Disruption is here! EVOLVE and Navigate the wave!
As the saying goes: “A smooth sea never made a skillful sailor” – What we are facing with the advancement of technology is REAL. Being aware of what is out there will essentially help us navigate the path ahead more effectively as we plan for technology adoption. Here’s what to expect in 2018!
7 Disruptions to expect by HR:
Driver number 1: Technology is everywhere
2.6 BILLION + smartphone users in the world to be exact.
Expectations are that the trend and use of technology will become more deeply intertwined into not only our lives but also how we are living it. Accelerated by technological advancement and maturity, it will become more easily adopted by our functional customers.
Take an example: Today our payroll process requires us to get bank account details, set up bank information, etc. Maybe with the quick adoption of mobile payment system (Like PayNow! PayLah, etc), in the near future, we may probably pay our employees’ salary through mobile numbers. While we think that this might be a long way to go, are we ignoring the fact that the zealous movement by banks to sprint for such payment gateway is faster and more aggressive than how we change our payroll policy?
Driver number 2: Massive growth of AI, cognitive computing and robotics
If you don’t already know, SIRI or Google Assistant that you talk to via your phone are actually powered by Artificial Intelligence (A.I). The level of machine learning capabilities has leaped forward tremendously fast. These cognitive computing capabilities are set to become more humanistic soon with the advancement of NLP (Natural Language Processing) capabilities of A.I.
Driver number 3: Jobs and tasks are vulnerable to automation
35% in the UK, 47% in the US, 77% in China to be exact.
The number only sees an increasing trend.
Sharing a close example which I have experienced as an HR practitioner: during a conversation with a very seasoned HR professional, he shared that when he started out as a young HR chap, they had to prepare “Memos” and distribute them to pigeon holes as well as be skillful at shorthand. However well he had performed his job back then, it’s no longer relevant in today’s context.
Examine your current work processes to see if there are mundane administrative processes where it can be automated to become more accurate, consistent, effective, fast and cost efficient? If so, these are areas which you should be watching out for.
Driver number 4: Tsunami of data
Do you know that the amount of data today as compared to 2 years ago is 9X more?
The amount of data that is generated today becomes a major enabler of machine learning, which in turn provides even more data.
This wave of data becomes chaotic for us to handle unless we are able to effectively control the Chaos.
This is where advanced AI comes into play where experts explore methods of designing and using algorithms useful for finding adequate answers to combinatorically large problems that require largely symbolic rather than numeric computing.
Driver number 5: Diversity, demographic and generational change
Millennials will soon make up 50% of the workforce. Careers will become longer and we probably have to spend 50 years of our life contributing to the longevity of our careers.
Time and tide wait for no man, this is the exact same sentiments that 2018 and the future hold as well. Dynamics of the workforce is changing, reflecting on how are we harnessing such diversity will be critical to success.
Driver number 6: Change in nature of careers
2.5 to 5 years – that’s the half-life of your current skills.
4.5 years – that’s the average tenure of your employees in a job
The nature of how careers and skill sets change will be tremendously fast. This trend impacts our policy and HR practices as well. How are we adapting to counter these changes? We have to be flexible in adopting proactive interventions in many areas, inclusive of effective knowledge curation, retention and transfer, self-service onboarding and just-in-time workplace-based learning, to help support the trend as well.
Driver number 7: Explosion in contingent work
The rise of contingent workforce is going to be a concern as well. In the US alone, it is expected that by 2020, 40% of its workers are going to be contingent workforce.
In many countries employment landscape, legal foundations have yet to keep in tandem with this wave of change. With higher ROI (Return on investments), faster quality delivery and lower employment liability, these data appear to be a good alternative for employers. As for contingent workers, higher flexibility and freedom to drive REAL work-life balance will probably be the main drivers for them.
Examine your contingent workforce policies and plans today. What are the gaps and how would you close these gaps, if any, to be future ready for such employment arrangements?
This blog post shares some trends we have identified in 2018 and beyond, what’s your thoughts?
We love to hear from you.