We have developed a daily regulatory intelligence bulletin, powered by RegHub and Corlytics, which aims to provide a summary of regulatory developments relating to COVID-19. Social login not available on Microsoft Edge browser at this time. The report, titled 'Future of Work accelerated: Learnings from the COVID-19 Pandemic' was written after surveying and talking to CXOs of 42 Indian companies. Public Relations Getty. already exists in Saved items. “, Operational agility in the last downturn helped the industry drive operating costs down from 17% to 30%, but efficiencies seem to be plateauing with suppliers having limited room to reduce costs further. Shared mobility will recover from rider anxiety. By putting people at the core of business transformation strategies, the industry may hopefully regain its appeal and position itself for what’s expected to be a much different landscape in the future. The theme this year is ‘kindness’ to reflect the impact that acts of kindness can have on improving mental health. Deloitte said it would shut its offices in Gatwick, Liverpool, Nottingham and Southampton, where about 500 people work. The challenges around the initial impact of the pandemic have continued to leave lasting effects for Iwi, but they’ve responded strongly by bringing together communities to find new pathways ahead. Organizations should evolve their thinking about technology from taking a purely substitution view (replacing humans with technology) to using technology as an augmentation or collaboration strategy. The Covid-19 outbreak has transformed the way organisations work and respond, and caused an adoption of new practices in a matter of days to respond to the crisis situation. This crisis presents a unique opportunity for organizations that can overcome the instinct of treating humans and machines on parallel paths to instead build connections that can pave a path forward, one that can nurture growth and innovation in the weeks, months, and years to come. The COVID-19 pandemic has forced governments to take measures to minimise the spread of the disease and its social and economic impacts. - Kate Hardin, executive director, Deloitte Research Center for Energy & Industrials, Deloitte Services LP. She specializes in organizational design and transformation, strategic change management, and strategic talent advisory services. Jeff is a senior consulting partner and is a recognized global advisor and thought leader in the future of work. These ethical implications extend to many segments of the workforce, but were particularly evident in the experience of the alternative workforce, … When evaluating those principles, the conversation should not be limited to market value, but should also account for human value in the form of purpose, fairness, transparency, growth, and collaboration. This week we wanted to share with you one of the insightful blogs from our colleague in the US on the impact that COVID-19 is having on their healthcare system; and which first appeared as a US … In this webinar we will discuss the Future of Work and how covid-19 has challenged business leaders to do three things at once: stage the return to work, understand and leverage the advancements they enacted during the crisis, and chart a new path forward. Deloitte: In Wake of COVID-19, 61% of Executives Now Focused on Transforming Work, Double Pre-Pandemic Levels Executives focus on re-architecting work by … This downturn or the “great compression” is like no other, challenging fundamental and deeply interconnected dimensions of the industry’s work, workforce and workplace. What will the future of work look like? The COVID-19 shift: COVID-19 reinforced that it is more important to understand what workers are capable of doing than understanding what they have done before. Sponsor Content from Deloitte. A major concern facing city leaders is whether public … With COVID-19 leading to the fastest layoffs in the industry’s history, the study highlights that 70% of jobs lost during the pandemic may not return by the end of 2021, assuming a $45 per barrel oil price, if OG&C companies continue to operate as-is. Deloitte experts discuss the impact of COVID-19 on the hospitality and insurance sectors, customer behavior, and how CFOs are weathering the storm in the latest edition of Deloitte’s Middle East Point of View magazine. Posted on 22/05/2020 | 0 Comments. These ethical implications extend to many segments of the workforce, but were particularly evident in the experience of the alternative workforce, some of whom faced decreased demand and related financial concerns, or increased demand and related safety concerns. No. DTTL and each of its member firms are legally separate and independent entities. New possibilities: As they stage the return to work, organizations have an opportunity to push the envelope in the ways they integrate teams of humans and technology. The remote model of work tested in the COVID-19 situation has proven... that most services can be delivered from any location. New possibilities: As they stage the return to work, organizations have the opportunity to leverage the power of AI to build a culture of actionable knowledge-sharing and knowledge creation that strengthens organizational connectivity and affords the organization resilience to be able to withstand, and even to thrive in, environments of disruption, uncertainty, and change. View in article, Mary Mazzoni, “15 companies retooling their operations to fight COVID-19,” Triple Pundit, May 1, 2020. Staff should be at the heart of these changes and their needs and