The Bionic Future - Future Work Summit

Miguel Carrasco, Managing Director and Senior Partner
FutureWork Summit 2019, Sydney
The Bionic Future
miguelm60 carrasco.miguel@bcg.com /carrascomiguel

1
Technology creates enormous value
11%
growth in
emerging skills
professions
$9T
output to come from
sectors relying on
advanced tech by
2030
2%
GDP per year
efficiency
improvement

2
Copyright©2019byBostonConsultingGroup.Allrightsreserved.
Technology is very disruptive
Note: Underlying population 15 to 64 year olds; 2035 forecast
Source: Australian Bureau of Statistics; Department of Employment; O*Net; BCG analysis
~25% of workforce
largely unchanged (~5mFTE)
~75% of workforce substantially
impacted (~12 Million FTE)
Automation in the Australian workforce by 2035
9
25% 30%
14
% of tasks automated
20%
% of
Aus.
workforce
5% 15%
2
10% 35% 40% 45% 50% 55% 60% 65%
8
4
8
3
12
8
3
15
6
9

3
Evolving business environment
Changing employee expectations
Shifting labor demographics
Accelerating technology change
Growing demand for skills
Transitioning work models

4
Four challenges for leaders
Tangled in
techno-anxiety

5
Technology is not the issue…

6
Copyright©2016-2017byTheBostonConsultingGroup,Inc.Allrightsreserved.Copyright©2019byBostonConsultingGroup.Allrightsreserved.
Algorithms Technology People
10% 20% 70%
We need to reverse the focus

7
bi·on·ic | adjective
having normal biological capability
or performance enhanced by or as if by
electronic or electromechanical means

8
Design principles for the bionic future
Citizen experiences
and relationships
Operations
Start Up Style
Innovation
Data &
AI learning
Innovation-
ready
Technology Digital Talent
Platform
Organizations
Strategy
and Purpose
Human:
Org, Talent,
Leadership, &
Ways of Working
Technology:
Data and
Digital Platform
Outcomes

9
Four challenges for business leaders
Overconfident and
underprepared
Tangled in
techno-anxiety

10
New skills are needed at record levels
Data Scientists
Product Managers, Scrum Masters
UX and UI talent
Digital marketers (+ other functions)
Drone instructors and operators
Virtual reality designers
Human-centered designers
…
Digital talent
Creativity
Critical thinking
Collaboration
Design thinking
Emotional intelligence
Agile ways of working
…
“21st century skills”
The real challenge:
HOW to transform
the current workforce
both at speed and
at scale?

11
Extend your notion
of skills to acquire
insight
Understand which
skills will soon
become obsolete,
and which new
skills will be needed
Take stock of existing talent gaps and future
skills needs
Data-driven
understanding of
employees’ existing
skills and education

12
Overconfident and
underprepared
Tangled in
techno-anxiety
Wasting the worker
advantage

13
The people coming to work are changing
What they want
Millennials and Gen Z will be
59% of the workforce by 2020
67% of Millennials expect
employers to have purpose,
and their jobs to have societal
impact
How they work
By 2028, 73% of all teams
will have remote workers
~45% of gig workers chose
remaining independent
compared with only 20%
who preferred finding a full-
time position
Skills they need
42% of required workforce
skills will have changed by
2022
87% millennials cite access
to professional development
or career growth
opportunities as important
to employer selection

14
Workers are more positive than you think
Source: “The Future of Human Work Workers Survey.” Harvard Business School’s Project on Managing the Future of Work and BCG’s Henderson Institute, 2018.
Better wages
More interestingwork
Reduced working time
43
Opportunity to retire earlier
Better professional progression
45
Opportunity for self employment
32
27
21
19

15
Broaden scope of
talent development
beyond the
top-tier
Acknowledge your workforce as an asset and foster
engagement at all levels
Develop your own
internal talent
pipeline to bridge
the skills gap

16
Overconfident and
underprepared
Steep learning
curve to a real
learning partnership
Tangled in
techno-anxiety
Wasting the worker
advantage

17
Empower
employees to shape
and be accountable
for their learning
Measure and reward
business and
learning outcomes
Create a real learning organization in partnership
with your workforce

18
Call to
action
A 'skills pathway' for every Australian
Establish a Public-Private SPV
Use data-driven foresight & workforce planning
Bionic transformation of legacy companies
Internet-era govt policies and regulations
Reshape education & talent management
Boost clusters, entrepreneurship & SMEs

19
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