Deloitte Top 200: Covid-19 provides impetus for fundamental change . 1 One area where acts of kindness have proliferated during the COVID-19 pandemic has been in the public’s acknowledgement and appreciation of the work of NHS staff. About Deloitte: Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. Future of remote work: What impact will remote work have on your 2020 Swiss tax return deductions? A Deloitte Global survey of 400 women across nine countries found many respondents are concerned about the effect the pandemic may have on their career progression. View in article, Nick Kolakowski, “COVID-19 burnout growing among remote workers,” Dice Insights, May 5, 2020; Kevin Smith, “Pandemic fuels burnout among nearly half of U.S. workers,” Orange County Register, April 16, 2020. Ethics and the future of work: From “could we” to “how should we” The COVID-19 shift: COVID-19 brought ethical issues around employment to the forefront that many may previously have viewed as ivory-tower concerns, putting a spotlight on the impact of organizational decisions on workers’ lives every day. COVID-19 has challenged business leaders to do three things at once: stage the return to work, understand and leverage the advancements they enacted during the crisis, and chart a new path forward. This week we wanted to share with you one of the insightful blogs from our colleague in the US on the impact that COVID-19 is having on their healthcare system; and which first appeared as a US … Taking action against systemic bias, racism, and unequal treatment, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. The U.S. oil, natural gas and chemicals (OG&C) industry slashed 107,000 jobs from March to August 2020, the fastest rate of layoffs in the industry’s history. She has over 20 years’ experience in organizational transformation and HR strategies in advisory and operational roles with leading multinationals and state-owned enterprises in China and Asia, in industries such as financial services, real estate, manufacturing, consumer, retail, education, and pension plans. Below, we provide a view on how to start that process by leveraging this year’s human capital trends—a set of reflections, recommendations, and frameworks which we believe are more critical than ever as organizations head toward recovery from the COVID-19 crisis. And yet amid the tragedy and uncertainty ran a strong undercurrent of hope. Discover Deloitte and learn more about our people and culture. has been removed, An Article Titled Returning to work in the future of work COVID-19 has reinforced our conviction that human concerns are not separate from technological advances at all, but integral for organizations looking to capture the full value of the technologies they’ve put in place. That starts with how ITS deploys projects and supports technology enablement but, equally importantly, we’re also helping redefine how our practitioners work. The COVID-19 shift: COVID-19 reminded us that people are motivated at the highest levels when they can connect their work contributions to a greater purpose and mission. See something interesting? This consideration is especially important as it relates to organizations’ use and treatment of the alternative workforce, particularly in industries that rely heavily on the gig economy. “, Operational agility in the last downturn helped the industry drive operating costs down from 17% to 30%, but efficiencies seem to be plateauing with suppliers having limited room to reduce costs further. has been saved, Returning to work in the future of work He has authored and contributed to more than 40 articles for the Wall Street Journal, the Deloitte Review, the MIT Sloan Management Review, the Rotman Management Review (at the University of Toronto), and Wired Magazine. Predicting the future of work is always tricky, and the COVID-19 pandemic has made any type of prognosis even more difficult. Please see www.deloitte.com/about to learn more about our global network of member firms. Home working has been recommended or enforced and employers have had to implement remote working solutions often without the necessary policies already in place. As per the report, India Corporate Fraud Perception Survey, 80% of corporate India believes fraud will rise in the next two years. Stephen Griggs, Deloitte’s UK managing partner, said in an emailed statement published by Reuters: “COVID-19 has fast-tracked our future of work programme, leading us to review our real estate portfolio.” The future of our work-place can be found in our living rooms and at the corner office in our houses. The report, titled 'Future of Work accelerated: Learnings from the COVID-19 Pandemic' was written after surveying and talking to CXOs of 42 Indian companies. With COVID-19 leading to the fastest layoffs in the industry’s history, the study highlights that 70% of jobs lost during the pandemic may not return by the end of 2021, assuming a $45 per barrel oil price, if OG&C companies continue to operate as-is. As more than 30 million people have lost their job due to COVID … Individuals and communities responded with empathy and strength. Throughout her 20+ year career, Erica has worked with some of the world’s leading organizations and is a frequent speaker on how market trends are impacting the HR organization and profession as a whole. It also describes about what a COVID-adjusted strategy could look like for any organisation which is looking to embrace the 'Future of Work. Hauptmann has 20 years of experience in