Meeting the challenges of Industrial Revolution 4.0
By Ashok Bhatia (2018)
(The following is an abridged and modified excerpt from the book ‘I Am Something: Developing a New Leader Mindset’, authored by Prof G P Rao, founder of SPANDAN, yours truly and others.)
Advances in technology inevitably lead to more efficiencies, better products and improved lifestyles for people. But each leap of faith into the domain of a newer technology brings with it a set of newer challenges for mankind. As machines increasingly take over the drudgery of repetitive tasks and become more intelligent, human beings invariably need to re-skill themselves. This applies to business leaders as well as their followers.
The Fourth Industrial Revolution in the offing now builds on the Digital Revolution, representing new ways in which technology becomes embedded within societies and even the human body.
Skill-sets of the future
As per a World Economic Forum document titled ‘Future of Jobs Report’, employers are said to anticipate a significant shift in the division of labour between humans, machines and algorithms for the tasks of today.
The aforesaid report states that of the total task hours across the industries covered, on an average, 71% are currently performed by humans, whereas 29% are performed by machines or algorithms. By 2022, this average is expected to have shifted to 58% task hours performed by humans, and 42% by machines or algorithms. It can be readily appreciated that this signifies a very rapid pace of change, something for which leaders need to be better prepared.
The report goes on to project that skills related to analytical thinking, active learning, technology design and technology competency would grow in prominence. It also proposes that such ‘human’ skills as creativity, originality and initiative, critical thinking, persuasion and negotiation will either retain or increase their value, as will attention to detail, resilience, flexibility and complex problem-solving.
It follows that in the impending man-machine conflict, human beings are not likely to suffer the same fate as that of the non-avian dinosaurs which went extinct some sixty-five million years ago. But the writing on the wall is clear. They need to roll up their sleeves and get down to the task of sharpening their soft skills. A humane approach to handling team members needs to be consciously developed, especially when operating in a business environment characterised by a shortage of skilled workers. In turn, this would pre-suppose a higher Emotional Quotient and better service orientation. Even as the reliance on artificial intelligence grows for the analytical part of decision making, the role of intuition would become even more crucial.
A focus on the bottom line
Most employers would go in for innovating through technology if it makes business sense. It follows that technology would continue to remain a tool in the arsenal of the corporate world to squeeze more profits out of their operations, thereby making careers more fragile and impacting labour incomes adversely. With 24×7 connectivity, people are already working longer and enjoying lesser leisure time.
In a scenario of this kind, there is a grave risk that leaders would end up losing a connection with themselves even more than at present and hence end up de-humanising the work place.
However, values remain indestructible. As an example, honesty and truthfulness in relationships is something which is bound to withstand the onslaught of newer technologies in the centuries to come. Same is the case with empathy, compassion, resilience and a flexible approach in problem solving.
Perhaps there is a need for governments the world over to anticipate newer moral and ethical dilemmas in a proactive manner and influence technological developments suitably, so human dignity and freedom is not compromised.
The perks and the perils
One may also surmise as to how the imminent advances in technology could throw up positive as well as negative factors which are likely to impact the man-machine equation in the times to come.
According to a 2014 report entitled ‘AI, Robotics, and the Future of Jobs’, published by Pew Research Centre, researchers Aaron Smith and Janna Anderson went to the extent of seeking feedback from as many as 1,896 experts. They found that when it came to the impact of advances in technology upon economic opportunity and employment, the opinion was deeply divided.
The optimists opined that technology would free us from day-to-day drudgery and end up redefining our relationship with ‘work’ in a more positive and socially beneficial manner. They felt that we shall adapt to these changes by inventing entirely new types of work and control our own destiny through the choices we make.
The pessimists amongst those who participated in the aforesaid study were of the opinion that the coming wave of innovation would mostly impact those involved in white-collar work. Whereas highly skilled workers will do better, many more might get pushed into lower paying jobs, and might even face permanent unemployment. They also felt that our educational, political and economic institutions are poorly equipped to handle the challenges which are likely to come up.
The aforesaid piece of research throws up instructive insights into how the future might shape up. Leaders and managers really need to think up some innovative ways in which they would handle a highly polarised workforce, comprising a disgruntled lot at one end and a highly skilled one at the other.
The challenge of creating happier workplaces
Unlike the earlier industrial revolutions, which first created and then changed the skill sets required by our blue collar workforce, the Fourth one promises to change the work profile of our white collar workers.
In his book, The Fourth Industrial Revolution, Professor Klaus Schwab, founder and executive chairman of the World Economic Forum, describes how this fourth revolution is fundamentally different from the previous three, which were characterised mainly by advances in technology. According to him, these technologies have great potential to continue to connect billions of more people to the web, drastically improve the efficiency of business and organisations and help regenerate the natural environment through better asset management.
