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4/17/2018
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FUTURE OF WORK AND IMPLICATIONS FOR SOUTH AUSTRALIAAIIA Nav i ga t i ng Techno l ogy and the Jobs o f the Fu tu re | Thursday 12th Apr i l 2018
© 2018 Deloitte Touche Tohmatsu. 2
4/17/2018
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© 2018 Deloitte Touche Tohmatsu. 3
What’s essential isthat we elevate our thinking to see what’spossible in 2027.
© 2018 Deloitte Touche Tohmatsu. 4
There are fewer young people in South Australia today than there were in themid-1980s
What happens if nothing changes?
Australian and South Australian demographic statistics, September 2016
Source: Australian Bureau of Statistics, Australian Demographic Statistics, Sep 2016, cat. no. 3101.0 (23 March 2017).
0%
2%
4%
6%
8%
10%
12%
14%
16%
0-9 10-19 20-29 30-39 40-49 50-59 60-69 70-79 80-89 90 and
overSouth Australia Australia
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© 2018 Deloitte Touche Tohmatsu. 5
Demographics mean natural growth is slower than ever before
What happens if nothing changes?
Natural population growth, South Australia and Australia
0
22,000
44,000
66,000
88,000
110,000
132,000
154,000
176,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2002 2006 2010 2013 2017 2021 2025 2029 2033 2037 2041 2045 2049 2053 2057 2060 2064 2068
South Australia (LHS) Australia (RHS)
Source: Deloitte Access Economics
© 2018 Deloitte Touche Tohmatsu. 6
It’s simple: Victoria has a burgeoning services economy, and the fastest growing population in Australia to boot
But why has Victoria succeeded where we’ve struggled?
Differences between industry value added per capita - South Australia vs Victoria, 2016
Source: Australian Bureau of Statistics, Australian National Accounts: State Accounts, 2015-16, cat. no. 5220.0 (18 November 2016)
-$2,500 -$2,000 -$1,500 -$1,000 -$500 $0 $500 $1,000 $1,500
Financial and insurance services
Professional, scientific and technical services
Information media and telecommunications
Rental, hiring and real estate services
Education and training
Wholesale trade
Retail trade
Manufacturing
Accommodation and food services
Arts and recreation services
Construction
Transport, postal and warehousing
Administrative and support services
Other services
Electricity, gas, water and waste services
Mining
Public administration and safety
Health care and social assistance
Agriculture, forestry and fishing
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WE LIVE IN TIMES OF UNPRECEDENTED CHANGE THAT PRESENTS BOTH CHALLENGE AND OPPORTUNITY FOR LEADERS.
Disruptive forces
AI, Cognitive Computing,
Robotics
$500,000 in 2008
$22,000 today
Changing nature of careers
2.5 – 5 years: Half-life of skills
4.5 years: Average job
tenure
Explosion in contingent work
40% contingent workforce (US) by
2020
Jobs vulnerable to automation
35% UK 47% US
77% China
Diversity & generational
change
Millennials 50%by 2020
Tsunami of data
9 x more in last 2 years
Deloitte Consulting Pty Ltd © 2018
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9Future of Work Finance Services
1970s 1980s 2000s1990s Today2010s
Technology
Individuals
Businesses
Public policy
Rate
of change
Source: Deloitte Human Capital Trends, 2017
WHAT IS HAPPENING
10
Systems have evolved from mechanical computation & tabulation devices to intel l igent systems that can emulate human cognition.
IN
TE
LL
IG
EN
CE
1 9 0 0 s 1 9 5 0 s 2 0 1 0 s 2 0 2 0 s
Tabulating Systems EraProgrammable Systems Era
Cognitive Era
Amplified Intelligence
Exponential Growth of Data
Smarter Algorithms
Faster Processing Speed
Programmable systems enabled
major accomplishments such as
Space Exploration and the
development of the internet. The
programmable systems era will
continue indefinitely, and will
underpin the era of computing that
we are in now.
Ex. Windows Desktops / ERP
systems
Cognitive systems are computer
systems that have capabilities to
emulate the human brain.
