Empowering The Digital Workforce of the Future
Over
the past 25 to 30 years, furtherance in automation has done monumental things
for the manufacturing sector in terms of solidity, welfare, and operational
efficiency. Nowadays, despite all the publicity about the commitments of the
Internet of Things, the industry has reached a point where those gains are
disembarking. Manufacturers cannot simply "efficiency their way" to
top-quartile performance any longer.
Today's
evolving business and technology landscape require investment firms to take a
whole transformative approach, including redesigning the customer experience
with the help of BPO Service Providers, readdressing how data fluxes across the
industry, and integrating technology into investment decision-making and
product capabilities.
While
it could be captivating for firms to retreat to what they know, the events of
2020 call attention to the need for another compact approach. If asset managers
take a clear-eyed perspective and embed innovation into their organization's
genetic code, they could emerge as winners in upcoming years with BPO service providers paving the way
smooth for them.
The new aeon of prolificacy
Investment in technology and
fundamental changes in how you conduct business is necessary to capitalize on
these opportunities. Nevertheless, manufacturers struggle to determine a
predictable way forward even though they understand the need to evolve.
As manufacturers strive to become
game-changing performers, they should embrace technologies as well as utilize
BPO Service Providers that empower their most valuable assets: their people.
According to our analysis of
top-quartile industry performers, workers must develop five critical
competencies to accomplish the digital transformation:
1. Automated workflow
2. Decision support
3. Workforce upskilling
4. Mobility and
5. Change management.
What is the
Workforce?
According to Merriam-Webster, Workforce denotes the number of
workers engaged in or available for work, either in a country or area or in a
particular firm or industry. Implementing effective digital transformation not
only helps business grow, but it also enables employees to attain their optimum
potential.
Two Dimensions to Make Your Workforce Future Ready
Based on statistical data from various companies and survey data
from a variety of respondents, two distinct ways companies are changing their
workforces are identified.
1.
Digitization of Work: Equipping employees with the right digital tools to do their
work of today and to redesign their work of tomorrow.
Digitization of Work narrates how the workforce is arrayed with
technologies that help employees do their job and manage their working life.
Job-related systems (e.g., customer relationship management, e-signature,
dispatching) make it easier for employees to perform in their workplace.
Working-life systems (e.g., email, videoconferencing, social media platforms,
travel booking, expense management, scheduling) make it easier for employees to
communicate, collaborate, and organize.
As companies move from left to right on the horizontal axis in
the figure, they shift from equipping employees with standalone and monolithic
applications to systems that are componentized and reconfigurable. Such systems
provide the transparency to allow workers to adapt to work routines or
coordinate on the fly in response to required needs without the involvement of
the IT department. Employees can decide which order to execute, processes,
independently modify rules managed by rules engines, and access data needed to
make decisions.
2.
Digital Fitness: Empowering and developing employees to work effectively in a
company that is increasingly transforming to be digital.
Digital Fitness is how employees are empowered and capable of
functioning productively in a digital business. As companies move up the
vertical axis in the figure, business leaders shift their focus from ensuring
that workers have the right skills to empower their workforce to work
collaboratively to solve complex problems. They become less focused on how
people do their jobs and more concentrated on what they accomplish.
Deciphering difficulty in a digitally delegated company
requisites people to think in new ways, leverage digital skills and knowledge,
and work effectively with others. Companies whose employees are higher in
Digital Fitness expect people to curate their learning rather than tell them
when to get training. Employees learn “just in time,” often by doing and by
learning from colleagues.
Three
Challenges the Workforce is facing
Challenge 1: Skills
Mismatch Inhibits Workforce Potential
Skills
mismatch is a discrepancy between employers' skills and the skills that
individuals seek (including job seekers and employees) and possess.
1-1.3
billion people in the world are experiencing skills mismatch.
For
individuals, skills mismatch takes one of the three following forms:
- Skills gap
- Skills obsolescence
- Over/under skilling
For
employers, skills mismatch leads to skills shortages.
The Harm of Skills Mismatch Occurs at Multiple Levels
- Missed opportunities
- Uncertain income and employment prospects
- Limited career development for individuals
- Hidden productivity tax risk for employers
- Tension for the society
- Uneven economic growth and global divisions of labour
- Decrease of global productivity growth
Challenge 2: Skills Obsoleteness due to New Technology Adoption
These days we are in the fourth industrial revolution (Industry
4.0).
Technological advances and adoption occur faster than ever.
Among different technologies, five reasons are identified as the drivers to
dominate business growth in the next two years: ubiquitous high-speed mobile
internet (such as the 5G mobile network), artificial intelligence (AI), big
data analytics, cloud computing, and green energy.
54% of all employees will require significant reskilling and
upskilling by 2022.
It is estimated that the skills required to perform most jobs
will have shifted significantly by 2022.
However, mainly developed countries lack basic information and
communications technology (ICT) skills or have no computer experience.
It is safe to assume that the number will be much lower when
developing countries are included. It is predicted that in the absence of
mitigating policies and supportive strategies, these technologies will likely
exacerbate inequality and leave most of the workforce behind.
Challenge 3: Companies and Organizations Fall Behind in Reskilling or Upskilling Employees
Because of the skills gap that is
associated with technological advancement and adoption, companies generally
have three strategies:
- Employ new full-time staff with skills relevant to new
technologies
- Automate the work tasks completely
or outsource to skilled BPO service providers in USA
- Retrain existing employees
A report issued by World Economic
Forum (WEF) found that nearly 25% of companies are undecided or unlikely to
pursue the retraining of existing employees, and two-thirds expect workers to
adapt and pick up skills themselves in the course of their changing jobs.
