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La Trobe Business School

Tag: digital disruption

LBS alumni event a huge success!

On 25 October, La Trobe Business School welcomed Dr Fiona McKenzie from the Australian Futures Project for the school’s annual Alumni Event.

Dr Fiona McKenzie was welcomed by La Trobe Business School’s Head of School, Professor Paul Mather. Event attendees included LBS alumni, university and industry stakeholders.

In her speech, Dr Fiona McKenzie spoke about how businesses today are influenced by massive digital disruption and are taking the opportunity to expand globally. This trend has often caused businesses process transform and jobs performed by people to be redefined.

La Trobe Business School would like to thank Dr Fiona McKenzie for attending!

Will robots take our jobs?

Find out more about how the digital disruption will affect the future of work at our upcoming La Trobe Business School Alumni Event with Dr McKenzie.

This article was first published on Nest, a haven of new ideas for people who are all kinds of clever. Read the original article.

Technology advances are rapidly changing the world of work as we know it.

PwC predicts 44 per cent (5.1 million) of current Australian jobs are at high risk of being affected by computerisation and technology over the next 20 years. ‘By “high risk”’ the PwC report clarifies ‘we mean there’s a greater than 70 per cent chance the job could be automated by technology’.

La Trobe Futurist Dr Fiona McKenzie discusses the challenges and opportunities of digital disruption in the future workforce, and how we can adapt.

What jobs will become automated?

The 2015 PwC report says jobs most likely to be affected are those where computer learning systems or robotics are able to perform simple and routine tasks faster and more accurately than humans. ‘These typically include unskilled or low-skilled activities in offices, factories and shops,’ it states.

Dr McKenzie says we’re already seeing the seeds of automation in our neighbouring countries. ‘There’s change happening in the manufacturing space with automated robots and co-bots (collaborative robots), which are potentially going to totally change the garment industry and affect employment for millions and millions of people in Asia.’

‘What’s interesting,’ Dr McKenzie further points out, ‘is that people in mid-level jobs are now starting to feel the pinch too.

‘People thought skilled-labour would be safe from automation but in actual fact there are developments where relatively sophisticated tasks can now be automated too.’

Dr McKenzie says ‘I’m hesitant to say whole sectors’ will be automated or safe from automation. Rather, ‘there will be chunks of every sector that will change.’

Roles that require creative thinking, emotional intelligence, intuition and ‘all those things that humans have the advantage on’ will be safe in the near future. As will jobs that require human, face-to-face interactions, such as those in the healthcare sector.

What opportunities can digital disruption offer?

‘We tend to fear that what we don’t know, but automation creates a whole opportunity for something else to be augmented,’ explains Dr McKenzie.

For example, a nurse whose job is to deliver food to patients may find there’s an automated delivery cart that can soon do just that. ‘This can create the opportunity for the nurse to spend more time sitting with the patient, measuring blood pressure and providing better care,’ Dr McKenzie says, ‘and in fact Sydney’s Royal North Shore Hospital introduced automated guided vehicles to move linen and food back in 2012’.

The advent of the internet and the ability to instantly connect with others across the globe has also enabled the rise of ‘digital nomads’ and freelancers to work from anywhere in the world for anyone in the world.

CSIRO’s recent report into ‘Tomorrow’s digitally enabled workforce’ ‘identifies plausible [future] scenarios via which the many – possibly most – Australian workers become portfolio workers and freelancers’.

Dr McKenzie says, ‘There’s a huge cohort that will be highly skilled, in demand and able to shape their future – and they’ll flourish in this environment.

‘There’ll be lots of opportunities in terms of entrepreneurialism, portfolio work, creating your own identity, being able to work around the world and doing work you’re interested in rather than being tied to one job.’

The rise of portfolio work and the gig economy could mean people can choose flexible work like nights, weekends and part-time, which could be particularly beneficial to parents.

It could also open up more doors for rural dwellers to work remotely for urban and international companies.

The dark side of the precariat workforce

The flipside of the rise of the precariat workforce – that is a working class characterised by ‘precarious work’ – could be that lack of job security increases stress and anxiety for some.

‘The precariat, that concept of “the new vulnerable” in the workplace is important to pay attention to because it is potentially a large cohort of people, says Dr McKenzie.