voices valued. View in article, Equilar, “Companies adjust executive pay amid COVID-19,” May 7, 2020. Your happiness at work matters.There are many lessons from the COVID-19 pandemic. New possibilities arising from the COVID-19 crisis. An authority in all areas of human resource, talent, learning, and leadership, David brings an integrated perspective to organizations seeking to solve their significant workforce challenges. Driven by accelerating connectivity, new talent models, and cognitive tools, work is changing. DTTL (also referred to as "Deloitte Global") does not provide services to clients. ITS was deeply involved in Deloitte’s future-of-work plans, and COVID-19 has pushed our team to a more central role in shaping strategy. Yan is a frequent speaker at public conferences on organization transformation and human capital trends and strategies. How will trends and technologies impact industries and the workforce moving forward? Erica Volini Throughout her career, she has worked with some of … Deloitte Study: The Future of Work in Oil, Gas and Chemicals COVID-19 and the oil downturn make workforce and business transformation a strategic imperative . A Deloitte Global survey of 400 women across nine countries found many respondents are concerned about the effect the pandemic may have on their career progression. Future of remote work: What impact will remote work have on your 2020 Swiss tax return deductions? In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Deloitte Services LP The COVID-19 pandemic sparked an expansion of technology use as organizations sought to keep remote workers productive, efficient and collaborative. The COVID-19 pandemic has forced governments to take measures to minimise the spread of the disease and its social and economic impacts. Deloitte Australia launches AWS Cloud Guild. Individuals and communities responded with empathy and strength. If organizations can better understand their workers, they will be able to more effectively develop targeted programs and policies that bring out workers’ personal best while affording them the heath protections they need to safely do their work. COVID-19: preparing for a sustainable future using lessons from tackling the mental health needs of NHS clinical staff . Many workers are experiencing burnout exacerbated by COVID-19,7 which makes well-being a top priority in any organization’s return-to-work approach. Ramona Yan is the Human Capital consulting leader for Deloitte China. The report, titled 'Future of Work accelerated: Learnings from the COVID-19 Pandemic' was written after surveying and talking to CXOs of 42 Indian companies. 5. We’ve already seen compensation-related actions on the front line, such as raising minimum wages for essential workers8 or cutting executive compensation to prioritize keeping people employed.9. New possibilities: As they stage the return to work, organizations should seize this opportunity to step back and make sure that they are creating clear connections across individual jobs, team objectives, and the organization’s mission. The COVID-19 shift: COVID-19 showed that compensation is as much an indicator of an organization’s culture and values as it can be an indicator of market value. Leading organizations will do the same. Deloitte's 14th edition of the Digital Media Trends Survey reveals that COVID-19 accelerates the cycle of paid entertainment subscriptions and cancellations as consumers search for value. New possibilities: As they stage the return to work, organizations should ask themselves what principles serve as the foundation for their compensation philosophy, programs, and policies. View in article, Zach St. Louis, “Thomas Friedman on human interaction in the digital age,” Aspen Institute, January 10, 2017. The digital transformation of work has finally arrived. We chose two specific areas of the report and asked Deloitte’s Global Human Capital Leader, Erica Volini, to provide insight on them. This consideration is especially important as it relates to organizations’ use and treatment of the alternative workforce, particularly in industries that rely heavily on the gig economy. Simply select text and choose how to share it: Returning to work in the future of work But while moments of crisis can lead to heroic and unprecedented actions, the sustainability of those actions is where the true path towards recovery will begin. Employment cyclicality is plaguing the industry. Instead, we believe organizations should embrace New York Times columnist Thomas Friedman’s perspective that humans who want to adapt in an age of acceleration must develop “dynamic stability.” Rather than trying to stop an inevitable storm of change, Friedman encourages leaders to “build an eye that moves with the storm, draws energy from it, but creates a platform of dynamic stability within it.”5. Through our proprietary Experience per Square Foot TM (XSF) tool, Cushman & Wakefield has captured more than 2.5 million data points from workers all over the globe in the pre-COVID-19 era and a further 1.7 million data points from more than 50,000 respondents in the current work from home environment. In thesecompanies,work, workforce,and workplaceexperiencesare supported by an … Future of work The future of work is being shaped by two powerful forces: The growing adoption of artificial intelligence in the workplace, and the expansion of the workforce to include both on- and off-balance-sheet talent. Taking action against systemic bias, racism, and unequal treatment, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. But as new technologies and digital transformations dominated conversations in boardrooms, human concerns were considered separate from, if not directly in conflict with, technological advances. Now is not the time to pull back on workforce development efforts, but instead to double down on commitments to building a resilient workforce that can adapt in the face of constant change. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. “COVID-19 has fast-tracked our future of work programme, leading us to review our real estate portfolio,” Stephen Griggs, Deloitte’s UK managing partner, said in an emailed statement. © 2021. View in article, Dimple Agarwal et al., 2018 Global human capital trends, Deloitte Insights, March 2018. As per the report, India Corporate Fraud Perception Survey, 80% of corporate India believes fraud will rise in the next two years. The COVID-19 shift: COVID-19 put the spotlight on the CHRO and the HR organization, just as the 2008–2009 recession did for the CFO and finance function. Predicting the future of work is always tricky, and the COVID-19 pandemic has made any type of prognosis even more difficult. Hundreds of millions of people have lived … “COVID-19 has fast-tracked our future of work programme, leading us to review our real estate portfolio,” Stephen Griggs, Deloitte’s UK managing partner, said in an emailed statement. Learn how Deloitte’s more than 312,000 people worldwide make an impact that matters at www.deloitte.com. +1 713 752 1901, Duane Dickson is a vice chairman and principal in Deloitte LLP’s Energy Resources & Industrials industry group, as well as the US Oil, Gas & Chemicals sector leader and the Global Energy, Resources & ... More, As executive director for the Deloitte Research Center for Energy & Industrials, Deloitte Services LP, Kate works closely with Deloitte’s Energy, Resources & Industrials (ER&I) leadership to drive ene... More, Navigating the great compression in shale oil production, Exploring oil and gas and chemical sector trends and the impact of COVID-19. Future of Work Disruption lies ahead. Deloitte Top 200: Covid-19 provides impetus for fundamental change . While extremely challenging, this downturn presents an opportunity for companies to reposition. Yves leads our Strategic Change proposition globally. Now is the time to embed well-being into every aspect of the design and delivery of work itself and to fundamentally redesign work toward outputs instead of activities. Posted on 9/12/2020 | 0 Comments. Discover Deloitte and learn more about our people and culture. This is the time for strategists to make bold choices today that affect the work of tomorrow; and to adopt redesigned, cyber-physical teams and embrace a digital workplace culture as a basis for future innovation. New Delhi: Even as business productivity has suffered during the coronavirus crisis by reducing revenues and output, individual productivity has increased, according to more than half of the companies surveyed by Deloitte India. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. Photo / Mark Mitchell. Without question, it has changed attitudes, behaviors, risk perceptions, and fundamental ways of working, learning, and living. Alex Rankin, in his article The pandemic playbook, looks at insights into the levers utilized by CFOs as they respond to COVID-19 and subsequently […] The oil, gas and chemicals industry was built on human ingenuity; innovation and grit; and it is that same spirit that will forge the industry’s next reboot and revitalization. While it’s anyone’s guess what’s next, some constants remain: organisational performance will always be important, and it is dependent on employees. The industry’s reputation as a reliable employer has been challenged following big layoffs and heightened cyclicality in employment triggered by recent subsequent downturns and the COVID-19 pandemic. In today’s world of constant disruption, those issues include everything from navigating the future of work to enabling the digital organization—all centered around how to optimize the intersection of the workforce and business performance. About 1% to 2% of oil and gas capital expenditures were spent on green energy in 2019. Discover Deloitte and learn more about our people and culture. The insurance sector faces a tricky road ahead after 2020’s difficult start. "COVID-19 has fast-tracked our future of work programme, leading us to review our real estate portfolio," Stephen Griggs, Deloitte's UK managing partner, said in an emailed statement. '. Today’s changed environment has given OG&C organizations the much-needed “why not” to transform themselves and find new ways to reclaim their previous appeal. Embracing purpose, potential, perspective, and possibility during COVID-19, Remaining human in a technology-driven world, Embracing possibility: Returning to work in the future of work, New possibilities arising from the COVID-19 crisis. During the COVID-19 pandemic, organizations have experienced a burst of acceleration, fast-forwarding into the future of work in ways that stress-tested their ability to blend people and technology in the most dynamic business environment many of us have ever seen. The COVID-19 shift: COVID-19 proved that generalizing by age alone can lead to incorrect conclusions. But, remote working is … In this year’s report, we challenge organizations to reexamine whether humanity and technology were truly in conflict and to consider how it is possible to resolve the seeming paradox of finding ways to remain distinctly human in a technology-driven world. Given the convergence of pressures from