Ex. Watson, Cortana, Google’s
self-driving cars
Mechanical devices helped us
with tasks such as organizing
data and making calculations
for tasks such as evaluating the
sales performances of a
company’s employees.
Ex. Hollerith Tabulating
Machine
In the future, systems will be
able to mimic human intelligence
and entirely replicate human
interactions
With the advent of the cognitive era, business face a new paradigm where workers can put their amplified intelligence to
work and focus on improving core operations, building new assets, and enabling better outcomes i.e. uncover the
Cognitive Advantage
W H Y N OW ? TH E COGN ITIVE A DVA N TA GE
Transformation through cognitive insights, automation, and engagement
KEY DR IVER S
THE FUTURE OF COGNIT IVE
Deloitte Consulting Pty Ltd © 2018
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11Future of Work Finance Services
IMPACT OF COGNITIVE ON THE WORKFORCE
Cognitive technology wi l l exponential ly impact the workforce of the future
A UTOM A TION OF TH E H A N D – t h e p r og r a m m a b l e e r a
A UTOM A TION OF TH E B R A IN – t h e c og n i t i v e e r a
Incremental
impact on
productivity
Exponential
impact on the
business
The q ues t i o n t o a s k now i s n o t “ how d o I em p l o y t h i s t e c hno l o g y ” b u t
“ h o w do I p r e pa r e fo r t h e e x po n e n t i a l i m pa c t ”
• Robots are doing things
humans used to do
• Robots are doing things humans used to do
• Robots are doing things humans can’t do
• Robots are augmenting the human brain
Release
workforce
capacity as
humans are
replaced by
robots
performing
repetitive rules-
based tasks
New
competencies
as Process
owners elevated
to process
transformation
leaders and
robot designers
as production
becomes more
automated
Skills and
expertise scale
as freed up
capacity is
available to
develop
competencies
and build
expertise
Insourcing
control with the
option to retain
cost savings
through
insourcing and
greater control
over processes
Flexibility that
is not resource
reliant, changing
the partnering
mix
Release
workforce
capacity
impacting roles
that are human-
centred and
analytically
driven
Smarter
Workforce as
people are
provided with
enhanced
decision making
information and
augmented
processing
Insight driven
organization
as all decisions
will have some
element of
cognitive
computing
intelligence
input
Overhauled
operating
model whereby
once critical
functions will
have been
entirely replaced
by bots
Commoditisation
of tenure in which
history and
expertise derived
over time will be
superseded by the
vast amounts of
computable data
Deloitte Consulting Pty Ltd © 2018
12Future of Work Finance Services
• Work of the ‘Hands’
• Analog / Data light
• Profit Driven
• Hard skills
• Hot bodies
• Big permanent, homogeneousworkforce
• Focus on technical expertise
• Ad-hoc training
• Overwhelmed
• Hierarchical, siloed
• Positional power
• Slow to adapt
• Traditional office
What was
WO
RK
WO
RK
ER
WO
RK
PLA
CE
What will be
• Work of the ‘Minds and Hearts’
• Digital / data insights
• Purpose Driven
• Soft skills
• Hot warm and cold bodies
• Big contingent, diverseworkforce
• Focus on uniquely humanskills
• Life-long learning
• Well being
• Networks of high performingteams
• Personal power
• Nimble and innovative culture
• Smart, frictionless work spaces
RE THINKING THE FUTURE OF WORK
1
2
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13Future of Work Finance Services
Work of the ‘Hands’
W O R K
Analog / Data light
Profit Driven
Hard Skills
Work of the ‘Hands and Minds’
Digital / Data Insights
Purpose Driven
Soft Skills
What Was What Will Be
• W h a t i s t h e n a t u r e o f t h e s h i f t s y o u a r e s e e i n g i n S o u t h A u s t r a l i a ?
• W h a t i s t h e l i k e l y i m p a c t o f r o b o t i c s , a u t o m a t i o n a n d a r t i f i c i a l i n t e l l i g e n c e o n t h e t y p e s o f w o r k a n d r o l e s i n S A ’ s k e y i n d u s t r y s e c t o r s ?
• W h a t j o b s a r e b e i n g m o s t i m p a c t e d ?
• H o w a r e w e r e s p o n d i n g t o t h e s e s h i f t s ?
