A new study carried out in partnership with Mondial de Davos, Willis Towers Watson, Unilever, and Saudi Aramco, has revealed strategic avenues in the future of talent management.
A new study dedicated to HR decision-makers and professionals looks at the future management of talent as the fourth industrial revolution approaches. The study - "HR 4.0: Shaping People Strategies in the Fourth Industrial Revolution" - is based on a series of consultations with HR managers and selected experts to identify the new challenges ahead for the world of work and how to meet them.
The fourth industrial revolution and its repercussions for the future of work offer the HR profession a unique opportunity to redefine its mission and advance its function. HR can achieve this by becoming, beyond employment, the referent of work as a whole, while guaranteeing the qualification of the workforce through the creation of a culture of continuous learning and skills assessment.
—Ravin Jesuthasan, General Manager, Talent and Rewards, Willis Towers Watson, and study co-author
According to the study, the fourth industrial revolution (4IR) blurs the boundaries between people and technology, merging the physical, digital and biological worlds. The impact of these changes on the way people work and the way businesses generate value will spread to all industries, economies and societies and will redefine the future of work. The study also indicates that companies and governments must adapt to these changes and support employees. The future will see many people flourish professionally - provided that it is well-managed.
The study identifies six priorities that business leaders, in partnership with their human resources managers, will need to implement to successfully meet future challenges:
As the fourth industrial revolution transforms work and the workforce, HR professionals must respond to proactively manage the future of work. Human resources managers will increasingly have to develop their skills and understanding in data and technology analysis, and help employees develop these skills in order to enhance their experience and encourage their productivity.
—Saadia Zahidi, Director General, World Economic Forum
The study is broken down into three sections, the first of which examining why the fourth industrial revolution creates momentum for the transformation of HR strategies and practices. The second describes how business leaders and HR managers can respond to the six priorities with practical models and case studies. The third shows how organizations respond to the need for change with examples of emerging roles, technologies and essential skills for the future of HR.