Not only are we living in extraordinary times, but we are living at a time when adopting extraordinary ways of thinking, particularly about the future, becomes a growing imperative. Specific predictions are almost always difficult (if not impossible) to get right, and even in a world of big data, unforeseen and disruptive events have the potential to change the trajectory of everything we have collectively grown accustomed to.
At our recent Moore North America Virtual Conference, Erica Orange, Vice President of The Future Hunters, addressed how COVID is affecting the future of work at a macro level. Here are five key takeaways from that session, as well as a discussion question to bring back to your firm!
1. “Change has never been the new story…the new story now is the pace of change.”
No matter how much we deny it, we all know that change is inevitable, but have you noticed how quickly things seem to evolve as time goes by?
This concept is noted by Erica as “templosion,” or temporal implosion, and is defined as impactful events happening in shorter periods of time.
For the accounting industry, this means embracing technology and other potential disruptors now while you have control over the pace of change. Transformations can be highly predictable, as technologies tend to take us from one age to the next. By acknowledging these micro chasms, we can better prepare for what comes next.
2. COVID is accelerating the pace of change.
The “COVID accelerator effect” is a recently coined term to describe how companies were forced to pivot in real time and permanently, responding to unprecedented conditions. We’ve all experienced some form of this, whether through a push to a remote workforce, a shift in day to day operations, or budgeting for the year ahead with a sense of uncertainty not felt in previous years.
As we adjust to unforeseen changes, it can be difficult to look ahead and plan for the future. One way to accommodate for these real time adjustments is to rethink traditional innovation. Accelerating the timeframe of innovation, and moving to the “testing” stage more quickly, will help firms stay on top of trends and incorporate them into their growth plans at a quicker rate.
3. “The pandemic is only one block in a much bigger pyramid.”
As Erica pointed out, there are two points of view to take when looking at the current state of things:
- The micro-view looks only at the recession/pandemic. This view gives us a very narrow idea of what we’re facing and focuses on what’s happening right now.
- The macro-view takes into account a fundamental restructuring of the global economy and an underlying transformation.
The difference between these two views is trying to bring back the “old normal” (micro-view) versus accepting and embracing the “new normal” (macro-view). These shifts are here to stay, so your time would be better spent innovating and looking forward, rather than trying to reinvent what worked before.
4. Trust is the new luxury.
Erica makes a point of identifying permanent and seismic shifts in two areas:
- All businesses are going to be forced to reengineer their entire operations, supply chain, and workforces to prevent future disruptions
- Many consumers are already adjusting to realities of post-pandemic world, and many will remain uncomfortable with human-to-human touchpoints
Future-proofing your business means putting systems in place to ensure you can handle whatever comes next, and you are ready to meet your clients’ evolving needs.
5. Rethinking roles with our firms.
One of Erica’s most memorable contributions to our session was the introduction of the Competency Tree. This diagram depicts how we should rethink the roles within our firms, how they interact with one another, and the importance of hiring minds, rather than physical bodies.
The trunk of the tree is rooted in intelligence, specifically noting the difference between “smart” (which can be outsourced to AI) v. “intelligence” (which requires strategic thinking and factoring in external circumstances).
The branches (utilizing the acronym “PLANT”) help analyze what is most critical for your organization: purpose/passion, literacy, analytical and critical thinking, nimbleness, and trust.
And finally, the ROOTS representing resiliency, outlook, objectivity, tenacity and self-regulation.
So now that we’ve broken down the future of work, as presented by Erica Orange, we ask you to bring back this discussion question to your firm:
Which branch from the Competency Tree do you feel is most critical for your organization, and what are you doing to make it a priority?
- Purpose/passion – work to galvanize others, create optimism, promote inspiration/motivation
- Literacy – emphasizing literacy (including emotional literacy/empathy) at a time when it is getting harder to determine facts from fiction
- Analytical and critical thinking – multi-dimensional approach to problem and thought
- Nimbleness –lifelong forgetting (unlearning) of information that bogs down our thinking towards the future
- Trust
Note: If you would like to receive a copy of the Competency Tree, please contact Laura Metz (
lmetz@moore-na.com) or Erica Orange (
erica@thefuturehunters.com).
Erica Orange, The Future Hunters
erica@thefuturehunters.com
https://thefuturehunters.com/
Twitter: @future_hunters
LinkedIn:
https://www.linkedin.com/company/the-future-hunters/