Five Business Priorities for the Future of Work
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COVID-19 is ushering in an entirely different future in terms of working life. However, forces such as digitalization have been altering the workforce long before the pandemic.
OECD research suggests that 31% of jobs could be radically transformed as a result of automation. At the same time, specialized jobs are being created elsewhere. These big picture trends mean that many organizations are already preparing for a now-accelerated future.
This infographic from PwC identifies five priorities that can help provide a path forward for a company’s Future of Work plan—strengthened by responses from an ongoing survey of U.S. CFOs on their workforce strategy.
1. Business Strategy
According to the survey, 72% of U.S. chief financial officers (CFOs) say they that responding to COVID-19 with better resilience and agility will be a key factor to their company’s improvement in the long run.
|Better resilience and agility||72%|
|New ways to serve customers||53%|
|Community and societal engagement||27%|
Flexible ways of working, such as telecommuting or shorter workweeks, also can help improve productivity and work-life balance, further spurring this shift. Companies should avoid ignoring the needs of employees and invest in creating a thriving work environment.
2. Talent Planning
Hiring to accomplish workforce goals alone is not enough. Companies should think about three steps when building a strong talent pool:
- Recruit well
Assess your company’s values and mission, and keep an eye on diversity and inclusion while hiring. For example, it’s been proven that gender diversity initiatives are good for the bottom line, improving outcomes and increasing profits and productivity.
- Retain talent
At present, 55% of CFOs don’t feel very confident in their company’s ability to retain critical talent.
Organizations should avoid hiring with a short-term mindset. Instead, focus on building employees’ skills, with emphasis on upskilling in digital tools and software.
- Stay adaptable
Businesses are increasingly leveraging the gig economy, as alternative models grow in popularity.
- 41% reduction in absenteeism
- 24-59% less turnover
- 20% increase in sales
- 17% increase in productivity
3. Learning & Innovation
Despite incoming automation threats, six in ten adults still lack basic information and communications skills. The good news? In the future, both digital and human skills will be in high demand.
To keep up with these trends, upskilling—ranging from digital literacy to critical thinking—will be of the essence. It requires both an individual and an organizational commitment to create a culture of learning in the workforce.
Currently, only 45% of CFOs feel very confident in their company’s ability to build the necessary skills for the future.
4. Employee Experience
These days, employees rarely approach their work as only a “Nine to Five” job. Instead, they seek meaningful work, relationships, and experiences—PwC notes that one in three workers would be willing to consider lower pay for a more fulfilling job.
To that effect, there is a renewed spotlight on supporting individual needs and well-being. There are tangible benefits to an engaged workforce:
For future success, organizations should build a holistic view of the employee experience. To that end, 49% of CFOs do not feel confident in their company’s ability to manage employee well-being and morale.
5. Work Environment
Flexible work is an essential component of the future of business, and it seems that it’s here to stay. 72% of CFOs believe that work flexibility will make their company better in the long run.
This drives home the urgent need to reconfigure the traditional office and bolster remote work capabilities—enabling employees to work from wherever they want, whenever they want.
It’s clear the Future of Work discussion isn’t happening in a bubble—these alternative workforce needs are simply speeding up the inevitable transition.
Many companies only focus on two or three of the above priorities, but aligning all five will be crucial for the future of work.
Note: All statistics are from the same PwC U.S. CFO Pulse survey unless otherwise stated.
PwC surveyed 330 US CFOs and finance leaders between June 8-11, 2020. 88% percent of the respondents were from public and private companies in these top five sectors: health industries (9%), consumer markets (13%), financial services (23%), industrial products (23%), and technology, media and telecommunications (20%). Twenty-nine percent of respondents were from Fortune 1000 companies. The PwC CFO Pulse Survey is conducted on a periodic basis to track changing sentiment and priorities. Now in its sixth installment, the inaugural survey was conducted March 9-11, 2020.
More Than Precious: Silver’s Role in the New Energy Era (Part 3 of 3)
Long known as a precious metal, silver in solar and EV technologies will redefine its role and importance to a greener economy.
Silver’s Role in the New Energy Era (Part 3 of 3)
Silver is one of the first metals that humans discovered and used. Its extensive use throughout history has linked its name to its monetary value. However, as we have advanced technologically, so have our uses for silver. In the future, silver will see a surge in demand from solar and electric vehicle (EV) technologies.
Part 3 of the Silver Series comes to us from Endeavour Silver, and it outlines silver’s role in the new energy era and how it is more than just a precious metal.
A Sterling Reputation: Silver’s History in Technologies
Silver along with gold, copper, lead and iron, was one of the first metals known to humankind. Archaeologists have uncovered silver coins and objects dating from before 4,000 BC in Greece and Turkey. Since then, governments and jewelers embraced its properties to mint currency and craft jewelry.
This historical association between silver and money is recorded across multiple languages. The word silver itself comes from the Anglo-Saxon language, seolfor, which itself comes from ancient Germanic silabar.
Silver’s chemical symbol, “Ag”, is an abbreviation of the Latin word for silver, argentum. The Latin word originates from argunas, a Sanskrit word which means shining. The French use argent as the word for money and silver. Romans bankers and silver traders carried the name argentarius.
