Deloitte Top 200: Covid-19 provides impetus for fundamental change . New possibilities arising from the COVID-19 crisis. 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. First, the transition to wholesale working from home (WFH) has largely been an operational success. NEW YORK, Dec. 10, 2020 /PRNewswire/ -- Amid unprecedented workforce disruption from the COVID-19 pandemic, organizations are enacting radically new ways of working and operating – … Future of Work Disruption lies ahead. 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. Connect with us on Twitter at @Deloitte4Energy or on LinkedIn at Duane Dickson and Kate Hardin. COVID-19 and the oil downturn make workforce and business transformation a strategic imperative. 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. Now celebrating 175 years of service, our network of member firms spans more than 150 countries and territories. 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 […] 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. 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. - Duane Dickson, vice chairman and U.S. oil, gas and chemicals leader, Deloitte LLP. 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. Copy a customized link that shows your highlighted text. Imagine the short commute to your office five steps away. 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. 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. Home working has been recommended or enforced and employers have had to implement remote working solutions often without the necessary policies already in place. 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. As robotics, AI, the gig economy and crowds grow, jobs are being reinvented, creating the “augmented workforce.” We must reconsider how jobs are designed and work to adapt and learn for future growth. Deloitte’s 2020 Human Capital Trends report provides a wealth of information on the future of work, This will open up the possibility for workers to both live and perform at their best. 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. The publication talks about the seven key learnings relevant to the acceleration of 'Future of Work' in India, during these ongoing times of COVID-19 outbreak. No. 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. COVID-19 has changed perceptions about physical location – and, therefore, the whole operating model for Financial Services (FS) – in two fundamental ways. 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. COVID-19 has revealed preparedness gaps while advancing digital innovations and underused technologies such as video conferencing, remote monitoring, and tools for remote work and online learning. 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 … New possibilities: As they stage the return to work, organizations should ask themselves what principles serve as the foundation for their compensation philosophy, programs, and policies. She has a Bachelor of Science in Industrial & Labor Relations from Cornell University. Belonging: Moving from comfort to connection to contribution 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. He holds a master's degree in digital media from the Georgia Institute of Technology with a focus on computer-aided distance learning, and a Bachelor of Arts in English from Emory University. “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. Heightening employment cyclicality and layoffs are challenging the industry’s reputation as a reliable, long-term employer. 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. A major concern facing city leaders is whether public … A podcast by our professionals who share a sneak peek at life inside Deloitte. While initially thought to be a virus that only affected the elderly, people soon learned that others were not invulnerable. The multinational consulting giant Deloitte is proposing shuttering four office buildings in the U.K. but keeping all staff on work-from-home contracts, the company told ABC News Monday. David, a 10-year veteran of the organization, led the research teams at Deloitte for six years. 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? Consider how telemedicine, manufacturing, education, and even grocery delivery drew on the power of integrated human-machine teams during the crisis. Public Relations 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. Whether it was data on the capabilities of the workforce, the state of workers’ physical and mental well-being, or an assessment of how well the organization’s culture was faring, we saw a plethora of vendors come out with ways to leverage technology to get the data and insights needed and get it fast. 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. Simultaneously confronted with multi-decade low prices, unforeseen demand destruction, and changes in end-use consumption due to mass telecommuting, mounting debt loads, and renewed focus on health from COVID-19, the industry is entering a period of "great compression.” This compression is stressing the three deeply connected future of work dimensions of an OG&C organization — the core hydrocarbon business model itself (“work”), who does the work (“workforce”) and where work is done (“workplace”). By putting people at the core of business transformation strategies, the industry may hopefully regain its appeal and position itself for what’s expected to be a much different landscape in the future. Deloitte said it would shut sites in Gatwick, Liverpool, Nottingham and Southampton. “The 2021 Deloitte Global Human Capital Trends survey showed that the proportion of HR executives who were very confident in HR’s ability to navigate future changes doubled, from one in eight in 2019 to nearly one in four in 2020. See Terms of Use for more information. 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. This downturn or the “great compression” is like no other, challenging fundamental and deeply interconnected dimensions of the industry’s work, workforce and workplace. 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. As per the report, India Corporate Fraud Perception Survey, 80% of corporate India believes fraud will rise in the next two years. 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. This week, 18-24 May, is Mental Health Awareness week, aimed at encouraging people to talk about and take action to promote good mental health for all. But will it last? The COVID-19 pandemic has forced governments to take measures to minimise the spread of the disease and its social and economic impacts. In this role, she is focused on helping leaders solve their most complex and pressing human capital issues. Discover Deloitte and learn more about our people and culture. The digital transformation of work has finally arrived. 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 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. 5. 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. See Terms of Use for more information. Email a customized link that shows your highlighted text. Future of Work: Ways of working to sustain and thrive in uncertain times 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 … The theme … Based on his experience in high performance coaching in sports, he has an affinity for leadership- and organisational development. “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 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. Covid-19 has turned the future of work in a new direction, becoming virtual and remote, rather than physical and local. 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. Predicting the future of work is always tricky, and the COVID-19 pandemic has made any type of prognosis even more difficult. Will automation accelerate our recovery in a post-COVID world? 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. 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. 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. 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 … 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. In each chapter, we show how organizations that embrace a new set of attributes anchored in purpose, potential, and perspective can create lasting value for themselves, their workforce, and society at large. A podcast by our professionals who share a sneak peek at life inside Deloitte. Discover Deloitte and learn more about our people and culture. "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. Driven by accelerating connectivity, new talent models, and cognitive tools, work is changing. Embracing purpose, potential, perspective, and possibility during COVID-19, Remaining human in a technology-driven world, Embracing possibility: Returning to work in the future of work, New possibilities arising from the COVID-19 crisis. "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. Belonging: From comfort to connection to contribution. Now is not the time to pull back on workforce development efforts, but instead to double down on commitments to building a resilient workforce that can adapt in the face of constant change. 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