Deloitte Consulting Pty Ltd © 2018
14Future of Work Finance Services
WORKER
Hot Bodies
Big permanent, homogeneousworkforce
Focus on technical expertise
Hot warm and cold bodies
Big contingent, diverseworkforce
Focus on uniquely human skills
Life-long learning
What Was What Will Be
Ad-hoc training
• W h a t i s t h e n a t u r e o f t h e s h i f t s y o u a r e s e e i n g i n S o u t h A u s t r a l i a ?
• W h a t c a p a b i l i t i e s w i l l b e r e q u i r e d i n t h e f u t u r e f o r e m p l o y e e s i n S A ’ s k e y i n d u s t r y s e c t o r s t h a t a r e d i f f e r e n t t o t o d a y ?
• H o w a r e w e r e s p o n d i n g t o t h e s e s h i f t s ?
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15Future of Work Finance Services
WORKPLACE
Hierarchical, siloed
Positional power
Slow to adapt
Traditional office
Networks of high performing teams
Personal power
Nimble and innovative culture
Smart, frictionless work spaces
What Was What Will Be
• W h a t i s t h e n a t u r e o f t h e s h i f t s y o u a r e s e e i n g i n S o u t h A u s t r a l i a ?
• W h i c h t y p e s o f o r g a n i s a t i o n s a r e r e s p o n d i n g w e l l t o t h e s e t y p e s o f c h a n g e s ?
Deloitte Consulting Pty Ltd © 2018
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ARE YOU READY, WILLING AND ABLE?
Deloitte Consulting Pty Ltd © 2017
AttitudesPeople feel positive
about the future of work
AttributesPeople / the culture
have the attributes to succeed in the future
AwarenessPeople understand
how work is changing and its implications
1
2 3
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17Future of Work Finance Services
Humans will always matter
JO
B A
CT
IV
IT
IE
SREQ
URIN
G
EM
OTIO
NA
LIN
TELLIG
EN
CE
JOB ACTIVITIES REQURING
CREATIVE/COGNITIVEINTELLIGENCE
HUMAN EDGE
TECHNOLOGY EDGE
Figure 2: Future Job Activities -Automation VS Augmentation
© 2018 Deloitte Touche Tohmatsu
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© 2018 Deloitte Touche Tohmatsu.
Our industries: our competitive advantages with strong global demand
International education
Tourism
Energy and gas
Agribusiness
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© 2018 Deloitte Touche Tohmatsu.
Our industries: strategically important to South Australia
Defence industries
Health and medical research
Creative industries
Professional and IT services
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© 2018 Deloitte Touche Tohmatsu.
Opportunities City
© 2018 Deloitte Touche Tohmatsu
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© 2018 Deloitte Touche Tohmatsu.
Opportunities City
© 2018 Deloitte Touche Tohmatsu
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© 2018 Deloitte Touche Tohmatsu.
Opportunities Suburbs and regions
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© 2018 Deloitte Touche Tohmatsu.
Opportunities Suburbs and regions
© 2018 Deloitte Touche Tohmatsu
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© 2018 Deloitte Touche Tohmatsu.
Opportunities State and government policy
© 2018 Deloitte Touche Tohmatsu
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© 2018 Deloitte Touche Tohmatsu.
Opportunities State and government policy
© 2018 Deloitte Touche Tohmatsu.
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© 2018 Deloitte Touche Tohmatsu.© 2018 Deloitte Touche Tohmatsu.
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© 2018 Deloitte Touche Tohmatsu.
Population
© 2018 Deloitte Touche Tohmatsu.
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© 2018 Deloitte Touche Tohmatsu.
The future of work is now
And it’s all about people.
And it’s about making it in Adelaide
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© 2018 Deloitte Touche Tohmatsu. 29
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/au/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
This publication is for internal distribution and use only among personnel of Deloitte Touche Tohmatsu Limited, its member firms, and their related entities (collectively the “Deloitte Network”).
None of the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication.
Liability limited by a scheme approved under Professional Standards Legislation.
Member of Deloitte Touche Tohmatsu Limited
© 2018 Deloitte Touche Tohmatsu.