Industry 4.0: Workforce Management in Fourth Industrial Revolution

The coining of the term, “Fourth Industrial Revolution” happened in Davos, 2016. The founder and exec-chairman of the World Economic Forum, Klaus Schwab wrote in his book “The Fourth Industrial Revolution is blurring the lines between the physical, digital and biological spheres.”

Looking back in time, one must be curious to know how it all started? Researchers have theories but historians say that we had three industrial revolutions to thank for:

• 1^st Revolution: Introduction and use of machines, power, and conversion of energy
• 2^nd Revolution: Establishment of centers for power and electricity production for mass utilization of natural resources
• 3^rd Revolution: Beginning of advanced computers, electronics, and automation

Though we’re still devouring the technological advancements made in the last decade, it’s time to look forward and leap into the 21st-century revolution -The Fourth Industrial Revolution.

Growing Business in the Fourth Industrial Revolution: What does it mean for you?

Companies are creating new ways to approach consumers. The main player of today’s economy is technology. We’re past the blooming of the Internet of Things. We have entered into the hyper-advanced stage where the concepts are converted into hi-tech products. The IT product industry is going to be the crucial game-changer in the fourth industrial revolution period.

Speaking from the businessman’s point of view, competition is at an all-time high. The old-school or traditional setups will find it difficult to sustain even if they sell the experience to consumers. For start-ups, it is merely a matter of the right opportunity to enter and acquire the market.

That’s possible today because companies have resources that erase the physical boundaries. Procurement, Marketing, Sales, Client Servicing, and distribution channels are open to digital mediums. The global market is always ready for a new launch.

For businesses, the options are wide open but so is the budding competition. Demand for products has surely increased with more avenues to serve. In a way, the Fourth Industrial Revolution is providing opportunities.

How does it affect employment globally?

The development of Artificial Intelligence and Machine Learning has opened zones for new employment. However, the controversies prevail as 60 million people have recently lost their jobs to robots, automation, and the future of technology.

On the other hand, the World Economic Forum reports that 93 million new jobs are to be created within the next few years. This dynamic difference between reality and forecast only suggests that the gap needs to be filled using a more sustainable approach.

This approach is now termed the Gig Economy. Companies are now seeing high vacancies in skill-targeted roles. Experts with certain parameters of expertise are the answers to many business solutions. However, the previous industrialization has created a pattern of hiring “jack of all trades”. That’s the problem for this generation’s upcoming employees. To break the pattern, the rise in the contingent workforce for role-specific jobs has played out well.

 

If you’re looking to know how employment is going to get affected by the fourth industrial revolution, here’s a gist to remember:

1. Demand-Supply Ratio : As technology gets more advanced, skilled labor needs to learn more. Forbes reports that 50 million Chinese workers need professional training to work proficiently into their new roles involving AI and automation. While the demand is set to increase, the supply of skilled labor is considerably low.
2. Professional Training : Each company has to have a Learning Management System to train their new hires for the challenges ahead of them. As more companies are personalizing their approach, a highly efficient LMS becomes a necessity for training the workforce.
3. Temporary Jobs : While employees are looking for better opportunities and flexible work-life, employers are finding it much more convenient to hire people for the short term. For employers, this is a win-win situation as these experts bring a variety of experience and exposure from their previous jobs.
4. Change in Work Policies : As more companies are adapting to the temporary workforce, the shift in employment is also bringing revolutionary changes in workplace policies. The understated segment of workers has reported being less secure in terms of health and work policies. Now the organizations are taking a more compassionate approach and reframing their policies to treat their temporary workers as much as close to permanent. The change is expected to be in tax benefits, health insurance, housing facilities, travel allowances, and more.
5. Remote Working Environment : Freelancers, IT contractors, and gig workers are now experiencing more freedom at work. Companies, with secure and trustworthy technology, are now allowing more work-from-home opportunities. This is believed to improve the gender ratio at work as well. In fact, the best Vendor Management System ensures end-to-end support to the company and candidates together. It is a prime technology to provide an experience beyond physical boundaries by connecting companies with well-deserved candidates across the world.
6. Increase in High-Paid Jobs : Skilled labor is now aiming to acquire better-paying jobs. The average is much higher than other IT jobs. People in Data analytics, ML, AI, and blockchain technology need good compensation. For companies, this calls for two problems- Vendor Compliance Risk and Vendor Management. Both of which are handled well by FlentisPRO. Read more to know-how.

However, if you do agree with these circumstances, then you would also find comfort in knowing that the right implementation of technology is the key to the problem.

Why is technology crucial in the Fourth Industrial Revolution?

Moving into the future, most human jobs at the ground level are going to be replenished by robots and automation. While the speed of work done is going to be a lot faster than what it is today, the need to fill an open position is going to decide if you’re working at optimal value or not.

Automation technology for workforce management is of utmost importance now than ever,

Experts advise you to take a semi-annual deep-dive review to ascertain if the automation software is working for you or not. Find out at the earliest before you’ve invested millions of dollars and hours on the wrong solution.

Improving the quality of serving your clients and improving the candidate experience is possible with an intuitive and personalized VMS platform in the staffing and human resource department. Make a conscious choice by choosing what works for you rather than what looks good.

Takeaway : Fourth Industrial Revolution is a level up for all the business elements and removing the physical boundaries with technology penetration is going to put you at the front of the race. Let us know if you’re on watch out for a Workforce Management System because our experts are readily waiting to book your Demo with us.

Drop us a hello at info@flentis.com

Can’t wait to geek you about VMS!

Request Demo