As we grapple to understand the future direction of monumental changes in our socio-economic fabric owing to the next phase of technological evolution, few things stand clear.
One, that our educational institutions are nowhere near the task of training a workforce which would not learn analytical skills by rote but would grasp the importance of creativity, resilience and improve upon their Emotional Quotient.
Two, most of our governments are yet to devise ways and means of regulating issues of protecting individual privacy, executive burnouts arising out of a 24×7 connectivity and heightened civic strife due to growing inequalities. The next phase is bound to create a newer class of elite – those who are adept at newer technologies, leaving far behind those who are not.
Those in the first category could end up believing that they are all too powerful. Those who remain blissfully ignorant and continue to be disconnected to those who are reaping the benefits of newer technologies are likely to gravitate towards a belief that they have no place in the knowledge universe. With poor resources of material as well legal kind at their command, these new ‘have-nots’ of the society may be doomed to languish for a long time, till the governments of the day intervene, wilfully or otherwise, and ensure implementation of economic policies which are more inclusive in nature.
The third kind, comprising those left in the middle of the normal distribution curve of technology dispersal, could end up having a balanced approach to issues. In fact, with advances in technology, this kind could well face a higher risk of extinction, paving the way for those who believe themselves to be all too powerful to rule the roost.
The same pattern may become apparent in the realm of management as well. Leaders and executives would need to increase their engagement not only with the society at large, but also with the governments of the day. A massive effort at re-skilling personnel would become a necessity.
A matter of trust and privacy
Infosys co-founder N R Narayana Murthy happens to be of the view that technology is a great leveller. He thinks that technology has improved transparency, conquered distance and class barriers. Also, that it has the potential to create a fair society and enhance the accountability of the rich, the powerful and the elite to the poor and disenfranchised in all societies.
One cannot dispute this. However, concerns regarding an increasing trust deficit remain. Denizens of many countries are feeling increasingly jittery over instances of data privacy. Moral policing, electoral pitching, rumour mongering – all these are fuelling this trust deficit.
One case in point is that of Facebook which is already armed with tools to dig deep into our lives, with the singular aim of moulding our thoughts and opinions about diverse aspects of our lives.
Employees in most organisations already resent living in a virtual fish bowl, where all their communications are suspected to be getting monitored. No one likes to be micro-managed, especially those who are capable and self-confident. Business enterprises have already started deploying tools to monitor employee productivity by collecting and analysing their activity and inactivity levels.
In the long run, a work environment of this nature would end up impacting productivity, commitment and motivation levels adversely.
Since 2020, the coronavirus has brought into focus the perils of techno-capitalism, dividing the society into those who can readily access technology and those who cannot. In an emerging economy like that of India, many school students have been left out of the formal learning loop because of their not having been able to access online classes. Rather than technology proving to be a leveller, it has instead proved itself to be a disruptor. Work-from-home has brought in behavioural changes amongst the knowledge workers, whereas migrant labourers have suffered from the trauma of displacement and loss of earnings.
The ever-increasing rate of change
One thing is certain. Change is not only a constant. With each passing year, the rate of change is also increasing. Much like Alice in Wonderland, Homo sapiens are discovering that they need to keep running faster and faster, with nary a respite in sight. Mankind is bound to evolve further much earlier than what was believed in the past. Alvin Toffler would perhaps heartily approve of this proposition.
Unlike thought so far, the man machine relationship shall become more integrated with each other in the near future. As a result, the combined force of processing of billions of data points for efficient decision making by machines, and contextual, emotional and intuitive aspects of decision making by human beings, would be, to that extent, higher and greater in their respective impacts – for good or bad.
What can be done to meet the challenge
– Employees, whether present or potential, can go beyond the formal education system and aggressive look for avenues to hone their skills, so as to remain employable. As Stephen R
Covey has said, we need to keep our saws sharpened.
– Same applies to our business leaders, who would do well to improve upon their Emotional Quotient.
– The agenda for educationists and politicians is clear: To keep taking steps to facilitate the change already upon us; to anticipate the challenges of privacy and rumour mongering and to intervene to have appropriate safeguards embedded in upcoming technologies.
(References:
https://www.weforum.org/reports/the-future-of-jobs-report-2018
“Future of Jobs.” Pew Research Center, Washington, D.C. (December 11, 2014);
Advances in technology inevitably lead to more efficiencies, better products and improved lifestyles for people. But each leap of faith into the domain of a newer technology brings with it a set of newer challenges for mankind. As machines increasingly take over the drudgery of repetitive tasks and become more intelligent, human beings invariably need to re-skill themselves. This applies to business leaders as well as their followers.
