That’s why our Insurance services team will be publishing regular articles, breaking down what insurers need to consider, both in the near future and farther afield. COVID-19 and the oil downturn make workforce and business transformation a strategic imperative. A recent Gartner poll showed that 48% of employees will likely work remotely at least part of the time after COVID-19 versus 30% before the pandemic. 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. Home working has been recommended or enforced and employers have had to implement remote working solutions often without the necessary policies already in place. Executive Director | Research Center for ER&I, Telecommunications, Media & Entertainment, The Future of Work in Oil, Gas and Chemicals: Opportunity in the time of change, Implications of COVID-19 for the US shale industry, 2020 Oil, Gas, and Chemical Industry Outlook: A midyear update. 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. The theme this year is ‘kindness’ to reflect the impact that acts of kindness can have on improving mental health. 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. No. In those where it was, the crisis highlighted the digital divide within countries, across regions, and in rural communities and urban digital deserts.4 In those where the technology has been available, one of the biggest barriers was the difficulty of building models to integrate humans with those technologies: to create new habits and management practices for how people adapt, behave, and work in partnership with the technology available to them; to fulfill distinctly human needs such as the desire for meaning, connection, and well-being at work; to maximize worker potential through the cultivation of capabilities; and to safeguard ethical values. 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.” 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. The risk is more than that of falling behind—it’s the possibility of never catching up at all. Jeff is a senior consulting partner and is a recognized global advisor and thought leader in the future of work. He is specialised in Leadership & Organisational Development and Talent & HR Strategy, working in business transformation contexts. A former steward of the learning and development research practice for Deloitte, David developed the team's work in continuous learning and learning cultures. 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. During the COVID-19 pandemic, organizations have experienced a burst of acceleration, fast-forwarding into the future of work in ways that stress-tested their ability to blend people and technology in the most dynamic business environment many of us have ever seen. 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. 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. Getty. "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. It's a compelling opportunity to put customers and staff at the centre of that future by embracing automation opportunities with technology. 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 – … The COVID-19 shift: COVID-19 showed people that while technology can augment and supplement work, it does not replace what is needed from humans. “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. Companies have adopted adaptable organisation models to deal with the situation, finds the report ‘Adaptable Organisation: The New Normal by Deloitte. 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. © 2021. Predicting the future of work is always tricky, and the COVID-19 pandemic has made any type of prognosis even more difficult. Shared mobility will recover from rider anxiety. She has a Bachelor of Science in Industrial & Labor Relations from Cornell University. 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… 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. View in article, Dimple Agarwal et al., 2018 Global human capital trends, Deloitte Insights, March 2018. As the pandemic has put the spotlight on the health and well-being of people, pursuing “, Less than 15% of the industry’s 2019 job postings were data analytics/mathematics majors and less than 1% of jobs offered flexible workplace options. COVID-19 has changed perceptions about physical location – and, therefore, the whole operating model for Financial Services (FS) – in two fundamental ways. With almost 25 years of transformation, leadership, talent, and strategy experience, Denny has helped organizations navigate large-scale transformations in the United States, Canada, United Kingdom, Japan, and Poland. 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. In thesecompanies,work, workforce,and workplaceexperiencesare supported by an … 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. What will the future of work look like? The COVID-19 shift: COVID-19 put the need for and ease of access to insightful and future-oriented workforce data in the spotlight. And in some cases, COVID-19 has forced the pendulum of a long-observed pattern to one extreme. Imagine the short commute to your office five steps away. This piece was co-authored by Jeff Schwartz, principal and US leader for the Future of Work, Deloitte Consulting LLP. 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. 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. Home working has been recommended or enforced and employers have had to implement remote working solutions often without the necessary policies already in place. Discover Deloitte and learn more about our people and culture. 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. View in article, Zach St. Louis, “Thomas Friedman on human interaction in the digital age,” Aspen Institute, January 10, 2017. New possibilities: As they stage the return to work, organizations have the opportunity to leverage the power of AI to build a culture of actionable knowledge-sharing and knowledge creation that strengthens organizational connectivity and affords the organization resilience to be able to withstand, and even to thrive in, environments of disruption, uncertainty, and change. 