‘People may feel unsafe, they may feel insecure and like the economy is not ticking along. That plays out in all sorts of ways in politics and society and mental health.’

Dr McKenzie also wonders: ‘If we’re all working in a gig economy, what happens if we don’t have employment contracts and super?’ There’s talk of basic universal income, but we’re yet to know how that might play out.

Similarly, for an aging workforce expected to work into their 70s, Dr McKenzie says we might need to challenge assumptions and paradigms around retirement. People in this age-group might work on a semi-retired basis, they could work as business mentors, or perhaps unpaid roles like childcare and volunteering that this cohort regularly partake in will become financially rewarded roles.

The blurring of work boundaries that means we can potentially work remotely for overseas organisations, could also mean a lot of home-grown jobs are taken offshore.

In 2012, every third adult in OECD countries had a tertiary degree reports CSIRO. ‘That’s a massive cohort of young people coming through with higher education degrees worldwide, and what does that mean if work is more mobile?’ asks Dr McKenzie. Answer: competition for work increases.

How can we prepare for the future workplace?

To make the Australian economy and Australian workers competitive in the future, Dr McKenzie says we need to look at ‘how we can be the best in the world at the different industries we have and make sure we are winning jobs as well.’

Ultimately, Dr McKenzie says it’s less about the pace of digital disruption, and more about how quickly we respond to it. Dr McKenzie asks whether governments and others ‘will choose to be leaders on this or wait to react.’

‘The important point is that it’s not small. If you think about the Great Depression, unemployment was only around 25 per cent and here we’re talking about 44 per cent of jobs at risk.

‘We’re at six per cent unemployment and it doesn’t take a big shift in unemployment for people to really feel the impact. I hope we’ll all be proactive on this one.’

Find out more about how the digital disruption will affect the future of work at our upcoming La Trobe Business School Alumni Event with Dr McKenzie.

 

LBS Alumni Event: The changing nature of work

We are living in a time where businesses are influenced by massive digital disruption and are taking the opportunity to expand globally. This often requires entire business process transform and jobs performed by people to be redefined.

Join us as leading expert in the changing nature of work Dr Fiona McKenzie, discusses how business leaders can prepare for the future, and the skills required to take advantage of new opportunities.

About the speaker

Dr Fiona McKenzie, Co-Founder and Director of Strategy, Australian Futures Project: Dr Fiona McKenzie is a human geographer with a PhD on innovation and expertise in both public policy and academic research. At the Australian Futures Project, Fiona has led the design and implementation of a range of unique programs, including social innovation labs.

Panel Event

Date: Wednesday 25 October 2017

Time: 5:45pm – Arrival, 6:00pm – Presentation, followed by Q&As, 7:30pm – 8:30pm Networking, canapes and drinks

Venue: La Trobe University City Campus, Level 20, 360 Collins Street, Melbourne

Cost: Free

Register: Please register via the corresponding event page. Please RSVP by Friday 20 October.

La Trobe Business School presents: The 7th Behavioural Finance and Capital Markets Conference

The Behavioural Finance and Capital Markets Conference’s objective is to facilitate the dissemination and generation of research on topical problems in Finance that are addressed from various perspectives.

The La Trobe Business School is pleased to present the 7th Behavioural Finance and Capital Markets conference.   Bringing together finance scholars and practitioners and research students to participate in and partake in the presentation of state-of-the-art research in the fields of Behavioural Finance, Experimental Finance and Capital Markets/Market Microstructure.  The event will be held on the City Campus of La Trobe University in 360 Collins Street, Melbourne on Monday and Tuesday 25-26 of September 2017. A tour of selected boutique Yarra Valley wineries after the Conference on Wednesday 27 September will offer an opportunity for informal networking.

The keynote speakers are two of the best scholars in Financial Economics and Market Design, distinguished internationally, and both with plenty of experience and interactions with the industry. They are Prof. Jacob Goeree (Scientia Professor, Director AGORA Centre for Market Design UNSW,  previously from Caltech and the University of Zurich) and Prof. Peter Bossaerts (The University of Melbourne, Professor of Experimental Finance and Decision Neuroscience Honorary Fellow, Florey Institute for Neuroscience and Mental Health, previously from California Institute of Technology). This year, the conference will also feature a unique Finance Industry Forum on the role of digital technology in financial markets. The panel is titled ‘The Good, the Bad and the Ugly: Innovations, Disruptive Technologies and the Impact of the Digital Revolution on the Finance Industry’.