The Fourth Industrial Revolution in the offing now builds on the Digital Revolution, representing new ways in which technology becomes embedded within societies and even the human body.
Skill-sets of the future
As per a World Economic Forum document titled ‘Future of Jobs Report’, employers are said to anticipate a significant shift in the division of labour between humans, machines and algorithms for the tasks of today.
The aforesaid report states that of the total task hours across the industries covered, on an average, 71% are currently performed by humans, whereas 29% are performed by machines or algorithms. By 2022, this average is expected to have shifted to 58% task hours performed by humans, and 42% by machines or algorithms. It can be readily appreciated that this signifies a very rapid pace of change, something for which leaders need to be better prepared.
The report goes on to project that skills related to analytical thinking, active learning, technology design and technology competency would grow in prominence. It also proposes that such ‘human’ skills as creativity, originality and initiative, critical thinking, persuasion and negotiation will either retain or increase their value, as will attention to detail, resilience, flexibility and complex problem-solving.
It follows that in the impending man-machine conflict, human beings are not likely to suffer the same fate as that of the non-avian dinosaurs which went extinct some sixty-five million years ago. But the writing on the wall is clear. They need to roll up their sleeves and get down to the task of sharpening their soft skills. A humane approach to handling team members needs to be consciously developed, especially when operating in a business environment characterised by a shortage of skilled workers. In turn, this would pre-suppose a higher Emotional Quotient and better service orientation. Even as the reliance on artificial intelligence grows for the analytical part of decision making, the role of intuition would become even more crucial.
A focus on the bottom line
Most employers would go in for innovating through technology if it makes business sense. It follows that technology would continue to remain a tool in the arsenal of the corporate world to squeeze more profits out of their operations, thereby making careers more fragile and impacting labour incomes adversely. With 24×7 connectivity, people are already working longer and enjoying lesser leisure time.
In a scenario of this kind, there is a grave risk that leaders would end up losing a connection with themselves even more than at present and hence end up de-humanising the work place.
However, values remain indestructible. As an example, honesty and truthfulness in relationships is something which is bound to withstand the onslaught of newer technologies in the centuries to come. Same is the case with empathy, compassion, resilience and a flexible approach in problem solving.Perhaps there is a need for governments the world over to anticipate newer moral and ethical dilemmas in a proactive manner and influence technological developments suitably, so human dignity and freedom is not compromised.
The perks and the perils
One may also surmise as to how the imminent advances in technology could throw up positive as well as negative factors which are likely to impact the man-machine equation in the times to come.
According to a 2014 report entitled ‘AI, Robotics, and the Future of Jobs’, published by Pew Research Centre, researchers Aaron Smith and Janna Anderson went to the extent of seeking feedback from as many as 1,896 experts. They found that when it came to the impact of advances in technology upon economic opportunity and employment, the opinion was deeply divided.
The optimists opined that technology would free us from day-to-day drudgery and end up redefining our relationship with ‘work’ in a more positive and socially beneficial manner. They felt that we shall adapt to these changes by inventing entirely new types of work and control our own destiny through the choices we make.
The pessimists amongst those who participated in the aforesaid study were of the opinion that the coming wave of innovation would mostly impact those involved in white-collar work. Whereas highly skilled workers will do better, many more might get pushed into lower paying jobs, and might even face permanent unemployment. They also felt that our educational, political and economic institutions are poorly equipped to handle the challenges which are likely to come up.
The aforesaid piece of research throws up instructive insights into how the future might shape up. Leaders and managers really need to think up some innovative ways in which they would handle a highly polarised workforce, comprising a disgruntled lot at one end and a highly skilled one at the other.
The challenge of creating happier workplacesUnlike the earlier industrial revolutions, which first created and then changed the skill sets required by our blue collar workforce, the Fourth one promises to change the work profile of our white collar workers.
In his book, The Fourth Industrial Revolution, Professor Klaus Schwab, founder and executive chairman of the World Economic Forum, describes how this fourth revolution is fundamentally different from the previous three, which were characterised mainly by advances in technology. According to him, these technologies have great potential to continue to connect billions of more people to the web, drastically improve the efficiency of business and organisations and help regenerate the natural environment through better asset management.
As we grapple to understand the future direction of monumental changes in our socio-economic fabric owing to the next phase of technological evolution, few things stand clear.
One, that our educational institutions are nowhere near the task of training a workforce which would not learn analytical skills by rote but would grasp the importance of creativity, resilience and improve upon their Emotional Quotient.
