I must apologize for my absence over the past three months. I’ve been starting a platform designed to elevate individual profiles, preparing us all for the forthcoming future of work.
Let me continue my gig work series. In the first place, why do I even start this series? I have written this on other platforms perhaps let me share it here. You and I will read very often that most people are talking about digitalization in Malaysia. Digital Transformation is one of the fastest growing sectors in Malaysia as reported by Reuters for MIDA in 2022. However, having us all continue to pitch the evolution of this transformation, we sometimes forget that this may cause a digital divide for people who are non-digital thinkers or digital natives.
What is going to happen?
Assuming you are facing stiff competition, rising costs, and the challenge of attracting and retaining talent, you, as a business owner, embark on a journey toward digitalization and automation. This strategic move not only streamlines your operations but also unveils cost efficiencies. As you delve deeper into digital transformation, you discover its potential to revolutionize your business model, significantly enhancing your competitive edge.
As your business evolves to meet current demands through digitalization and automation, the transformation creates new roles and requires fresh skills. To bridge this skills gap, you initiate upskilling and reskilling programs for your staff. However, you soon recognize the necessity for certain specialized skills beyond the reach of quick training for your existing team.
Let’s take cybersecurity threat as an example. As businesses accelerate their digitalization and automation efforts, cybersecurity becomes increasingly critical. This shift exposes companies to heightened risks if they don’t rigorously govern their policies, processes, and other areas susceptible to cyber threats and attacks.
So What’s the Impact?
In response, you initially turn to external cybersecurity providers for immediate intervention, only to find that the costs accumulate rapidly. This experience prompts a strategic shift: hiring a full-time cybersecurity expert becomes essential. This decision, while addressing your immediate security concerns, introduces a new challenge of retaining such in-demand talent, highlighting a cycle of continuous investment in employee development and satisfaction to secure your business’s future in an increasingly digital landscape.
As the organization grows, the demands on the cybersecurity team escalate, necessitating an expansion of resources. It becomes apparent that the existing personnel cannot effectively manage the entirety of the organization’s cybersecurity needs alone.
As a result, operational costs rise to accommodate these growing demands. While this example may not be universally applicable, it underscores the importance of exploring alternative strategies to navigate the evolving landscape of work and business operations.
So, what’s there next?
I like the way Society for Human Resource Management’s perspective on the Future of Work. I hope that quoting their insights frequently will help everyone the value they provide in understanding and navigating the evolving dynamics of the future of work.
As you can see, the component behind the Future of Work comprises the Work as how it the going to be executed, the Workplace as where the work going to be done, and the most critical component as to who are these Workers. These three components are so important and relevant when an organization going through digital transformation initiatives.
Thus, understanding the components of the Future of Work presents an opportunity for businesses to look beyond traditional hiring practices. Workers increasingly prioritize work-life balance and possess a diverse skill set, prompting businesses to adapt their approaches to talent acquisition and retention.
Conversely, for independent workers, establishing themselves as independent service providers requires strategic planning and execution. This involves building a strong personal brand, developing a network of clients, honing relevant skills, and effectively marketing their services to attract potential customers. Additionally, maintaining a strong work ethic, delivering high-quality results, and continuously improving one’s skills are essential for long-term success in the independent service provider space.
To end today’s series, let me emphasize again that gig work and independent work are indeed integral aspects of the future of work. As traditional employment models evolve, more individuals are embracing freelance, contract, or gig opportunities. This shift towards independent work is driven by various factors such as technological advancements, changing preferences for work-life balance, and the desire for greater flexibility and autonomy.
Feel free to connect with me for further insights or coaching assistance to facilitate your journey towards business transformation. Whether you seek guidance on navigating the complexities of the evolving landscape or require support in implementing strategic changes, I’m here to help. Let’s collaborate to unlock the full potential of your business in the dynamic environment of today’s world.