While silver’s monetary meanings still stand today, there have been hints of its use beyond money throughout history. For centuries, many cultures used silver containers and wares to store wine, water, and food to prevent spoilage.
During bouts of bubonic plague in Europe, children of wealthy families sucked on silver spoons to preserve their health, which gave birth to the phrase “born with a silver spoon in your mouth.”
Medieval doctors invented silver nitrate used to treat ulcers and burns, a practice that continues to this day. In the 1900s, silver found further application in healthcare. Doctors used to administer eye drops containing silver to newborns in the United States. During World War I, combat medics, doctors, and nurses would apply silver sutures to cover deep wounds.
Silver’s shimmer also made an important material in photography up until the 1970s. Silver’s reflectivity of light made it popular in mirror and building windows.
Now, a new era is rediscovering silver’s properties for the next generation of technology, making the metal more than precious.
Silver in the New Energy Era: Solar and EVs
Silver’s shimmering qualities foreshadowed its use in renewable technologies. Among all metals, silver has the highest electrical conductivity, making it an ideal metal for use in solar cells and the electronic components of electric vehicles.
Silver in Solar Photovoltaics
Conductive layers of silver paste within the cells of a solar photovoltaic (PV) cell help to conduct the electricity within the cell. When light strikes a PV, the conductors absorb the energy and electrons are set free.
Silver’s conductivity carries and stores the free electrons efficiently, maximizing the energy output of a solar cell. According to one study from the University of Kent, a typical solar panel can contain as much as 20 grams of silver.
As the world adopts solar photovoltaics, silver could see dramatic demand coming from this form of renewable energy.
Silver in Electric Vehicles
Silver’s conductivity and corrosion resistance makes its use in electronics critical, and electric vehicles are no exception. Virtually every electrical connection in a vehicle uses silver.
Silver is a critical material in the automotive sector, which uses over 55 million ounces of the metal annually. Auto manufacturers apply silver to the electrical contacts in powered seats and windows and other automotive electronics to improve conductivity.
A Silver Intensive Future
A green future will require metals and will redefine the role for many of them. Silver is no exception. Long known as a precious metal, silver also has industrial applications metal for an eco-friendly future.
Visualizing All the Known Copper in the World
Are we running out of copper? This graphic from Trilogy Metals paints a clear picture of all the copper in the world, above and underground.
Visualizing All the Known Copper in the World
Copper has many important applications in the modern economy. From smartphones and cars, to homes and hospitals, we use the metal almost everywhere, especially with renewable energy.
Often, consumers take for granted the accessibility to modern technology without the thought of where the materials come from or their impact on the environment. The world and its resources are finite and confined by both geography and the technology used to extract resources.
As governments and economies struggle to achieve a sustainable balance between humanity’s material impact and the health of the planet, knowing the availability of resources will become a critical pivot for achieving and maintaining that balance.
Copper is one such resource—and today’s graphic from Trilogy Metals outlines all the copper ever mined and what known resources still exist on Earth.
Are we running out of copper?
Above Ground Copper Resources
The production of mined copper has increased dramatically over the last two decades, From 9.8 million metric tons in 1995 to 20 million metric tons in 2019, a 104% rise over 25 years.
A total of 700 million metric tons of copper have been mined throughout history. Based on the 2019 average price of $6,042/metric ton, that’s worth $4.2 trillion—more than the value of Apple and Amazon combined.
Chile has been the source of the majority of the world’s copper and the biggest copper mining nation. Together, Chile, Peru, and China account for 48% of current global copper production.
|Ranking||Country||Mine Production 2019 (Ktons)||Country||Reserves 2019 (Ktons)|
|Other Countries||3,800||Other Countries||220,000|
|World Total||20,000||World Total||870,000|
As we enter the era of renewable energy, electric vehicles, and see more global economic growth, the demand for copper will continue to rise. In fact, the Copper Alliance projects an increase of 50% in just the next 20 years.
Are We Running Out of Copper? Not So Soon
Although a large chunk of the Earth’s copper is already above ground, there’s still more to mine.
According to the USGS, identified copper resources amount to 2.1 billion metric tons, with a further 3.5 billion metric tons in undiscovered resources.
At current production rates, it would take about 105 years for us to use all of it and this does not even account for recycling or new discoveries. Copper is 100% recyclable, and nearly all of the 700 million metric tons of mined copper is still in circulation. With this in mind, it’s safe to say that we won’t be running out of copper anytime soon.
Despite copper’s apparent abundance, the red metal is expensive to actually get out of the ground. As a result, the supply of copper has often fallen short in meeting its rising demand. This, in addition to falling resource grades in Chile, the largest producer of copper, emphasizes the need for new discoveries and mines.
While there are known reserves of copper above the ground, the Earth remains largely unexplored because of the inability to explore for minerals in the depths of the oceans and other planets. As the readily available supply of copper becomes scarce, the incentive to mine currently uneconomic copper increases.
A Mineral Intense Future
Most consumers take the immediate availability of materials such as copper and other metals for granted, with little thought about whether there is enough.
But it’s important to remember that these materials are as finite as the dimensions of the Earth. In this material world, understanding what is and what is not available is critical for a sustainable future here on Earth.
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