Member Article

Redefining Work in the Modern Business Landscape

Our Managing Director, Patrycja Maksymowicz, was a guest speaker at one of the recent EU Tech Chamber Alliance Digital Panels where she shared her insights on workplace diversity and inclusion as well as the importance of continual learning for organisations. During the panel, there was a consensus on the importance of re-evaluating work models to better align with the modern business landscape, as well as the tools and digital work environment that are utilised in the workplace.

One of the main points made was that the organisation’s models have centred around the consolidation of employees under large organisations with centralised command systems for over a century. As technology has pushed us forward, we are witnessing a dynamic shift. In this shift to what we call a digital or exponential era, we have created a chasm between the new tech we use as a mode of interaction, and the systems we have learned to operate, which are often no longer appropriate.

As a result of this, we can divide businesses into three groups: those who understand and adopt the changes it brings to their lives and thrive; those who are hesitant to adopt and resist the changes; and those who stay oblivious to the need to change. The latter will probably cease to exist or will not do well. Whether our organisation is ready to adapt is something we need to ask ourselves as business owners and leaders.

Even over century-old organisation models can be transformed into modern ones by adopting a different mindset, a new leadership style, and of course, a different approach to training design and delivery as well as perhaps reviewing the areas of interest or attention. Many of the areas of focus for organisations that are now important and cannot be overlooked are different from a few decades ago. Consider retail with an eye towards sustainability, take data management, data quality, and data security that are key to the success of all tech companies.

Educating and training people in these areas across the entire organisation is important, not just at the top. It costs £1 to get the data right the first time, £10 for a correction and £100 for a mistake, but many businesses barely give a thought to the quality of their data since they do not understand its advantage or disadvantage.

There are many crucial factors to consider, including how to design everything to ensure seamless business operations, sustained growth, and adaptability to a constantly evolving environment.

Many people no longer work in offices, old company structures no longer serve their purpose, and the gig economy is on the rise, often within organisations. Today, hybrid teams, teams scattered across the globe working in different time zones, and contractors within their organisations are more common. With the new models, there are new challenges in onboarding new employees, too. Many teams, especially in startups, never meet in person. As we progress, traditional models are undergoing reinvention, new models are coming into play. One such example are DAOs (Decentralised Autonomous Organisations), which offer a distinctive framework for the creator economy and are believed by many to represent the future of work.

There are many challenges in designing a new digital and flexible way of working. The framework conditions must be designed to fulfil the promise of the modern business landscape. It is therefore important to understand what benefits the employees and what no longer serves the purpose when deciding what to change to promote and strengthen inclusive participation across all verticals.

Until recently, the prevailing notion was that ‘keeping people in one place’ was an effective approach. However, as we navigated through the COVID-19 pandemic, businesses were exploring various strategies to identify what worked best for them. Some conducted an abundance of meetings, while others reduced them significantly, giving their employees greater autonomy. Consequently, the significance of knowledge as a shared resource and value has grown significantly. Since we are now collaborating across different time zones and locations around the world, the focus has shifted from having people in close physical proximity to ensuring that everyone is aligned and working towards the same objectives. The most effective way to achieve this is by sharing resources and ensuring that everyone is following the same path at every step. Although it may seem straightforward, it entails making sure that each individual comprehends the vision, mission, and purpose of what we are trying to achieve, as well as their own impact and the role they play in the overall endeavor.

For years, wages have been utilised as a tool for incentivising and regulating labor. While this is still true, there is now a growing desire among individuals to feel like they are part of a greater purpose. Although we often hire people for specific skills or tasks, we are increasingly witnessing employees who are willing to contribute to projects that fall outside of their designated scope of work. By empowering them to believe that their contributions are vital to the organisation and instilling a sense of investment in what we are doing, we can expect to achieve superior outcomes. This tendency also offers an opportunity to review the systems in which we gratify them for their work. Perhaps a good example of a new approach to take a look at are DAOs where contributors seek to create value or focus on the creation of value relying on a decentralised framework in which stakeholders have true ownership of the entity.

Contemporary workforce seeks more than just monetary incentives. As such, organisations must understand this shift and redesign their models to meet these needs. Drawing on emerging models of work, businesses can create environments that foster creativity, engagement, and productivity. This approach will help organisations align better with the modern landscape, the growing importance of employee motivation and engagement in achieving success and in consequence, achieve better outcomes, and remain competitive.

This was posted in Bdaily's Members' News section by Open Solutions Global Limited .