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Rethinking Employment in an Automated Economy

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Rethinking Employment in an Automated Economy

  1. 1. Rethinking Employment in an Automated Economy Presented by Sharala Axryd, Founder and Chief Executive Officer The Center of Applied Data Science
  2. 2. “It’s not a matter of a company rethinking work, it’s a matter of where in your company, and what jobs, merit rethinking.”
  3. 3. The New York Times on Automation through the Years Published in 1956 Published in 1980 Published in 2017
  4. 4. If a business is not data driven, it will not exist within five years
  5. 5. “Technology destroys jobs, but not work.” Only 5% of current occupations stand to be completely automated if today’s cutting-edge technology is widely adopted. In 60% of jobs, one-third of activities will be automated. Source: McKinsey Global Institute
  6. 6. The talent deficit could threaten economies and sectors across Asia Pacific: Asia Pacific faces an imminent labour shortage of 12.3 million workers by 2020, rising to 47 million by 2030 at an annual opportunity cost of USD$4.238 trillion. Technological advancement could be hindered by an acute talent shortage of 2 million TMT (technology, media and telecommunications) workers, at an annual opportunity cost of more than USD$151.60 billion by 2030. Source: Korn Ferry Global Talent Crunch study 2018
  7. 7. Technology cannot deliver the promised productivity gains if there are not enough human workers with the right skills. Malaysia will face a severe talent shortage especially at highly skilled and mid-skilled levels, with a deficit of close to 94,000 workers in 2030 and a total unrealised output of USD $6.1 billion. Source: Korn Ferry Global Talent Crunch study 2018 The World Economic Forum (WEF) predicted that 35% of the skills required for jobs today will change by 2030.
  8. 8. Digital transformation is about people, and culture, not technology, and since HR is in the people business more squarely than any other department within an organization, it is involve HR pros in every part of the digital transformation
  9. 9. 5 Ways Technology is Changing the Face of HR AI Is Making Recruitment Smarter Compliance Is More Efficient and Sophisticated Analytics Drive Better Performance Management Better Analytics Boosts Diversity and Inclusion A More Strategic Role for HR
  10. 10. 5 Ways Technology is Changing the Face of HR AI Is Making Recruitment Smarter
  11. 11. Source: LinkedIn Global Recruiting Trends 2017 Report
  12. 12. Unconscious Biases “Beer test” –? Affinity Bias/ingroup bias Availability Heuristic Confirmation Bias Endowment effect Groupthink Halo Effect Negativity Bias Functional Fixedness
  13. 13. 5 Ways Technology is Changing the Face of HR Compliance Is More Efficient and Sophisticated
  14. 14. 5 Ways Technology is Changing the Face of HR Analytics Drive Better Performance Management
  15. 15. 5 Ways Technology is Changing the Face of HR Better Analytics Boosts Diversity and Inclusion
  16. 16. 5 Ways Technology is Changing the Face of HR A More Strategic Role for HR
  17. 17. Essentials skills to master the new knowledge economy •This ability convinces that the skills you have valuable is a “multiplier skill.” •There are many ways to transform knowledge value in your life. •Opportunity windows are temporary in nature. Individuals must take advantage of them when they see them. This means being able to learn new skills quickly • As new technologies reshape industries, there is often a deficit of people with the needed skills, which creates the potential for high compensation. Identify valuable knowledge at the right time Learn and master that knowledge quickly Communicate the value of your skills to others Convert knowledge into money and results
  18. 18. Jobs Consider what you have Rethinking Jobs: Get Creative! Tasks Break down and identify which are ideal for humans and which for machines Skills Re-evaluate what your people need Training If we don’t facilitate mass reskilling, the gap widens between the haves and have- nots
  19. 19. Is a Firestarter Adapts to the Future Employee Gives Real- Time Recognition & Feedback Believes in Sharing & Collective Intelligence Leads by Example Embraces Technology Follows from the Front Accepts Vulnerability Principles of the Future Leader
  20. 20. The Future ofWork &Work of the Future is..
  21. 21. “The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.” — Alvin Toffler, American Writer, Futurist, Businessman
  22. 22. Connect With Us - #CADS The Center of Applied Data Science info@thecads.com The Center of Applied Data Science

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