strategy and human capital consulting and has supported German, European, and global companies in large organizational transformations and talent management. New possibilities: As they stage the return to work, organizations should apply that same lesson to the workforce, using a data-driven approach to better understand workers’ unique attributes, needs, and dimensions and segment their workforce accordingly. The world is upside down and sometimes it can be tough (really tough, if we’re honest) to stay optimistic and maintain sanity. Hundreds of millions of people have lived … Organizations face a choice between returning to a post-COVID world that is simply an enhanced version of yesterday or building one that is a sustainable version of tomorrow. The COVID-19 pandemic sparked an expansion of technology use as organizations sought to keep remote workers productive, efficient and collaborative. This downturn is like no other and will have profound impacts on the industry. How will trends and technologies impact industries and the workforce moving forward? Deloitte's 14th edition of the Digital Media Trends Survey reveals that COVID-19 accelerates the cycle of paid entertainment subscriptions and cancellations as consumers search for value. Today we’re starting with the impact of COVID-19 on mental health and the role of insurers… Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Many workers are experiencing burnout exacerbated by COVID-19,7 which makes well-being a top priority in any organization’s return-to-work approach. Staff should be at the heart of these changes and their needs and voices valued. Posted on 22/05/2020 | 0 Comments. © 2021. While initially thought to be a virus that only affected the elderly, people soon learned that others were not invulnerable. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. In the context of COVID-19, they will leverage the opportunity to return to work by designing the future of work, employing the lessons, practices, and goodwill they built during their accelerated crisis response. In this role, she is focused on helping leaders solve their most complex and pressing human capital issues. Happiness at work matters. An April 2020 survey found that 70 percent of gig workers were not satisfied with the support they received from their employers during the pandemic.10. Deloitte’s 2020 Human Capital Trends report provides a wealth of information on the future of work, especially in light of COVID-19. Public Relations The culmination of this collaboration is presented in “The world remade by COVID-19: Scenarios for resilient leaders,” published by Deloitte and Salesforce. Brad Denny, a principal with Deloitte Consulting LLP, leads Deloitte’s US Human Capital practice for the power and utilities industry and coleads the 2019 Global Human Capital Trends report. This downturn or the “great compression” is like no other, challenging fundamental and deeply interconnected dimensions of the industry’s work, workforce and workplace. Without question, it has changed attitudes, behaviors, risk perceptions, and fundamental ways of working, learning, and living. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. USING THE FUTURE OF WORK TO GAIN RESILIENCE Companies that have previously embraced future of work practices are likely well positioned to sustain their operations and respond quickly to the demands of navigating COVID-19. The health crisis gave people a greater appreciation for the fact that humans and technology are more powerful together than either can be on their own. COVID-19 has changed perceptions about physical location – and, therefore, the whole operating model for Financial Services (FS) – in two fundamental ways. 5. Taking action against systemic bias, racism, and unequal treatment, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. First, the transition to wholesale working from home (WFH) has largely been an operational success. Prime Minister Jacinda Ardern. The oil, gas and chemicals industry was built on human ingenuity; innovation and grit; and it is that same spirit that will forge the industry’s next reboot and revitalization. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication. Coronavirus: Deloitte company survey shows home-working to quintuple by 2025 This picture taken on March 23, 2020 shows Yuki Sato, an employee in a … We chose two specific areas of the report and asked Deloitte’s Global Human Capital Leader, Erica Volini, to provide insight on them. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. In a business-as-usual scenario of waiting and responding to oil price cycles, about 70% of jobs lost during the pandemic may not return by the end of 2021 at $45 per barrel. "COVID-19 has fast-tracked our future of work programme, leading us to review our real estate portfolio," Stephen Griggs, Deloitte's UK managing partner, said in an emailed statement. The recovery from the COVID-19 pandemic, given the human dimension of urgent workforce challenges and the uncertainties facing business leaders, requires workforce strategies which focus on both short-term recovery priority actions—reflect, recommit, re-engage, rethink, and reboot—and reaching for the future and a new normal—integrating the attributes of purpose, potential, and perspective. He has been a consulting partner for 25 years and he has extensive experience in workforce and workplace transformation, work redesign, and human capital issues in global and growth markets. In light of COVID-19, the opportunity (and risk) may never be greater for organizations to transcend this paradox and see possibility in what lies ahead. Today’s changed environment has given OG&C organizations the much-needed “why not” to transform themselves and find new ways to reclaim their previous appeal. The challenges around the initial impact of the pandemic have continued to leave lasting effects for Iwi, but they’ve responded strongly by bringing together communities to find new pathways ahead. Deloitte: In Wake of COVID-19, 61% of Executives Now Focused on Transforming Work, Double Pre-Pandemic Levels Executives focus on re-architecting work by … While it’s anyone’s guess what’s next, some constants remain: organisational performance will always be important, and it is dependent on employees. The latter view can allow organizations to not only streamline costs, but to also create value and ultimately, provide meaning to the workforce as a whole. In addition to co-authoring the report, Poynton was Global Human Capital Trends’ 2020 program manager and coordinated the design and delivery of this year’s survey and report. In today’s world of constant disruption, those issues include everything from navigating the future of work to enabling the digital organization—all centered around how to optimize the intersection of the workforce and business performance. Designing the future of work after COVID-19 The business change driven by the COVID-19 pandemic has been both sudden and lasting. She has a Bachelor of Science in Industrial & Labor Relations from Cornell University. Consider, for instance, how workers at some consumer products companies have found meaning and inspiration in their jobs as their companies increased production of (or in some cases, pivoted to start developing) disinfectants and sanitizers.6 People want to contribute to their organizations when they understand how their unique talents, strengths, and contributions are making an impact on larger goals. Please see www.deloitte.com/about to learn more about our global network of member firms. Shared mobility will recover from rider anxiety. View in article, Digital Watch Observatory, “WTO highlights the implications of COVID-19 on digital divide,” May 5, 2020. David, a 10-year veteran of the organization, led the research teams at Deloitte for six years. Yves is a partner in the Belgian Consulting practice of Deloitte. New possibilities: As they stage the return to work, organizations have an opportunity to push the envelope in the ways they integrate teams of humans and technology. These ethical implications extend to many segments of the workforce, but were particularly evident in the experience of the alternative workforce, … Yan is a frequent speaker at public conferences on organization transformation and human capital trends and strategies. As we design the workplaces of the post-Covid-19 era, we need to put inclusive workplaces for diverse talent at the forefront of how we think about the future of work… View in article, Dimple Agarwal et al., 2018 Global human capital trends, Deloitte Insights, March 2018. That starts with how ITS deploys projects and supports technology enablement but, equally importantly, we’re also helping redefine how our practitioners work. Seven out of 10 participants who say they have experienced negative shifts in their routine as a result of COVID-19 believe their opportunities for advancement have decelerated. View in article, Zach St. Louis, “Thomas Friedman on human interaction in the digital age,” Aspen Institute, January 10, 2017. Deloitte says companies need to rethink their strategies as they move towards the ‘recovery’ phase of COVID-19. Deloitte’s Human Capital professionals leverage research, analytics, and industry insights to help design and execute the HR, talent, leadership, organization, and change programs that enable business performance through people performance. She specializes in organizational design and transformation, strategic change management, and strategic talent advisory services. © 2021. Creating a structured roadmap for “, More than 45% of the industry’s personnel are tenured with most retiring in five to seven years, while total U.S. university graduates for technical courses like petroleum and geological engineering courses have dropped by 15-21%. Future of Work accelerated: Learnings from the COVID 19 Pandemic. Through our proprietary Experience per Square Foot TM (XSF) tool, Cushman & Wakefield has captured more than 2.5 million data points from workers all over the globe in the pre-COVID-19 era and a further 1.7 million data points from more than 50,000 respondents in the current work from home environment. Our people work across the industry sectors that drive and shape today’s marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. +1 713 982 3108, Brian Brooks Focusing on the return to work alone is not a viable option, as it will not allow organizations to capitalize on all that they have experienced and learned over the past few months. "COVID-19 has fast-tracked our future of work programme, leading us to review our real estate portfolio," Stephen Griggs, Deloitte's UK managing partner, said in an emailed statement. New possibilities: As they stage the return to work, organizations should seize this opportunity to step back and make sure that they are creating clear connections across individual jobs, team objectives, and the organization’s mission. Getty. Now is the time to embed well-being into every aspect of the design and delivery