Season 2, Episode 30. Digital Distruption with Maulik Parekh
In this episode, Maulik Parekh joins us to talk about digital disruption and how businesses can take advantage of this phenomenon through innovation and digital transformation.
Based in Singapore, Maulik is an avid entrepreneur, highly sought-after keynote speaker, and bestselling author of Futureproof Your Career and Company. Over the years, with his popular leadership seminars and workshops, he has inspired over 10,000 leaders and prepared them for the increasingly disruptive future.
Prior to his entrepreneurial and literary ventures, Maulik was an award-winning CEO of global companies such as Inspiro and SPi Global. Under his leadership, these companies won over 100 awards, including Best Company of the Year, Best Employer of the Year, and Best Leadership Team of the Year.
[00:27] How Digital Disruption Shaped the Decade
- Introducing Maulik Parekh
- It boils down to three trends
- Job obsolescence because of Artificial Intelligence and Automation
- The global workforce’s major shift composed of digital natives
- How freelancing changed the workforce strategy
- How can employers create an environment with freedom the workforce is looking for?
[05:23] Questioning the Preparedness of Companies for Digital Disruption
- Conflicting ideas between the employers and employees in work setup
- Employers may downplay the impact of freelancing, which is the wave of the future because of freedom and opportunity.
- Such disruption affects real estate, the political landscape, the economy, and society in general.
[8:55] Rise of the Digital Generation Reshaping the Workforce
- Traits of the Digital Generation
- Tech-savvy - desire to work with companies offering the latest technology
- Entrepreneurial in nature - the internet paves way for launching a business or starting a freelancing career
- Purpose-driven - using the power and potential to take on big issues; looking for companies with a purpose larger than life
- Repositioning of companies for the Digital Generation
- Companies must shift their focus from shareholder value to purpose. It has to permeate throughout the organization.
- Effects on Innovation and Digital Transformation
- There is a high percentage of innovation failure. Digital transformation is more than just technology -- it begins with the end in mind.
- How do we enhance customer experience?
- How do you enhance employee experience?
- How do you change your business model to get ahead?
- There is a high percentage of innovation failure. Digital transformation is more than just technology -- it begins with the end in mind.
[16:56] Taking the Digital Disruption Phenomenon as an Advantage
- A renewed perspective on digital disruption
- Figure out how disruptions are coming and how to disrupt yourself before it happens.
- It is all about the concept of enriching the experience with the company. This changes the business model.
- Changing your perception of a modern business
- Every company is a technology company, no matter what industry.
- Focus on the timeless aspect, not the temporary aspect.
- Foster the inherent creativity and ingenuity of employees.
- Every company is a technology company, no matter what industry.
[22:33] Final Thoughts
- The way for companies to stay afloat is to shorten the generation gap or shrink that gap between the idea, execution, and the understanding of what's coming and how to get ahead of it.
- Connect with Maulik (Links Below)
Key Quotes:
“Now, employers do not just have to worry about other employers when it comes to attracting the right talent. They're also fighting against people's innate desire to be the masters of their own destinies.” - Maulik Parekh
“Unless they create an environment where people can walk in with their ideas, can openly share with them, and can potentially even manifest them, at their own pace, at their own time, and in their own way, people are going to be struggling to attract and retain the best talent.” - Maulik Parekh
“Unless companies can create this intrapreneurial culture, where people can come in and manifest their ideas, they're not going to be able to attract the best talent from this generation.” - Maulik Parekh
“These people [Millennials and Gen Z’s] have the power and the potential to take on the biggest issues facing their generation. ” - Maulik Parekh
“They [Millennials and Gen Z’s] want to believe that they're working on something bigger than themselves, not just to make money, but to make an impact on the world.” - Natalie Born
Resources Mentioned:
- Futureproof Your Career and Company: Flourish in an Era of AI, Digital Natives, and the Gig Economy by Maulik Parekh
Connect with Maulik
Website: https://www.maulikparekh.com/
LinkedIn: https://www.linkedin.com/in/iammaulikparekh/
Instagram: https://www.instagram.com/iammaulikparekh/
Today's SPONSORSHIP is brought to you by Territory Global. You can connect with us on Instagram, and Twitter or visit our website territory.co Join the workforce movement!
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