In the future, ‘work’ will be materially disrupted. Jenelle McMaster and Juliette Andrews talk about the need to take action now.
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Good morning everybody and welcome to growth talks. Now whether it's by design or the fact that you've accidentally just wandered into this room you found a selfie in the future of work. Growth talk delighted to have you join us today. My name's Janell McMaster. I am the managing partner of markets here in Oceania. I'm joined by my good friend and colleague Juliet Andrews who's a partner at PayPal advisory services practice and here in the corner we have the delightful Lou who is an illustrator and we'll be capturing much of what we talk about today so hopefully there's a fair bit of interaction. He's got his work cut out for him to capture all of that so talking for the future of work. And I thought I'd start by giving you I guess a talk track that I've been part of many times to a greater or lesser extent and I expect that's one that you could probably relate to as well. And it goes a little bit like this I think we've got a problem. What kind of problem. How big is the problem. He said there's is a problem how to unite there's a problem. What are you going to do about that problem. Have you done a scenario test on that problem. What's the impacts of that problem. How many people will this problem fix. Is it a problem right now because if it's not a problem right now I don't want to make it a problem. Let's not go making this a problem. What are our competitors doing about the problem away.
What they think it's an opportunity what kind of opportunity. How big is the opportunity. Have we done some scenario testing on the possibilities of the opportunity. What would we need to do to realise that opportunity. When do we need to do something about that opportunity. Aren't we a bit late about realising this opportunity. So in fact don't we have a problem. And some that cycle goes. You know it's a cycle of identifying a problem talking about it debating it researching it hypothesizing about it but not actually doing something about the problem. That's what I would call admiring the problem. Now we've seen it so many times where I've seen it in that you'll attest to these corporate climate changes sustainability saying it around corporate culture of change around gender diversity. And unfortunately I'm seeing it around the future of work that we just don't take action. We immerse yourself in that problem. I admire it to death but don't take action. In a 2006 dayin global safer a study The study showed that 25 percent of CFOs were worried that disruption would eliminate their business. Sixty percent of CFOs said strategic cost management would be the thing that they needed to do to face into that disruption. And yet only 6 percent said no doing anything about strategic cost management. What were the rest doing. Admiring the problem so we don't want to do that today. Today we will talk a bit about the future of work and what that looks like. But today is all about taking action. Today is about what are we going to do.
What do we need to do to ready ourselves to radio people and radio organisations for that disruption. Today we're began to invite you to talk take action on three areas late adapt and learn. Now we do want to acknowledge the county indications that exist around the future of work because the reality is we do still have low unemployment. The reality is we still have some market segments and some industries that have some skills shortages and we haven't quite yet seen that level of displacement that we do talk about. But the reality is I'm going to cut straight to the headlines. The future of work will be materially disrupted. Work today is being materially disrupted. If we if we take one data point a line and there are many if I just take the data point around data itself and the speed and the access and the capacity that we have today with data it gives you an illustration of the impacts. So if you were to think about all of the data that's ever been captured in the history of time. So 100000 years ago to 2003. So that's every cave painting ever done every song ever produced every movie ever produced every book that's ever been written in a history of time five hundred billion gigabytes of data. It's a truckload of Data 500 billion gigabytes of data. How long do you think it would take to reproduce that much data today. A Yeah yeah a U awake. Cameron's feeling optimistic a week a year away. Anyone else. Six months less than ten minutes. The shock factor isn't it.
If you think about that speed that access that capacity of data has to be an implication on what we do with that how we work with that what kind of information we get what kind of insights we can.