of work itself and to fundamentally redesign work toward outputs instead of activities. Now celebrating 175 years of service, our network of member firms spans more than 150 countries and territories. What will the future of work look like? Employment cyclicality is plaguing the industry. COVID-19: preparing for a sustainable future using lessons from tackling the mental health needs of NHS clinical staff . Erica Volini Throughout her career, she has worked with some of … Instead, we believe organizations should embrace New York Times columnist Thomas Friedman’s perspective that humans who want to adapt in an age of acceleration must develop “dynamic stability.” Rather than trying to stop an inevitable storm of change, Friedman encourages leaders to “build an eye that moves with the storm, draws energy from it, but creates a platform of dynamic stability within it.”5. The report, titled 'Future of Work accelerated: Learnings from the COVID-19 Pandemic' was written after surveying and talking to CXOs of 42 Indian companies. ITS was deeply involved in Deloitte’s future-of-work plans, and COVID-19 has pushed our team to a more central role in shaping strategy. Alex Rankin, in his article The pandemic playbook, looks at insights into the levers utilized by CFOs as they respond to COVID-19 and subsequently […] Certain services may not be available to attest clients under the rules and regulations of public accounting. Leading organizations will do the same. “COVID-19 has fast-tracked our future of work programme, leading us to review our real estate portfolio,” Stephen Griggs, Deloitte’s UK managing partner, said in an emailed statement. The Covid-19 outbreak has transformed the way organisations work and respond, and caused an adoption of new practices in a matter of days to respond to the crisis situation. In the past few months, we have seen a greater appreciation for the breadth of what HR does and can do: It has been essential in everything from monitoring workforce sentiment, to establishing connections between organizational leaders, workers, and teams, to integrating well-being into work and reimagining how, where, and what work gets done. About 1% to 2% of oil and gas capital expenditures were spent on green energy in 2019. Public Relations Organizations should evolve their thinking about technology from taking a purely substitution view (replacing humans with technology) to using technology as an augmentation or collaboration strategy. Rather than shrinking from, or preparing to fight, the oncoming storm of change, they draw energy from it. ITS was deeply involved in Deloitte’s future-of-work plans, and COVID-19 has pushed our team to a more central role in shaping strategy. The social enterprise, as defined in our 2018 Global human capital trends report, embodies a “new social contract” that proposes a more human-centered rewiring of the relationships between the individual and the organization and the organization and society.3 Since 2018, we have seen the speed and scale of change continue to accelerate, with technological advances bringing bigger and bolder changes in shorter windows of time. In April, Deloitte said it would be cutting pay for partners at its British businesses by 20 per cent to protect jobs during the coronavirus crisis. This downturn requires “. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. We have developed a daily regulatory intelligence bulletin, powered by RegHub and Corlytics, which aims to provide a summary of regulatory developments relating to COVID-19. OG&C companies have a big task in hand to decarbonize their work; develop a new workforce architecture with people and for people; and ensure continuity of operations and mitigate risks associated with the new remote workplace environment. The COVID-19 pandemic has forced governments to take measures to minimise the spread of the disease and its social and economic impacts. Will automation accelerate our recovery in a post-COVID world? As organizations looked to adapt their ways of working in response to the crisis, they found that, in many—though not all—parts of the world, technology was not the greatest challenge. The coronavirus pandemic ushered in a sudden, massive work-from-home experiment for much of … Steve Hatfield is a Principal with Deloitte Consulting and serves as the Global Leader for Future of Work for Deloitte. Previously, Yves was Business Unit Director ‘Talent Management’ for Hudson BNL where he was involved from a content and management perspective with salary surveys, compensation & benefits, HR strategy, competency and performance management, career counseling, assessments, management development, organisation and change. View in article, Mary Mazzoni, “15 companies retooling their operations to fight COVID-19,” Triple Pundit, May 1, 2020. The COVID-19 situation is complex and fast-moving, resulting in an extremely challenging environment to navigate. Deloitte experts discuss the impact of COVID-19 on the hospitality and insurance sectors, customer behavior, and how CFOs are weathering the storm in the latest edition of Deloitte’s Middle East Point of View magazine. The industry’s reputation as a reliable employer has been challenged following big layoffs and heightened cyclicality in employment triggered by recent subsequent downturns and the COVID-19 pandemic. View in article, Josephine Moulds, “Gig workers among the hardest hit by coronavirus pandemic,” World Economic Forum, April 21, 2020. to receive more business insights, analysis, and