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AFM 132 > Unit 1: The Future of Work > Flashcards

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

1
Q

what is the estimated amount of jobs in 2030 that haven’t been invented yet

A

85%

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1
Q

what are some reasons for changes in future jobs

A
  • technological improvements
  • evolving needs & desires
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2
Q

Should people be having concerns about job loss

A
  • 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)
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3
Q

in terms of international business, what should companies consider

A
  • competition for customers
  • business decisions
  • employment
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4
Q

what competition should companies consider

A
  • domestic competition
  • global competition
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5
Q

what should businesses consider when competing for customers

A
  • local and global customers
  • pricing, addressing their needs, customer service, etc.
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6
Q

what should businesses consider when making business decisions

A

deciding where to source raw materials, find talent (employees), and to locate facilities

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7
Q

What should businesses consider in terms of employment

A
  • how and where do they want to work?
  • can be shaped from technology, which enables you to connect with employees from around the world
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8
Q

what are some ways to set yourself apart as a Waterloo grad

A
  • 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)
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9
Q

How does having a global mindset set you apart

A
  • 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
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10
Q

what are some things companies should consider (and change) in their operations to gain more of the public’s trust

A
  • ethical behaviour
  • sustainability
  • how they are giving back to the communities
  • what the company stands for
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11
Q

what should business’ consider with their ethical behaviour

A
  • 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)
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12
Q

what is sustainability

A

business practices that leave a positive impact on the environment to protect the world for future generations

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13
Q

what should business consider when they think about sustainability

A
  • are their business practices sustainable?
  • Do they leave a positive impact on the environment and protect the world for future generations?
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14
Q

what should companies consider when giving back to their communities

A

What philanthropic initiatives do they partake in

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15
Q

what should companies consider when defining what they stand for

A

What are their stances on social or political issues?
(can influence if people want to support the business (be consumers or employees))

16
Q

What can you do to future proof yourself

A

develop:
- digital literacy skills
- entrepreneurial abilities
- social intelligence

17
Q

what skills can’t be replaced with the increase in use of technology?

A

Technical & soft skills (mostly soft skills)

17
Q

what is something that can’t be replaced by technology & why

A
  • 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
18
Q

what does it mean to have digital literacy

A

changing the way we look at data to make better business decisions and enhance products/services to better serve the needs of the consumers

19
Q

how can we develop our digital literacy skills?

A

Making sure you are comfortable using digital tools, and manipulating data through spreadsheets and coding

19
Q

what does it mean to be entrepreneurial

A

means to be able to manage uncertainty, take risks, be creative, and problem solve

20
Q

what does intrapreneurship mean

A
  • 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
21
Q

What is social intelligence

A

having the awareness of skills and knowledge needed to effectively collaborate with others

22
Q

Why is having social intelligence important

A

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

23
Q

What is EQ

A
  • emotional quotient or emotional intelligence
  • developing greater self-awareness and self control; developing the ability to empathize and see a variety of perspectives
24
Q

how can having a high EQ help you with future job searches

A
  • can know your strengths and weaknesses
  • Can speak to areas of improvements in interviews
  • can demonstrate your ability to work well with others
25
Q

what does the future of accounting and finance look like

A
  • 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
26
Q

how is RBC investing in the future of work

A
  • 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

AFM 132 (12 decks)

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