Adam Brinegar, CEB Global and Talent Daily author wrote an excellent summary of the 2016 World Economic Forum held in Davos, Switzerland. The WEF was a gathering of economic leaders, tycoons, and celebrities discussing what people are calling the Fourth Industrial Revolution (4IR). The revolution, is a synergy of the physical and the digital and, importantly, does so at incredible speed and disruption to businesses.
Companies struggle to create cultures that can embrace rapid technological change and governments struggle in response to publics more likely to focus on future risks than future benefits. Since 2016 companies have looked to transform both their HR functions and their workforces to better handle the onslaught of change largely generated by the digital revolution. One message came out clear from the WEF: Change in this new era is very different than in the past.
Digital transformation is as much about people as technology, which requires new skills and knowledge. Given the rapid pace of change, business model disruptions are resulting in a near-simultaneous impact on skill sets for both current and emerging jobs across industries. Even jobs that will shrink in number are simultaneously undergoing change.
By 2020, the WEF predict that about a third of the core skills in most occupations today will no longer be crucial. If the prediction would come true, this would mean that current staff training, selection and promoting people based on skills won’t be that important in the future.
This massive disruption is going to require a new approach to change management. HR departments need to become flexible, agile and aligned with the business. Talent practices have to be updated to reflect a constantly changing environment. Performance management systems need to move in real time. Succession management systems needs to groom a portfolio of leaders rather than pushing people through a static pipeline.
“Let us together shape a future that works for all by putting people first, empowering them and constantly reminding ourselves that all of these new technologies are first and foremost tools made by people for people.” – Klaus Schwab, The Fourth Industrial Revolution
It is time to move your business into the 4IR and start implementing corporate education programs. Not sure where to start? Synergy Consulting Australia provide business diagnostics and tailored corporate training courses to ensure your organisation is ready to grow in the 4IR.
Synergy Consulting Australia provides a large range of business consulting services which includes 4IR, Legal, Accounting, Marketing, Project Management, Migration services and many more tailored business solutions. This also includes a full market research and feasibility report before investing. www.synergyaustralia.com.au
Synergy Consulting Australia is led by Ilona Solinska. Ilona has over 17 years’ international business consulting experience. She is a successful business growth strategist, Keynote speaker and writer. She has coached hundreds of businesses in the area of Marketing, Finance, Legal, Compliance, Operation, Change & Project Management and is a highly sought-after presenter on a wide variety of business topics.