Advancements in technology are bringing forth extensive changes in the workplace and in the nature of work itself, it has successfully influenced the way things are in almost all industries, and data analytics and automation are fast becoming the new norm, paving the way for the Fourth Industrial Revolution.
The Fourth Industrial Revolution or Industry 4.0 is the term used by the World Economic Forum to describe a new chapter in human development. It is where unprecedented technological advancements blur the lines between the physical, digital, and biological spheres.
As a leading technology and financial hub, Singapore is preparing to strengthen and fully integrate industry 4.0 for a more robust and competitive economy.
In fact, Singapore was cited by the World Economic Forum among the top 25 countries globally that are ready to harness and benefit from the changing nature of digital manufacturing and production.
However, these fast-paced technological innovations can potentially disrupt the current labor markets, unless they take part in this revolution.
Industry 4.0 and the Labor Market
Although we cannot foretell the most likely scenario, experts pointed out the possibility of unwanted consequences for labor markets and the increasing skill gaps among the workforce.
Another biggest concern is the estimated number of workers who can lose their jobs because of automation. As automation replaces labor across the economy, it may exacerbate the widening wealth disparity and inequality.
On the other hand, many are pretty optimistic about how these technological developments can help people effectively perform their jobs and focus more on meaningful and fulfilling tasks.
Automation and data analysis could eliminate the more tedious and high-risk aspects of our jobs, resulting in a more efficient and safer working environment.
Historically, human ingenuity and resilience prevail despite the fear that robots and computers can take away our jobs.
Employment changes and talent acquisition and requirements are expected to evolve in the coming years. Some jobs are more likely to disappear, but emerging job markets will require new talent and skills.
Jobs are redesigned for organizations to stay competitive and develop a more future-ready workforce. In the long run, Industry 4.0 will eradicate obsolete professions and create additional employment to enable people to work in a more relevant and flexible setup.
The secret is knowing when and how to adapt to the ever-evolving skills requirement of the workforce.
The Role of HR in Reshaping the Future
HR has a pivotal role to play in equipping the workforce with future skills. HR professionals need to embrace new and innovative ways to drive business transformation.
Aside from production and manufacturing, automation and data analysis are also highly valuable to HR. Technological advancements have implications on how an effective HR operates and how it is appropriately structured.
According to a study by Willis Towers Watson, the availability of technology-enabled solutions has significant impacts on how HR can deliver better talent experiences. HR professionals, like any other employee, must adapt to a mindset open to continuous learning.
The ability to adopt HR Technology is vital to deliver seamless and efficient employee services and experience. For instance, HR professionals who are adept in data analytics can quickly derive objective insights and make viable talent-related decisions.
Wills Tower Watson noted that the HR sector, specifically in Singapore, has a unique capability to foster business transformation through the following:
- Redesigning jobs focused on delivering high-value strategic workforce planning
- Driving the ongoing upskilling and reskilling of the workforce
- Designing and delivering high-quality talent experience, thus enabling higher productivity and performance
- Embracing automation for greater focus on more meaningful HR works
- Leveraging analytics to provide insights on people as a strategic business partner
HR has a significant role in influencing positive organizational behavior like open-mindedness and agility to drive the organization’s cultural change.
Be Early Adopters
Early adopters are in the best position to survive and thrive. Despite the uncertainties and complexities, organizations and employees who understand that there is no end in education are more likely to come out strong.
Organizational and individual transformation is required to successfully transition from a traditional business set up into a technology-driven company and future-ready workforce.
One way to stay ahead is to train the current workforce. It is a must for HR and the top management to prioritize training and consultation programs for new skill sets and strategies necessary for business growth.
To remain competent, upskilling and reskilling programs must be geared towards technical and soft skills development. Skills requirements evolve, and HR must continuously enhance and adopt innovative learning approaches to ensure that interventions align with business needs.
Partnering with a trusted training and consultancy provider can also help equip your talent pool with training programs to help you and your organization stay agile and ready with the skills of the future.
Check our courses at https://ssa.academy/learning-development-courses/ to start learning new skills.
