We’re on the cusp of the Fourth Industrial Revolution. The emergence of Artificial Intelligence, Cloud computing, social media, and the ubiquity of mobile platforms are fundamentally altering the way we live, work, and relate to one another. This digital revolution has no historical precedent in terms of velocity, scope, and impact and is transforming how successful organizations will attract, retain, and develop their essential human capital.
Evolving morality, shifting values, and changing expectations are disrupting commercial and federal organizations across all levels and disciplines. While these shifts and disruptions offer new possibilities and promises, they also introduce perils for the organizations that fail to anticipate and embrace these rapid changes.
At Ambit, our teams study and analyze emerging technological and societal trends and their implications on organizational behavior in order to ensure our clients prosper in the face of change by adopting our futureproof strategies to help them become resilient, agile, and adaptive.
What is FutureProofing?
The term is described as “the process of anticipating the future and developing methods of minimizing the effects of shocks and stresses of future events.”
The public sector is undergoing dramatic changes as new technology and business methodologies shift and shape the way we navigate organizational direction and focus. While we can’t gaze into the future, we can definitely prepare our organizations to face unforeseen challenges head on.
Here are five strategies that can help you to future-proof your business and create a resilient workplace climate.
- Embrace Flexibility
Organizations are relying more on a contingent workforce as modern advances and innovation create a global community without borders. According to figures from the Government Accountability Office (GAO), contingent talent represents over 40% of the labor pool. That figure is projected to rise to 50% by 2020. By embracing a work culture that offers flexibility, freedom, and mobility, you can create an on-demand office environment that attracts a modern workforce with evolving knowledge and skills.
- Prepare Future Leaders
According to the Office of Personnel Management (OPM), more than 45 percent of federal employees are age 50 or older. And within five years 30% of current federal employees will be eligible for retirement. Futureproofing your business involves mitigating risk and preparing for factors that will affect your human capital continuity. As demographics and generational trends shift, and as the values and aspirations of an increasingly younger workforce impact your organization, you must be an active in attracting, mobilizing, and managing a new wave of talent. By necessity, successful organizations will integrate new approaches to attract talent, encourage employee development, and provide opportunities to enhance skillsets, and create a shared vision culture that promotes retention while grooming your next generation of leaders.
- Sustain the Mission
When weighing employment options, millennials often seek opportunities allowing them to support a shared mission and make a positive impact on society. Exponential technologies such as artificial intelligence, telemedicine, alternative power, drones, robotics, etc., are focused on sustainability and minimize the environmental impact of work practices carried out by your organization. Organizations that share a commitment to sustainability and other important social and philanthropic issues, are on the best trajectory to attract tomorrow’s leaders.
- Protect Your Assets
The widespread use – and abuse – of technology mandates that cybersecurity remain a critical component to worker and workplace safety. Our reliance on technology has been coupled with a rise in cybercrime, and for potential hackers, accessibility has increased exponentially. In 2018, an estimated 54% of businesses had their network or data compromised, costing each victim an average of $5M in recovery costs. Anticipate and remediate potential weak spots in your current processes that could cause a future breach or exposure of sensitive data. Investing in proven, reliable back-up and disaster recovery efforts can thwart potential cyber-attacks and mitigate nearly irreparable damage.
- Provide Growth Opportunities
Online and digital technologies have been the chief catalysts for change in the modern business world. These technological advances include cloud-based software, artificial intelligence, and mobility solutions that empower the individual and provide employers with nearly limitless flexibility. Researching new trends, developments, and technologies puts the appropriate tech in place early to improve operations and facilitate growth. Fostering a culture of continuous learning and advancement allows staff to acquire new skills, exchange ideas and increase their future value.
Strategic futureproofing involves assessing, preparing, and maintaining not only your tangible infrastructure, but your human capital as well. Cultivating staff members who are invested in integrating new ways of thinking and advancing innovation are essential to your workplace growth and stability. Providing an objective assessment of the current digital landscape, helps to design a new technological roadmap to facilitate a smooth transition to the next wave of services, market shifts and solutions.