Unit 1: The Future of Work Flashcards
- Reflect on the pace of change in the workplace and for businesses due to technology and evolving consumer needs - Describe how the future of work is impacted by international business - Describe how the future of work is impacted by greater emphasis on ethics and social responsibility - Identify skills to future-proof your career, including digital literacy, entrepreneurial abilities, and social intelligence
what is the estimated amount of jobs in 2030 that haven’t been invented yet
85%
what are some reasons for changes in future jobs
- technological improvements
- evolving needs & desires
Should people be having concerns about job loss
- as long as they keep up with the change and develop the right technical & soft skills, they shouldn’t
- many jobs haven’t been invented yet
- even as certain tasks & jobs get taken over by automations, new jobs are also being created (ex. someone to program the robots, or design the layout of the machines)
in terms of international business, what should companies consider
- competition for customers
- business decisions
- employment
what competition should companies consider
- domestic competition
- global competition
what should businesses consider when competing for customers
- local and global customers
- pricing, addressing their needs, customer service, etc.
what should businesses consider when making business decisions
deciding where to source raw materials, find talent (employees), and to locate facilities
What should businesses consider in terms of employment
- how and where do they want to work?
- can be shaped from technology, which enables you to connect with employees from around the world
what are some ways to set yourself apart as a Waterloo grad
- taking courses on international studies or languages
- co-op, summer jobs, volunteering (taking local or global roles to experience Canadian & international business practices)
- Be an exchange student (learning & living in another country)
How does having a global mindset set you apart
- employers today are looking for people with global mindsets
- helps you better understand & appreciate different markets & consumers
- gives you exposure to different business practices from around the world
- allows you to better adapt and work with others to evolve processes/products that meets the needs of the company’s target market
what are some things companies should consider (and change) in their operations to gain more of the public’s trust
- ethical behaviour
- sustainability
- how they are giving back to the communities
- what the company stands for
what should business’ consider with their ethical behaviour
- what are their values and expectations (fair wages, quality working conditions, etc)
- do they extend their values and expectations to those they are associated with (ex. suppliers)
what is sustainability
business practices that leave a positive impact on the environment to protect the world for future generations
what should business consider when they think about sustainability
- are their business practices sustainable?
- Do they leave a positive impact on the environment and protect the world for future generations?
what should companies consider when giving back to their communities
What philanthropic initiatives do they partake in
what should companies consider when defining what they stand for
What are their stances on social or political issues?
(can influence if people want to support the business (be consumers or employees))
What can you do to future proof yourself
develop:
- digital literacy skills
- entrepreneurial abilities
- social intelligence
what skills can’t be replaced with the increase in use of technology?
Technical & soft skills (mostly soft skills)
what is something that can’t be replaced by technology & why
- your judgment & trust
- can’t really replace the judgement people make when making a decision (considering qualitative factors or future industry changes)
- can’t replace the time that it takes to build reputation & relationships with others
what does it mean to have digital literacy
changing the way we look at data to make better business decisions and enhance products/services to better serve the needs of the consumers
how can we develop our digital literacy skills?
Making sure you are comfortable using digital tools, and manipulating data through spreadsheets and coding
what does it mean to be entrepreneurial
means to be able to manage uncertainty, take risks, be creative, and problem solve
what does intrapreneurship mean
- Being entrepreneurial in a corporate setting
- help grow the company by being creative to evolve processes or launch new products/services using the company’s existing resources and reputation
What is social intelligence
having the awareness of skills and knowledge needed to effectively collaborate with others
Why is having social intelligence important
quote: “IQ gets you hired, EQ gets you promoted”
If your technical skills get you through the door, then transferable and soft skills let’s you keep and advance in your job
What is EQ
- emotional quotient or emotional intelligence
- developing greater self-awareness and self control; developing the ability to empathize and see a variety of perspectives
how can having a high EQ help you with future job searches
- can know your strengths and weaknesses
- Can speak to areas of improvements in interviews
- can demonstrate your ability to work well with others
what does the future of accounting and finance look like
- presenting information to stakeholders in a way to make better decisions
- go beyond traditional financial reporting
ex. sustainability, social matters, human capital - include information that drives long term success for a company
how is RBC investing in the future of work
- hiring future ready talent
- investing $500M for a 10-year commitment to help Canadian youth prepare for future jobs
- they find new ways to find new roles in businesses
