Davos – making sense of the world we are creating

This year saw a different Davos, due in no small part to a range of significant world events and as a result, the World Economic Forum called for responsive and responsible leadership from its delegates. All organisations need to step up and see what we can do to help resolve the wide range of international issues that have been dominating the headlines for the last twelve months or more.

A key area that much of the discussion focussed on was the impact that technology is going to have on the future workforce in the face of unprecedented speed and scale of change. Accenture estimates that the value from digital transformation could be $100 trillion in the next ten years, and has proposed ways in which organisations can manage the impact of this on existing workers.

Much of this will value come from advances in technologies like AI and blockchain, driving innovation, productivity improvement and growth. But this will have a huge impact on jobs and roles – 65 percent of children will work in jobs that have yet to be invented. And the bad news, this means that the clock is ticking. Many at Davos this year were discussing the need to put people as the priority when the technology begins to change the way we work, or risk leaving scores of workers, and their company's competitive strength, behind.

Many of my Accenture colleagues spoke at panels to highlight the need to prepare the workforce by accelerating the reskilling people, redesigning work to unlock human potential and strengthening the talent pipeline at source. The issue is already beginning to impact certain countries more than others as it becomes harder for workers to match their skill sets with the needs of employers. While the impact varies from country to country, it is particularly bad in Japan, where 81 percent of firms have difficulty recruiting qualified employees, according to recent data from the OECD. India, Brazil and Turkey are also seeing the same issue and I am sure this issue will only increase for other countries.

The wider issue of human rights also featured highly on the main agenda, with the differences in the way governments protect economic rights discussed by delegates. What is clear is that many of the changes we saw in 2016 were in part sparked by perceptions of inequality, including questions around human rights and the refugee crisis.

There was also some cautious optimism, with sessions covering issues such as potentially eradicating polio or the possibility of reversing climate change through a sustainable approach to energy and production. The theme of sustainability kicked off the entire meeting, with awards announced for the individuals and organizations from business and society that have made significant contributions to the circular economy in the private sector, public sector and society. Winners of this year’s WEF Circulars include William McDonough, Chief Executive of McDonough Innovation, Nike, Patagonia and the Scottish Government.

Another key theme that emerged is that businesses all want to engage in a better way with their customer, consumer, traveller or patient as part of the fourth industrial revolution, driven by digital technology. They are planning to invest in this area of the business and grow it. They want to rotate to digital technologies and at scale. At the same time, they are seeking to make their operations more efficient, to free up money to invest in new technologies – making the debate about the future workforce even more prescient. Organisations are also investing in the big technology backbones, to enable the engagement with the consumer. This is a common thread, whether they are government departments, in the services industry, in life sciences, in automotive or retail - the name of the game is transformation and there is a real urgency to embrace change. Many were admitting that if they don’t act now, they face being left behind.

Last, but by no means least, the WEF embraced the issues of LGBTQ in the workplace. Following a breakfast, hosted by Accenture, along with Microsoft, EY, the UN, HRC, the Rockefeller Foundation, Human Rights Watch and the Thomas Reuters Foundation, the WEF hosted its first panel discussion in the Congress Centre on this topic.

I was proud to be one of the panellists discussing Good for Business: The Power of Being Out, a debate that looked at how important it is for anyone to be their authentic self at work. I joined Eric Vilain, Professor of Human Genetics, Pediatrics and Urology at UCLA, and the Institute for Society and Genetics; Scott Brison, President of the Treasury Board, Treasury Board of Canada; and Lisa Sherman, President and Chief Executive Officer of the Advertising Council. Among the topics of discussion, we covered genetics, mental health issues and the impact that business can have on fostering acceptance for a diverse society for everyone, but particularly those from the LGBTQ community. You can watch the replay here.