Jobs, workplace, wages, well-being, governments and regulators are all in the midst of a whirlpool of change as a host of internal and external factors drive how we will work in the future. In the following pages, 19 experts and business leaders predict that gig workers will dominate workforce; robot-workers are the new norm; polarisation between high skill and low or unskilled is set to intensify; eight-hour workdays are dead; AI will kill more jobs than it will create; corporate purpose will go beyond profits; privacy at work will require firewalls separating personal from the professional; byte-sized learning will drive professional progression; mental and emotional health of employees will be crucial to organizational well-being; and workplaces of the future will be spaces for use, rather than spaces to occupy with little or no corporate furniture or interiors. Over to the future…
A PHYGITAL STRATEGY
Digital and physical mix is leading to a change in the nature of jobs and also bringing in new skill sets in banking
By Uday Kotak
MD and CEO, Kotak Mahindra Bank
We are seeing a great interplay between digital and physical in the banking industry. And what is working is ‘phygital’, which is physical plus digital. For instance, we are increasing our workforce by 10 per cent this year. This is the net addition to our workforce. So, on a base of 60,000 people, we are making 6,000 net additions. As I have said on many occasions, we don’t need 10,000 branches, but we are still opening branches. That is because we are finding a very interesting mix of digital and physical play.
The density of branches will come down in the future but not the requirement. In a fast-changing digital world, banks will become more efficient and effective through the combination of digital and physical presence.
This story is from the February 09, 2020 edition of Business Today.
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This story is from the February 09, 2020 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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Leapfrogging Into The Future
Gen AI is the future. In India, this revolutionary technology has already penetrated deep into the country's banking sector
The Visionary
In a career spanning nearly four decades, Uday Kotak, a firstgeneration entrepreneur, has not only created a bank of size but also built an institution, which offers a wide range of financial services, from asset management and insurance to securities
Is The Tie Dead?
Maybe not. But it is no longer de facto office wear and is slowly being reduced to something to be worn only on special occasions
"Bring in experts to understand customers"
Qualcomm-backed ideaForge Technology is a Mumbai-based drone manufacturer
SHAKING IT UP
AMERICAN PHARMA MAJOR ELI LILLY SEES INDIA AS ITS LAUNCHPAD FOR A NEW GROWTH TRAJECTORY, USING ITS NEW DRUGS FOR DIABETES AND OBESITY AS THE FUEL. WILL THIS STRATEGIC PIVOT WORK?
"Besides China, no one can match the scale that India offers"
Romal Shetty, CEO of Deloitte South Asia, says innovations coming out of India are being replicated globally, and the country holds great strategic value for the Big 4 firm
PICKING THE WINNERS
The methodology used for the Business Today-KPMG Best Banks and NBFCs Survey 2022-23
THE SMALL FIRM'S BEST FRIEND
Lendingkart, a fintech that posted its highest-ever PAT in FY23, is making credit available to MSMEs in India's far-flung areas
HELPING HAND
From helping financial institutions with e-verifications to aiding them in fraud detection and prevention, Perfios is bridging the gap between data and insights
THE OMNIPRESENT PLATFORM
Fintech major Razorpay has undergone many diversifications. Yet, its core premise remains the same: make the movement of money simpler