Advancements in data sharing and improved security are breaking down barriers between organizations that were traditionally in competition. And this is to citizens’ and consumers’ benefit.
At Intermountain Healthcare, for instance, the Oncology Precision Network (OPeN) allows doctors in 11 states, 79 hospitals and 800 clinics to share data on approximately 50,000 new cases a year, dramatically improving diagnosis and treatment outcomes. Aetna reckons that if open data sharing were used in just 10% of medical cases nationwide, medical professionals would gain more knowledge than all the funded clinical research in the US.
The quest for a better work-life balance. The National Bureau of Economic Research found that full-time ‘gig economy’ workers — freelancers and workers on short-term contracts — made up 15.8% of US workforce in 2015. But a McKinsey Global Institute study argues the figure is closer to 40% when you factor in part-timers.
Workers increasingly want more control over their career, the hours they work, the work they do and where they do it. So much so, that 82% are willing to cut their salary by $1 an hour just to set their own hours. The 2001 and 2008 recessions have also made many feel disillusioned with the 9 to 5 and mistrustful of large organizations.
More to the point, technology is making it easier than ever to work from anywhere. It’s no longer necessary to be physically present on company premises to be productive. At the same time, it’s also made it more cost-effective to outsource non-core functions and processes. And this has fueled the growth of freelancers and independent contractors.
We’re far from seeing the end of traditional working arrangements. That said, as more and more workers start demanding flexibility or going freelance, corporations will have to increase their focus on employee morale and satisfaction to attract top talent.
Collective Action: Up close
The future will be determined by those who are willing to reinvest, adapt and turn future threats into opportunities.