Over half the employers said they
prioritize reskilling, and upskilling efforts on employees who are currently
performing high-value and frontline roles using relevant new technologies, and
41% of employers would focus their reskilling provision on high-performing
employees instead of outsourcing to BPO service providers in New York.
Nonetheless, only 33% stated that
they would prioritize at-risk employees in roles expected to be most disrupted
by technology adoption.
Inequality is not the only challenge
since the workers most in need of reskilling and upskilling are the least
likely to get training. Also, there are a few strategies and tools that
organizations and companies can use to requalify or upskill employees.
The centre of all these challenges is
the people. With a human-centric emphasis in mind, there are clear
opportunities to tackle these challenges.
Four Ways to Empower
the Workforce
Empowering the workforce includes job
seekers, the underemployed, and a part of the unemployed.
Empowerment provides the force with
the resources, opportunity, motivation and authority to own their careers and
own their work.
Here are four ways to empower the
workforce.
1. Align and Pre-Qualify Job Seekers
From a job seekers’ perspective,
there are many ways to find new jobs over the Internet:
a. Career page of an organization’s website, job boards, job search
engines, and social media. A survey in 2015 showed that researching and
applying for jobs online was universal among job seekers in the USA. A 2018
survey by CareerBuilder and Silk-Road showed that 70% of survey takers used
mobile phones for job seeking.
b. Networking and referral are the most effective ways to landing a new
job. Up to 85% of people found their present job through networking, and job
seekers rank social and professional networks as the most helpful job search
resource.
c. Employee referrals only make up about 7% of potential candidates. But
these referrals lead to a conversation rate of nearly 40%. The effectiveness of
networking and being referred to in landing a job is because they enable early
alignment and even pre-qualification for jobs.
2. Assist not
Replace the Workforce with Augmented Intelligence
There has been a societal unease for decades about automation
taking away people’s jobs.
According to an estimation from 2019, 14% of the existing jobs
were at high risk of automation, and 32% of the current jobs could be radically
transformed.
This estimation is significantly lower than what some
researchers have argued previously. It illustrates a more harmonic and viable
future where humans work together with automated machines and algorithms to
improve productivity and drive higher revenue.
3. Optimize Human Capital Management
In the near future, Millennials, Gen
Z and even future generations will be the significant workforce. Task-specialized
gig work will rise, customer engagement would be outsourced to skilled BPO
Service Providers USA, full-time fixed roles will decrease. All these trends
demand human capital management (HCM) to be not only implemented but also
optimized.
In short, HCM moves beyond payroll,
time, and benefits to workforce performance analysis, development, learning and
more. It is estimated that HCM as a market will grow to US $ 24.3 billion by
2025.
4. Personalize Lifelong Learning
Massive open online courses (MOOC)
and other education technologies are now available for individuals for free or
at a relatively affordable cost.
Nevertheless, an LMS that provides
courses and learning content and offers personalized guidance and management
based on skill demand and supply would empower the workforce the most.
The workforce wants to know what
skills are needed based on what they already have to get to a specific job or
career goal the quickest.
Conclusion
Companies with high performance provide their employees with
guidance, tools and learning opportunities to deal with redesigned work,
allowing them to solve more complex problems. Investing heavily in digital
tools for employees or outsourcing to top BPO Service Providers is not
sufficient, nor is focusing on enhancing their digital fitness.
Changing a traditional workplace into a future-ready one requires
leaders to coordinate their efforts so that people are equipped with the
technologies they need and are given the accountability and capabilities to
exploit those tools fully.
Coordinating these efforts avoids the traps seen in both the
hostage to heroics and hostage to technology states. Workforces become
increasingly future-ready as people develop the skills and mind-set to leverage
digital technologies.
It is now time to accelerate the investments made during
COVID-19 and equip your team for the future. Your company’s continued success
depends on it.
FAQs
#1. What is modern day workforce planning?
Workforce planning consists of analyzing and
planning for the future of your workforce. This is done against your current
supply of human capital while assessing gaps in your organization, ensuring you
have proper talent management in place, and finding out if you have the right
people in the right roles.
More specifically, though, workforce planning
encompasses:
Analysis- Analyzing your current workforce.
Projection- Determining the future needs of your
workforce.
Identification- Finding gaps between where you are
now and where you want to go.
Design- Implementing solutions to accomplish your
goals.
Fulfilment- Accomplishing your plan through your top
talent.
#2. What in digitization of work?
One of the critical reasons technology implementations, digital
transformation efforts, IT projects, customer service or experience
optimization plans and digital business projects fail is the lack of attention
for the essential human component.
It’s a phenomenon we see in virtually all areas of business.
Examples include marketing automation and CRM projects, social collaboration
initiatives and business process optimization efforts.
In an age where digital
technologies are used in pervasive ways whereby they connect different
divisions, stakeholders, goals, processes and information resources, the human
aspect becomes even more important in a context of ubiquitous optimization.
#3.
What is a Digital Fitness Experience?
Whether it’s self-aware
robots, smart clothing, or an un-hackable Quantum Internet, there are a lot of
cutting-edge inventions out there. Additional benefits and topics:
·
Learn about the
new privacy laws and how they impact you
·
Discover how
innovation happens
#4. What are the challenges modern day workforce is facing?
There are Three Challenges the Workforce is facing
·
Skills Mismatch Inhibits Workforce Potential
·
Skills Obsoleteness due to New Technology
Adoption
·
Companies and Organizations Fall Behind in
Reskilling or Upskilling Employee
#5. How many
ways to empower the Workforce?
Empowering the workforce
includes job seekers, the underemployed, and a part of the unemployed.
Empowerment provides the
force with the resources, opportunity, motivation and authority to own their
careers and own their work.
Here are four ways to empower
the workforce.
- Align and Pre-Qualify Job Seekers
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