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. View in article, International Labor Organization, “As job losses escalate, nearly half of global workforce at risk of losing livelihoods,” press release, April 29, 2020. Deloitte said it would shut its offices in Gatwick, Liverpool, Nottingham and Southampton, where about 500 people work. Staff should be at the heart of these changes and their needs and voices valued. 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. Covid-19 has turned the future of work in a new direction, becoming virtual and remote, rather than physical and local. 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. Hourua Pae Rau (our Māori services team) is working with Māori businesses and Iwi to navigate through COVID-19, facilitating workshops to help people through their COVID-19 challenges. Rather than shrinking from, or preparing to fight, the oncoming storm of change, they draw energy from it. Deloitte Services LP 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. 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. 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. A major concern facing city leaders is whether public … Driven by accelerating connectivity, new talent models, and cognitive tools, work is changing. The COVID-19 shift: COVID-19 put the spotlight on the CHRO and the HR organization, just as the 2008–2009 recession did for the CFO and finance function. From 2014-19, a dollar movement in oil price affected 3,000 upstream and oilfield services jobs compared to 1,500 in the 1990s. 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. 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. Connect with us on Twitter at @Deloitte4Energy or on LinkedIn at Duane Dickson and Kate Hardin. In this role, she is focused on helping leaders solve their most complex and pressing human capital issues. 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. An authority in all areas of human resource, talent, learning, and leadership, David brings an integrated perspective to organizations seeking to solve their significant workforce challenges. 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. - Kate Hardin, executive director, Deloitte Research Center for Energy & Industrials, Deloitte Services LP. See Terms of Use for more information. “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. 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 … 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. 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. Individuals and communities responded with empathy and strength. 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. 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. Belonging: Moving from comfort to connection to contribution What changes could be in store for the workplace, the workforce, and the nature of work … First, the transition to wholesale working from home (WFH) has largely been an operational success. New Delhi: Even as business productivity has suffered during the coronavirus crisis by reducing revenues and output, individual productivity has increased, according to more than half of the companies surveyed by Deloitte India. 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. 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. New possibilities arising from the COVID-19 crisis. Through this crisis, the world has had the opportunity to see the resilience and adaptability of the workforce as workers quickly assumed new roles and even contributed to opportunities in different fields and industries. +1 713 752 1901, Duane Dickson is a vice chairman and principal in Deloitte LLP’s Energy Resources & Industrials industry group, as well as the US Oil, Gas & Chemicals sector leader and the Global Energy, Resources & ... More, As executive director for the Deloitte Research Center for Energy & Industrials, Deloitte Services LP, Kate works closely with Deloitte’s Energy, Resources & Industrials (ER&I) leadership to drive ene... More, Navigating the great compression in shale oil production, Exploring oil and gas and chemical sector trends and the impact of COVID-19. 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 Top 200: Covid-19 provides impetus for fundamental change . HR should take a leading role in helping the organization and the workforce adapt to changing organizational and business requirements. DTTL (also referred to as "Deloitte Global") does not provide services to clients. How will trends and technologies impact industries and the workforce moving forward? The COVID-19 situation is complex and fast-moving, resulting in an extremely challenging environment to navigate. Without question, it has changed attitudes, behaviors, risk perceptions, and fundamental ways of working, learning, and living. New possibilities: As they stage the return to work, organizations should consider how to encourage and offer opportunities for workers to continue to grow and adapt based on their potential, rather than solely on their existing skills or certifications. 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. As a result of the COVID-19 pandemic, an estimated 2.7 billion people, or more than four out of five workers in the … Copy a customized link that shows your highlighted text. 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. © 2021. View in article, Ryan Tumility, “Trudeau announces wage top-ups for front-line workers, but details unclear,” May 7, 2020. 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. Simply select text and choose how to share it: Returning to work in the future of work The sensitivity of U.S. OG&C employment to oil prices is extremely high, with a dollar change in oil price potentially affecting 3,000 upstream and oilfield services jobs. 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. 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