result in a vibrant and empathic workplace
culture, which will in turn drive creativity. Employees will feel more engaged, connected, and
innovative as a result, which will assist executives achieve greater company outcomes.

Companies and policymakers can help facilitate workforce transitions

The magnitude of workforce transformations triggered by COVID-19's impact on labour trends
heightens the pressure for firms and policymakers to fund greater worker training and education
initiatives. Companies and governments shown incredible adaptability and flexibility in responding to
the epidemic with purpose and creativity, which they may also use to retool the workforce in ways
that lead to a brighter future of work.

Businesses can begin by conducting a granular study of what work can be done remotely by focusing
on the tasks involved rather than the entire job. They can also play a larger role in worker retraining,
as Walmart, Amazon, and IBM have done. Others have promoted vocational changes by emphasising
the skills required rather than academic degrees. Remote work also allows businesses to diversify
their workforce by hiring people who were unable to relocate to the superstar cities where talent,
capital, and opportunities were concentrated before to the epidemic for family or other reasons.

Policymakers may help businesses by extending and improving digital infrastructure. Even in mature
economies, about 20% of workers in rural families do not have access to the internet. Governments
may also explore extending benefits and protections to independent workers and people who are
working to improve their skills and knowledge in the middle of their careers.

Businesses and policymakers may work together to help workers transition between occupations.
Companies and public authorities in the European Union have committed €7 billion to improving the
skills of 700,000 automotive workers under the Pact for Skills established during the pandemic, while
Merck and other large corporations in the United States have committed more than $100 million to
improve the skills of Black workers without a college education and create jobs that they can fill.

Such initiatives would result in a more resilient, competent, and well-paid workforce—as well as a
more robust and egalitarian society.

Ensuring job quality

Whether or not a person has a decent quality employment has a significant impact on their well-
being. Wages, stability, and working circumstances, from safety to human relationships, all influence
job quality. COVID-19 has impacted the quality of many employments, influencing everything from
worker safety to salaries and job security. Even before the epidemic, persons working in non-
standard conditions were more likely to have lower-paying occupations.
Labour market regulation can assist assure high-quality jobs, but it may need to be modified to
accommodate some new types of work and the extraordinary impact of the epidemic. Collective
bargaining can also be effective.

The pandemic has altered our reality, and the response of the digitised world has resulted in
innovations and disruptions. In the IT - ITeS domain, the pandemic has been a disruptor,
facilitator, and accelerator. Technology has enabled and will continue to enable better
collaboration, generate efficiency, and improve workplace performance as it evolves.