perspectives from Deloitte Insights, Telecommunications, Media & Entertainment, Belonging: From comfort to connection to contribution, Designing work for well-being: Living and performing at your best, The post-generational workforce: From millennials to perennials, Knowledge management: Creating context for a connected world, Beyond reskilling: Investing in resilience for uncertain futures, The compensation conundrum: Principles for a more human approach, Governing workforce strategies: New questions for better results, Ethics and the future of work: From “could we” to “how should we”, A memo to HR: Expand focus and extend influence, A comprehensive timeline of the new coronavirus pandemic, from China's first COVID-19 case to the present, As job losses escalate, nearly half of global workforce at risk of losing livelihoods, WTO highlights the implications of COVID-19 on digital divide, Thomas Friedman on human interaction in the digital age, 15 companies retooling their operations to fight COVID-19, COVID-19 burnout growing among remote workers, Pandemic fuels burnout among nearly half of U.S. workers, Trudeau announces wage top-ups for front-line workers, but details unclear, Companies adjust executive pay amid COVID-19, Gig workers among the hardest hit by coronavirus pandemic, evoliniglobalhumancapitalleader@deloitte.com. Photo / Mark Mitchell. If organizations can better understand their workers, they will be able to more effectively develop targeted programs and policies that bring out workers’ personal best while affording them the heath protections they need to safely do their work. Given the convergence of pressures from the great crew change, global pandemic, energy transition and “great compression,” the study outlines four levers of transformation that could push OG&C organizations into the future. Organizations, despite many staring down the barrel of layoffs, furloughs, and shutdowns, took fast action to protect their workers’ health and safety, establish essential services, and deploy workforce strategies to support workers in real time. A podcast by our professionals who share a sneak peek at life inside Deloitte. Copy a customized link that shows your highlighted text. As the COVID-19 pandemic drives profound societal and organizational shifts, leaders have the opportunity to return to work by designing the future of work, building on the lessons and practices their organizations executed during the crisis. This piece was co-authored by Jeff Schwartz, principal and US leader for the Future of Work, Deloitte Consulting LLP. He is adept at shaping operating models and key roles to improve employee experience and productivity, and is a thought leader in organizational culture, learning, and talent development. Deloitte’s 2020 Human Capital Trends report provides a wealth of information on the future of work, When evaluating those principles, the conversation should not be limited to market value, but should also account for human value in the form of purpose, fairness, transparency, growth, and collaboration. To strengthen the link between belonging and organizational performance, organizations need to do more than treat their workers fairly and respectfully; they must enable a deeper connection by drawing visible linkages as to how their contributions are making an impact on the organization and society as a whole. The COVID-19 shift: COVID-19 reinforced that it is more important to understand what workers are capable of doing than understanding what they have done before. The pandemic also put a spotlight on pay as it relates to essential work—with some lower-paid jobs proving to be essential in a time of crisis. He currently leads the US Consulting Future of Work research and practice; he is the co-founder and was the US lead partner from 2016-2019 for Deloitte Catalyst in Tel Aviv (the US-Israel Innovation Tech Terminal), and he has been the global editor and senior researcher for 10 years of Deloitte’s Global Human Capital Trends report, one of the world’s leading annual reports on the future of the workforce, organizations and HR, which he started in 2011. But will it last? Consider how telemedicine, manufacturing, education, and even grocery delivery drew on the power of integrated human-machine teams during the crisis. The risk is more than that of falling behind—it’s the possibility of never catching up at all. The COVID-19 shift: COVID-19 showed that compensation is as much an indicator of an organization’s culture and values as it can be an indicator of market value. Anisha Sharma Mumbai: As most companies saw their employees working from home due to the Covid pandemic, they are worried that this is also set to see a substantial jump in the frauds in next two years, a Deloitte survey said. Erica Volini, a principal with Deloitte Consulting LLP, is Deloitte’s Global Human Capital leader. As the pandemic progressed, researchers honed their investigations based on population attributes that extended beyond age, whether geography, living situation, or prior health conditions, thereby quickly expanding the understanding of the virus at levels previously not understood. The COVID-19 shift: COVID-19 put the need for and ease of access to insightful and future-oriented workforce data in the spotlight. New possibilities arising from the COVID-19 crisis. And ecosystems banded together to leverage their collective and complementary capabilities to effect meaningful change. 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