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La Trobe Business School

Tag: 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.

National innovation forum: Innovate or Perish?

In a world that is more connected than ever, how can we create sustainable bonds between universities, business and not for profits? All with a view towards creating a more mature innovation culture and ecosystem.

The missing ingredient to growth is the ability to think outside the box – to innovate. For many businesses’ it’s safer inside the box. But when you’re constricted by the four walls of a box you can’t truly grow.

The demands of day to day operations of many SMEs and not-for-profits exclude them from maximising the benefits of innovative. Most are doing everything they can to maximise profits or fundraising, and minimise costs.

Universities, on the other hand, exist outside the normal parameters that can inhibit business growth. As such Universities have the potential to break the walls of the box, let in the light and build the links to create innovative businesses.

This is why, as a nation, Australia must get better at creating meaningful collaboration between universities and business. Such is the need for stronger connections the Federal Government flagged innovation in Australia as a major policy focus with its $1.1 billion National Science and Innovation Agenda in November 2015.

The core principle of the government’s agenda is to make a substantial difference in the numbers of university-industry collaborations. The reason is simple; such alliances have become a prominent feature of the knowledge-based economy, dealing with the speed of transformation, and economic and technological disruption.

These partnerships allow a business to break free of the confines of everyday operation, and to work with universities to translate ideas into commercial realities.

While Australia lags behind the world in translating research into commercial outcomes university-industry partnerships internationally are being exploited to great effect.

While Australian universities are among the world’s best, when it comes to innovation it’s important to make sure that research, innovation and business are connected. If research is irrelevant to startups, SMEs and not-for-profits it becomes a purely academic exercise.

At the forum international and national business and academic speakers will present case studies of successful university-industry collaboration including examples of business innovation, incubators and accelerators.

Attendees will not only learn what has worked but they will also discover what can be done to improve university-industry interactions and engagement, particularly for startups and SMEs in the Australian context.

A multitude of speakers with wide ranging backgrounds and experience will speak at the conference.

Major themes

  • The role of incubators, accelerators and TTOs (Technology Transfer Offices) in engaging startups and SMEs while at the same time connecting those start up and SMEs with university-industry innovation.
  • Global forces shaping opportunities for business (including startups and SMEs) over the coming decade
  • Business perspectives on the opportunities and barriers to university-industry collaboration.
  • Developing environments where innovation can thrive.
  • Regulation and legal framework (patent law, licensing, federal and state jurisdictions and university policies).
  • The economic, political and societal framework in which business and/or universities operate (incentives, competitiveness, regulation, competition policy, innovation and technology policy).

Sessions include

  • Conference evening event with a key note speaker and networking opportunities.
  • International and national academic speakers and case studies on successful approaches to university –industry collaboration with a focus on startups and SMEs. Questions answered will include; what has worked and why? What can be learned from mistakes? What needs to change?
  • Australian business leaders’ perspectives on global challenges and opportunities for innovation and improving industry-university collaboration.
  • The state of Australia’s national innovation system – Australian government perspective, frameworks, opportunities, incentives and challenges.
  • Master Classes on frugal innovation; design thinking and lean start-up principles; and, data analytics and business transformation.

Event Details

Date: Wednesday 27 (afternoon) and all-day Thursday 28 September 2017

Where: La Trobe Business School, located at the Donald Whitehead Building, La Trobe Melbourne Campus, Bundoora Victoria

Register: Please register 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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