The world has not remained the same way since industrial revolutions. The Businesses are continuously shaped by various industrial revolutions. This world has seen three such revolutions in the past and we are marching towards fourth such revolution. Like in the outcome of the preceding revolutions this also will change the world and businesses we see today.
Fourth Industrial Revolution:
This revolution is going to change our perception of the world fundamentally. Structural changes in many organizations are bound to happen. Companies have to constantly innovate themselves even to maintain the status quo. Fourth industrial revolution is unpredictable, unforeseeable. Integration of already known technologies is going to free up many mundane activities which were part and parcel of the companies’ routine. The human potentials which were involved in such activities have to be diverted elsewhere to unlock their potentials. For this to happen, a company must invest in creating an environment where continuous learning and up-skilling is done periodically. Visualizing the future is the only way to predict the future in this era. For example, Introduction of technology in banking environment has destroyed many jobs but has equally introduced many new jobs. The customer experience of the banking also has increased exponentially when compared with preceding decades. For this to happen, banks have invested in up-skilling their employees in core banking systems, electronic fund transfers etc. This change was handled without much friction due to up-skilling of the existing workforce. In these times, companies have to acquire many specializing generalists and generalizing specialists who are open to acquiring new sets of skills. Continuous learning and skills investment will be the only way to overcome this period of uncertainty.
Why should Up-skilling be an important business strategy?
Not only the up-skilling improves the employee’s potential but also improve their service/ product deliveries by them. The up-skilling should be aligned with continuous improvement in product/ service delivery. The Skills investment will improve the productivity of the employee. The service delivery gaps can be identified and a skills investment can be specially tailored to reduce the gap. By, Up-skilling the employee gets a foothold in the industry and the company. He becomes interested in career progression. Improvement in the efficiency and effectiveness of work delivery will be the direct result of skills investment.
Continuous Learning Culture:
We have entered into knowledge era. Where a company’s success is not determined by the physical capital it possesses but determined by the knowledge and human capital it possesses. To foster such a development every company must strive hard to create a continuous learning culture. Continuous learning improves the knowledge and competencies of the employees. It will augment the body of knowledge a company possesses which can be unique to a company. Increased academic interaction with business can improve the immediate adoption of nascent technologies. It has the ability to augment a company’s intellectual properties. Can improve opportunities of being first to commercialize an idea. It can create a competing environment among the employees which can keep the company ahead of others. It has the ability to make a company indisputable pioneer. For such continuous learning culture to flourish a company has to invest in the continuous skilling of employees and make them competent.
Push and Pull factors for Skilling:
Push factors (from company’s point of view):
A company should strive hard to improve its ecology with continuous training and development of its employees. Employee’s development directly impacts service delivery. Make him aware of the market externalities which will make him acquire new skills to make himself float. Personal development of an employee directly boosts company’s productivity. Make them pioneer in the market. Thus investing in the skills acquisition is an important business strategy to differentiate them from others.
Pull Factor (from employee’s point of view):
It will make employee’s profile most sought after. Will improve his career prospects. Talent acquisitions which are aligned with the business objectives will improve an employee’s career progression. Will reduce the uncertainties.It will not make the employee a victim of the technological change and make his skill set obsolete. It will certainly improve his understanding of the external environment. Can visualize the change that is certain to happen and can accordingly acquire new talent to improve his career or a new switch over. Learn more will make you earn more.
The employee’s morale is boosted since his up-skilling. This will directly impact in the work he delivers. The proficiency of the job is improved considerably. On the whole, the collective competency and standard of the employee are increased. Increase in job efficiency and effectiveness. Making employees aware of the market externalities. So, that he is prepared to face the adversities of the market forces. This will directly impact the company’s talent management. Many kinds of research show that regularly trained employees are the most satisfied employees. This will improve the employee retention which will eventually result in reducing the friction between employees and employers. Enhanced employee satisfaction and reduced absenteeism. Thus a right strategy of skills investment strategy can accrue more tangible and intangible benefits to the companies. Improving the
Brand value of the company:
Talents of the employees are directly proportional to the brand value of the company. It can create competitive environment internally thus propelling outcomes. Talent acquisitions in such a company are easier. More such potentials are attracted towards the company due to its brand perception. It is always great people create a great company. One has to spend enough time to create such a culture which would be virtuous to employees, company, investors, potential talents. So investing in skills up gradation will improve the brand perception on the whole.
A company cannot be in insulated from the market externalities one has to face it with courage and has to overcome the obstacles to turn it into stepping stone for success. Thus to see it happen it is imperative for a company to invest in the skills to make to stay ahead of others.
Very true. I had a similar article on 4th industrial revolution that mandates skill upgrade in all areas especially the Cloud. I handle AWS training for closed groups If interested please shoot a mail to [email protected]Reply
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