Two, most of our governments are yet to devise ways and means of regulating issues of protecting individual privacy, executive burnouts arising out of a 24×7 connectivity and heightened civic strife due to growing inequalities. The next phase is bound to create a newer class of elite – those who are adept at newer technologies, leaving far behind those who are not.
Those in the first category could end up believing that they are all too powerful. Those who remain blissfully ignorant and continue to be disconnected to those who are reaping the benefits of newer technologies are likely to gravitate towards a belief that they have no place in the knowledge universe. With poor resources of material as well legal kind at their command, these new ‘have-nots’ of the society may be doomed to languish for a long time, till the governments of the day intervene, wilfully or otherwise, and ensure implementation of economic policies which are more inclusive in nature.
The third kind, comprising those left in the middle of the normal distribution curve of technology dispersal, could end up having a balanced approach to issues. In fact, with advances in technology, this kind could well face a higher risk of extinction, paving the way for those who believe themselves to be all too powerful to rule the roost.
The same pattern may become apparent in the realm of management as well. Leaders and executives would need to increase their engagement not only with the society at large, but also with the governments of the day. A massive effort at re-skilling personnel would become a necessity.
A matter of trust and privacy
Infosys co-founder N R Narayana Murthy happens to be of the view that technology is a great leveller. He thinks that technology has improved transparency, conquered distance and class barriers. Also, that it has the potential to create a fair society and enhance the accountability of the rich, the powerful and the elite to the poor and disenfranchised in all societies.
One cannot dispute this. However, concerns regarding an increasing trust deficit remain. Denizens of many countries are feeling increasingly jittery over instances of data privacy. Moral policing, electoral pitching, rumour mongering – all these are fuelling this trust deficit.
One case in point is that of Facebook which is already armed with tools to dig deep into our lives, with the singular aim of moulding our thoughts and opinions about diverse aspects of our lives.
Employees in most organisations already resent living in a virtual fish bowl, where all their communications are suspected to be getting monitored. No one likes to be micro-managed, especially those who are capable and self-confident. Business enterprises have already started deploying tools to monitor employee productivity by collecting and analysing their activity and inactivity levels.
In the long run, a work environment of this nature would end up impacting productivity, commitment and motivation levels adversely.
Since 2020, the coronavirus has brought into focus the perils of techno-capitalism, dividing the society into those who can readily access technology and those who cannot. In an emerging economy like that of India, many school students have been left out of the formal learning loop because of their not having been able to access online classes. Rather than technology proving to be a leveller, it has instead proved itself to be a disruptor. Work-from-home has brought in behavioural changes amongst the knowledge workers, whereas migrant labourers have suffered from the trauma of displacement and loss of earnings.
The ever-increasing rate of change
One thing is certain. Change is not only a constant. With each passing year, the rate of change is also increasing. Much like Alice in Wonderland, Homo sapiens are discovering that they need to keep running faster and faster, with nary a respite in sight. Mankind is bound to evolve further much earlier than what was believed in the past. Alvin Toffler would perhaps heartily approve of this proposition.
Unlike thought so far, the man machine relationship shall become more integrated with each other in the near future. As a result, the combined force of processing of billions of data points for efficient decision making by machines, and contextual, emotional and intuitive aspects of decision making by human beings, would be, to that extent, higher and greater in their respective impacts – for good or bad.
What can be done to meet the challenge
– Employees, whether present or potential, can go beyond the formal education system and aggressive look for avenues to hone their skills, so as to remain employable. As Stephen R
Covey has said, we need to keep our saws sharpened.
– Same applies to our business leaders, who would do well to improve upon their Emotional Quotient.
– The agenda for educationists and politicians is clear: To keep taking steps to facilitate the change already upon us; to anticipate the challenges of privacy and rumour mongering and to intervene to have appropriate safeguards embedded in upcoming technologies.
(References:
https://www.weforum.org/reports/the-future-of-jobs-report-2018
“Future of Jobs.” Pew Research Center, Washington, D.C. (December 11, 2014);
Ashok Kumar Bhatia is an occasional author, a speaker, a regular blogger and content creator on such topics as Management, P G Wodehouse, Bollywood and life in general. Based on his 35 years+ experience in the corporate world, he is acutely aware and conscious of the need for high values and ethics in business. Almost all his articles and books have an underlying current highlighting this very theme. In him, one finds a fierce critic of any kind of compromises on this front. He believes that business ships which are built on a keel of sound values end up not only having a better brand equity but also yield better returns to their stakeholders. When businesses are broad minded and give back to the society at large, they serve a higher purpose. His blog posts can be accessed at ashokbhatia.wordpress.com.
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