the great crew change, global pandemic, energy transition and “great compression,” the study outlines four levers of transformation that could push OG&C organizations into the future. View in article. Previously, Yves was Business Unit Director ‘Talent Management’ for Hudson BNL where he was involved from a content and management perspective with salary surveys, compensation & benefits, HR strategy, competency and performance management, career counseling, assessments, management development, organisation and change. The COVID-19 shift: People’s hunger for information during the COVID-19 pandemic validated the phrase “knowledge is power.” As individuals around the world clamored for whatever information they could find on virus spread rates, care information, vaccine development, safety measures, business closures, and more, organizations used institutional knowledge to extend their adaptability, as they were able to quickly deploy workers into new roles, or even new organizations, by leveraging the knowledge that was now at their fingertips. has been removed, An Article Titled Returning to work in the future of work Email a customized link that shows your highlighted text. View in article, Josephine Moulds, “Gig workers among the hardest hit by coronavirus pandemic,” World Economic Forum, April 21, 2020. He is adept at shaping operating models and key roles to improve employee experience and productivity, and is a thought leader in organizational culture, learning, and talent development. has been saved, Returning to work in the future of work Deloitte's new study, "The Future of Work in Oil, Gas and Chemicals: Opportunity in the time of change,” explores the opportunities today’s changed environment could present organizations to transform … Deloitte’s 2020 Human Capital Trends report provides a wealth of information on the future of work, Within Deloitte, she has served as a member of Deloitte Consulting’s Management Committee and Board of Directors. The pandemic has put more hours into the working day, creating exhaustion and burnout and simultaneously exposing the stress that many workers face in balancing professional and personal demands, as personal commitments and roles (such as being a parent or caregiver) could no longer be separated from work. Connect with us on Twitter at @Deloitte4Energy or on LinkedIn at Duane Dickson and Kate Hardin. Below, we provide a view on how to start that process by leveraging this year’s human capital trends—a set of reflections, recommendations, and frameworks which we believe are more critical than ever as organizations head toward recovery from the COVID-19 crisis. New possibilities: As they stage the return to work, organizations need to ask themselves critical questions to help them prepare for the perceived and actual ethical impacts of business decisions. Mumbai: As most companies saw their employees working from home due to the Covid pandemic, they are worried that this is also set to see a substantial jump in the frauds in next two years, a Deloitte survey said. The world is upside down and sometimes it can be tough (really tough, if we’re honest) to stay optimistic and maintain sanity. Covid-19 has turned the future of work in a new direction, becoming virtual and remote, rather than physical and local. Steve Hatfield is a Principal with Deloitte Consulting and serves as the Global Leader for Future of Work for Deloitte. According to Deloitte and Google, the workforce of 2021 will seek to augment its technology toolsets even further. That starts with how ITS deploys projects and supports technology enablement but, equally importantly, we’re also helping redefine how our practitioners work. Yves is a partner in the Belgian Consulting practice of Deloitte. - Duane Dickson, vice chairman and U.S. oil, gas and chemicals leader, Deloitte LLP. View in article, Ryan Tumility, “Trudeau announces wage top-ups for front-line workers, but details unclear,” May 7, 2020. It's a compelling opportunity to put customers and staff at the centre of that future by embracing automation opportunities with technology. Coronavirus: Deloitte company survey shows home-working to quintuple by 2025 This picture taken on March 23, 2020 shows Yuki Sato, an employee in a … USING THE FUTURE OF WORK TO GAIN RESILIENCE Companies that have previously embraced future of work practices are likely well positioned to sustain their operations and respond quickly to the demands of navigating COVID-19. Please see www.deloitte.com/about to learn more about our global network of member firms. Deloitte’s 2020 Human Capital Trends report provides a wealth of information on the future of work, especially in light of COVID-19. As more than 30 million people have lost their job due to COVID … Stephen Griggs, Deloitte’s UK managing partner, said in an emailed statement published by Reuters: “COVID-19 has fast-tracked our future of work programme, leading us to review our real estate portfolio.” Consider, for instance, how workers at some consumer products companies have found meaning and inspiration in their jobs as their companies increased production of (or in some cases, pivoted to start developing) disinfectants and sanitizers.6 People want to contribute to their organizations when they understand how their unique talents, strengths, and contributions are making an impact on larger goals. Organizations face a choice between returning to a post-COVID world that is simply an enhanced version of yesterday or building one that is a sustainable version of tomorrow. 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