Hello and welcome to another captivating weekly article. As we are already aware, many of the major drivers of transformation currently affecting global industries are expected to have a significant impact on jobs. Developments in artificial intelligence and machine learning, robotics, nanotechnology, 3D printing and genetics and biotechnology are all building on and amplifying one another. At the same time to this technological change, we are experiencing broader social-economic, geopolitical and demographic developments, with nearly equivalent impact to the technological factors.
Companies struggle to create cultures that can embrace rapid technological change and governments struggle in response to public more likely to focus on future risks than future benefits. 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. The message is clear: 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.
This massive disruption is going to require a new approach to Human Resource change management. Human Resource 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 need to groom a portfolio of leaders rather than pushing people through a static pipeline. A combination of human skills, digital literacy, upskilling and cultural intelligence combined with the ability to embrace, understand and implement new technologies as well as interacting with intelligent assistants will become standard job components.
The question arises on how to prepare present and future generations to thrive in this transforming world. Whilst economists have been good at predicting the demise of jobs they haven’t been great at pointing to the new jobs that will emerge, whether people will be equipped to do them and whether they’ll produce adequate income. The reality is that the jobs of the future will be the ones that machines can’t do and it is fair to say anything that can be measured or is based on rules will be automated.
This is great news because it means we can automate the work and humanize the jobs. A global study involving nearly 9,000 young people from developed and developing nations has highlighted some startling beliefs about new technologies and their effect on education and job prospects. The study report concluded that young people were optimistic about challenges in the future and that developing nations are more confident in their readiness for the future than developed ones. Technological skills correlate with young people’s confidence in their future careers as well as will flexible skills and soft skills be prerequisites for future careers.
In general, there is a moderately positive outlook for employment across most industries, with jobs growth expected in several sectors. Considering the gleam outlook, there is a need for more talent in certain job categories. Job growth and skills instability in those growing sectors create major recruitment challenges and talent shortages.
To avoid mass unemployment and growing inequality, today’s workers must be reskilled or upskilled. It is critical that businesses take an active role in supporting their employees in regard to re-training. In return, individuals must take a proactive approach to their own lifelong education.
If you would like to find out more how the Fourth Industrial Revolution will affect your business, why not engage an experienced business consulting firm like Synergy Consulting Australia. We will provide you with a tailored seminar as well as prepare a digital strategic plan, which will help your organisation to smoothly transition into the digital age.
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 18 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.