Date: Monday 25 September 2017 09:00 am until Wednesday 27 September 2017 05:00 pm (Add to calendar)

Contact:
Conference team (BFCM@latrobe.edu.au)

Cost:
See below for more information

Register:
Please book via this link

Call for Papers

Potential conference presenters are required to submit two electronic copies of their paper with the file name labelled as the full title of the manuscript (no author details are to be included within file name).

Submission details are as follows:

  1. Abstract: Presentation title, authors’ names, short abstract of about 100 words, primary or presenting author’s name, title, affiliation, email and address must appear on the first page with all additional authors and their affiliations. The file format is to be Microsoft Word only (.doc).
  2. Paper: In the full version of the paper all identifiable information of any author(s) must be excluded from the text and properties of the file saved as a pdf (.pdf) format.

Best Paper Awards

  • AU$1,500 for best paper sponsored by Capital Markets CRC
  • AU$1,500 for the best paper using SIRCA data sponsored by SIRCA
  • AU$1,500 for the best practical Behavioural Finance research paper sponsored by the CFA Institute Asia Pacific
  • US$1,000 for the best paper on Asia Pacific Capital Markets sponsored by Elsevier
  • AU$1,500 for best paper presented by a PhD student sponsored by Amery Partners Investment Management

Submission Guidelines

Papers must be submitted by email before 9 July 2017.

Key Dates

Closing date for paper submissions – 16 July 2017

Notification of acceptance – 19 July 2017

Registration deadline for accepted authors – 16 August 2017

Registration Fees

Faculty/Practitioner full conference registration (incl. of dinner and wine tour – AU$400)

Faculty/Practitioner single day registration (Day 1 or Day 2) conference registration – AU$150

Faculty/Practitioner (Partner) Gala Dinner or Yarra Valley wine tour registration – AU$120

PhD student full conference registration (incl. of dinner and wine tour – AU$200)

PhD student single day (Day 1 or Day 2: 9am-8pm) academic ticket – AU$75

PhD student Dinner (Day 1) or Yarra Valley wine tour registration (Day 3) – AU$100

Register: Please book via this link

Organisations must innovate to take advantage of digital disruption, says Adjunct Professor Ahmed Fahour

La Trobe Business School Ahmed Fahour
On 29 October 2015, La Trobe Business School Adjunct Professor Ahmed Fahour spoke about contemporary leadership challenges at an extremely well-attended Alumni event at La Trobe’s City Campus. Drawing on examples from his professional experiences as a leader at major organisations including Australia Post, as well as NAB and Citigroup, Ahmed argued that companies need to be able to innovate and adapt rapidly in a context of significant digital disruption if they are to be successful in the current technological era. He also reflected that, while the pace of change is intense, companies and leaders need to be ready to engage proactively and strategically with the opportunities afforded by disruption. Under his leadership, for example, Australia Post has been implementing a more customer-focused business model designed to capture the corporation’s major growth opportunities in ecommerce, logistics and as a provider of trusted digital services. Ahmed also noted the importance of new ideas in engaging with these challenges. In the question and answer session, Ahmed discussed the opportunities available for people entering the workforce now, arguing that graduates must be prepared to be innovative and entrepreneurial if they are to be successful. He also commented on the need for organisations to promote the importance of soft skills, as well as technical skills, so that they can adapt to the challenges ahead.

Companies and leaders need to be ready to engage proactively and strategically with the opportunities afforded by disruption.

  • Ahmed Fahour, CEO Australia Post

One of Australia’s most influential and dynamic business leaders, Mr Fahour has a wealth of experience in diverse industries. In his current role as Managing Director & Group CEO of Australia Post, he is responsible for the business’s transformational change as Australians shift towards using digital forms of communication and transactions. He was appointed Adjunct Professor in La Trobe Business School in 2014, and is a La Trobe alumnus, having graduated with a Bachelor of Economics (Honours).

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