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13/02/2023

A new Infosys study points out that the old 20th-century office model of working is ending, and that winning companies are now focusing on a mix of flexible or hybrid working, diverse workforce, employee wellness, and automation of digital tools to boost talent retention and drive growth.

Interestingly, the study reveals that digital tools automation, diversifying talent pool, and improving employee skills development can drive up to $1.4 trillion in revenue and $282 billion in profit for companies. And that hybrid working and digital engagement will play a key role in enabling firms to build more diverse and creative teams.

According to the study, the fastest-growing companies have been rushing to automate their tools and modernise their technology, while hiring more diverse talent, and focusing on reskilling. Together these initiatives are estimated to add 7.7 percentage points to profit growth and 6.7 percentage points to revenue growth.

In the current market environment, the Infosys study says, growth is clearly linked to staff retention. Companies that increased their staff retention between 2020 and 2022 were almost a fifth more likely to increase revenues and profits than those that saw retention fall during this period.

This has helped boost remote working, with almost two-thirds of senior executives saying they practice remote working rather than in-office working and expect flexible or remote workspaces to grow in the future. Sixty-five per cent of senior executives concurred that incorporating remote working resulted in better staff retention.

Automation and modernisation of digital tools, the findings point out, are set to become the top investment priority for firms in the next two years and are expected to bring in up to $123 billion in profit.

“Organisations have realised that remote work is here to stay and that there is a pressing need to diversify and upskill their employees to boost business growth,” says Rajesh Varrier, EVP, Head of Digital Experience & Microsoft Business, Infosys, on the findings.

The study concludes that successful businesses of the future are likely to focus less on the employees’ work location and more on the mix of people who are working and how well they are supported.

Titled 'Future of Work 2023', the study conducted by the Infosys Knowledge Institute (IKI), the research arm of Infosys, surveyed 2,500 senior executives and managers involved in workplace and workforce planning for large companies with more than $1 billion in annual revenue. It covered 12 industries across the US, UK, France, Germany, Australia, and New Zealand.

Download the full report on the study at https://rb.gy/ajwhuw

06/02/2023

You've poured your heart, soul, and bank account into a venture, only to realise it's not quite panning out as planned. Yet, despite the lack of return, you find yourself unwilling to cut your losses and move on. Well, you've got a classic case of the !

The bias refers to a tendency where your decision-making is clouded by resources you've already invested, be it time, money, or effort, rather than evaluating the decision based on its current and future potential value. At times, the old 'what others will think' conundrum may as well throw a wrench in your decision-making.

The Concorde supersonic jet project serves as a textbook case of how the sunk cost fallacy can lead to less-than-stellar outcomes. Despite the project being over budget and behind schedule, the British and French governments continued to invest in it because they had already invested so much money and resources into it.

To steer clear of the sunk cost fallacy trap, don't let past investments cloud your judgement! It's crucial to keep your focus on the current and future value of a decision, rather than the resources already sunk.

Have you ever fallen prey to the sunk cost fallacy in a professional setting? How did you overcome it?"

02/02/2023

Think you're on the same page as your team members?

Think again! You may have been misled by the without even realising it.

You're in charge of a big project at work and you believe everyone else is on the same page as you. You have a clear understanding of the project's goals and objectives, and you're confident that your team members share the same vision. But as the project progresses, you begin to notice that not everyone is on the same page. Some team members seem to be working towards different goals, and others seem to be misunderstanding the objectives altogether.

As you try to get everyone on the same page, you realise that you've fallen prey to the - a sneaky bias that leads us to overestimate the degree to which others share our beliefs and behaviours. In this scenario, you assume that your team members share the same understanding and vision of the project, when in reality, they may have different perspectives and interpretations.

To overcome this bias, it's important to foster open communication, actively seek feedback, and listen to differing perspectives and interpretations. Encourage your team to share their thoughts and be open to their views.

Have you encountered this bias in your professional life? How did you tackle it?

30/01/2023

Robo-Rights: Will Sentient AI Demand its Day in Court?

Is Sentient AI just science fiction or a soon-to-be reality? With advancements in technology like ChatGPT and GPT-3, the AI landscape is rapidly evolving.

We've entered an era where machines can perform tasks that were once believed to be exclusive to humans. While true sentience may still be a ways off, it's a question worth exploring.

Should machines be granted rights if they achieve sentience, consciousness, and the capacity to experience emotions such as joy and pain? Though it's a hypothetical scenario, it's a topic that's being fiercely debated by AI experts, tech writers, futurists, and even science fiction scribes.

As AI continues to shape our lives in significant ways, it's essential to engage in ongoing discussions to ensure that we use AI ethically and for the greater good.

So where do you stand on this subject?

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