An executive at one of the world's most innovative companies provides four predictions about the future of work.
"The workforce is changing massively," says Rick Jensen, Chief Talent Officer at Intuit, a leading provider of business and financial management solutions such as QuickBooks, Quicken and TurboTax.
In 2018, Intuit was recognized as one of the world's most innovative companies, a top 100 company to work for, and a best place to work as voted by employees. It's clear that the Mountain View, CA-based company has a handle on the best practices of work.
During my recent interview with Jensen, I asked him, "What trends will impact the workplace in the next five to ten years?" The below is Jensen's response.
1. Work will be more fluid
In the future, Jensen believes that companies won't be structured the same way. Specific job titles and rigid organizational charts will likely be replaced by" mission-based teams" where employees are enabled and encouraged to move more fluidly across organizations to work on specific jobs or projects.
Fluid organizations will be especially appealing to Generation Z employees as 75 percent of Generation Z would be interested in a situation in which they could have multiple roles within one place of employment.
"No longer will employees sign a contract, get a badge, and work for two years. [Generation Z] are going to question what it is to be an employee. They don't care about a 401k because they won't be around long enough to invest in it," stated the Global Head of Early Talent Acquisition at SAP, Jenn Prevoznik, in my recent interview with her.
2. Work will involve more "gigs"
Mobile technology and ubiquitous connectivity have created a new labor market that goes beyond permanent jobs and is characterized by the prevalence of short-term contracts or freelance work, also known as the "gig economy."
According to Intuit, the gig economy is estimated to be about 34 percent of the workforce and expected to be 43 percent by 2020. As technology continues to cause work cycles to spin faster and project timelines to shrink, the next generation is beginning to have a different view of what it means to be employed.
Jensen predicts companies will need to understand how to tap into this "1099 economy" and the emerging generations that are likely not interested in being tied to one company.
3. Work will be decentralized
Employees thinking they have to be located at a company's headquarters to move their career forward, is a "fixed, old mindset that we have to bust," says Jensen. "[Requiring employees to move to headquarters] doesn't reflect how people want to work and live so we need to adjust."
Thanks to today's technology, employees don't have to be in the same location as their employer. Which is why Millennials and Generation Z are more likely than any other generation to choose a city before they choose a job.
Jensen says Intuit is interested in "finding talent where they are and challenging the infrastructure of the company."
4. Work will be enhanced by data
"Artificial intelligence (AI) and machine learning is changing how we build products and the customer experience, but it will also change the way we work," says Jensen.
Jensen is optimistic about artificial intelligence (AI) and machine learning creating "more opportunity and jobs" in the future. Jensen is interested in finding ways to use data to "enhance learning and development, build leadership capacity faster, and drive positive behavioral trends at work."
Jensen concludes by saying, "The future will be bright as we bring in more technology."