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Deloitte: Be purposeful in defining your work

Workers think in terms of projects, not long-term employment. 10'000 Hours/Getty Images

Not that long ago, employees had a defined role at a consistent worksite for the same company for many years. The employer-employee relationship seemed stable and well-defined. But times have changed. In a recent Deloitte Insights article, "What is the Future of Work?," Deloitte highlights how "forces of change" — e.g., accelerating connectivity, new talent models, artificial intelligence, crowdsourcing, etc. — are radically redefining the who, what, and where of work.

The workforce of the future has significant implications for everyone. For employees, planning out a 50-year career is almost impossible. For employers, their traditional approach to attract, develop, and retain workers has been shaken. The focus now is accessing and establishing flexible work engagements around specific projects. Deloitte's insights, summarized below, are eye-opening and portend potentially significant societal impact.

What is work?
Deloitte notes that technological advances have long impacted the nature of work in the Western world. The chart below shows the evolution across three eras.

Source: Deloitte Insights

In today's postindustrial era, robots and automated systems are replacing some jobs. Yet workers need not fear: their relational skills and insights can't be replaced by technology — and, in fact, enhance the value offered by technology. For example, online juggernaut Amazon opened a tech hub in Houston in July 2019. As the name implies, the hub will use technology, but it will also create 150 jobs, per a recent InnovationMap article. This is just one example illustrating that work now focuses on the ability to capture value from technology, solve problems, and manage human relationships.

Who is working?
The relationship between employers and employees will likely never be the same. Per Deloitte Insights, "[o]rganizations now have a broad continuum of options for finding workers, from hiring traditional full-time employees to availing themselves of managed services and outsourcing, independent contractors, gig workers, and crowdsourcing." This means companies should be adept at recruiting, engaging, and retaining workers in new types of relationships.

Workers in Houston are wading into the new model. In a study profiled in a recent CultureMap article, "Houston ranked second statewide and 11th in the U.S. among major metro areas for the size of the skilled-freelancer workforce per revenue produced." The relationship between workers and their jobs is shifting from long-term employment to project engagement.

Where are people working?
One thing is clear: workers are spending less face time with work colleagues. More and more work is being accomplished from home or coworking spaces. Many workers appreciate the flexibility of working remotely; companies can benefit from reduced overhead.

Houston is experiencing huge growth in the number of coworking spaces. The Cannon Houston moved into its new 120,000 square foot building in July 2019, and WeWork is planning to open another location, which will be its fourth in Houston and second in downtown Houston. These spaces offer not just desks and offices, but a variety of events and programming designed to foster community.

The new frontier
Deloitte notes that the full impact of these changes may just be starting — and the future of work is not a "foregone conclusion." We can allow technology to merely "drive more efficiency and cost reduction, or we can consider more deeply the ways to harness these trends and increase value and meaning across the board — for businesses, customers, and workers." Deloitte urges organizations to "zoom out and imagine the possibilities" to create positive outcomes for work, the workforce, and the workplace. As Deloitte sums it up: "[p]urpose will bring the future into focus."

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This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.

About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

Copyright © 2019 Deloitte Development LLC. All rights reserved.

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Building Houston

 
 

Molecule has closed new funding in order to focus on the energy transition. Photo via Getty Images

A Houston startup with a software-as-a-service platform for the energy transition has announced it closed a funding round with participation from a local venture capital.

Molecule closed its $12 million series A, and Houston-based Mercury Fund was among the company's investors. The company has a cloud-based energy trading and risk management solution for the energy industry and supports power, natural gas, crude/refined products, chemicals, agricultural commodities, softs, metals, cryptocurrencies, and more.

"We led the seed round of Molecule upon their formation and are excited to participate in their series A," says Blair Garrou, co-founder and managing director of Mercury, in a news release. "Molecule's success in the ETRM/CTRM industry, especially in relation to electricity and renewables, positions them as the company to beat for the energy transition in the 2020s."

The company will use its new funds to further build out its product as well as introduce offerings to manage renewables credits, according to the release.

"In 2020, we realized that electricity — the growth commodity of the 2020s — represented over half of Molecule's customer base, and we decided to double down," says Sameer Soleja, founder and CEO of Molecule, in the release. "We were also rated the No. 1 SaaS ETRM/CTRM vendor. With this fundraise, we have the fuel to become No. 1 SaaS platform for power and renewables, and then the market leader overall.

"Molecule is ready to power the energy transition," Soleja continues.

Molecule's last round of funding closed in November 2014. The $1.1 million seed round was supported by Mercury Fund and the Houston Angel Network.

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