Other parts of this series:
- The future of work is here: Is your workforce ready?
- How intelligent technologies are reshaping the future of work
- What new jobs will people do in the future?
- The Future Workforce is everyone’s business
- How to build a strong employer brand
- What happens when a bank becomes more than a bank?
- How financial services firms are preparing for the future of work
Implications of new and emerging technologies on talent and organization
In my previous post, I started to explore the impact of the digital revolution on the future of work. In this post, I’ll discuss how intelligent technologies are shaping the way we work and live, and the implications for talent and organization (T&O).
It’s important to remember that technology alone does not drive change. Technology is simply an enabler of change—true transformation depends on how we apply it. When the people in your organization are engaged and enthusiastic about change, you’re more likely to succeed than when they are not. A Harvard Business Review study found that 70 percent of transformations fail because “the organization never wins the employees’ hearts and minds”.
One of the biggest barriers to change, according to the Accenture Financial Services Change Survey 2017, is the availability of resources and appropriate skills. To win the hearts and minds of your employees, you need to give them skills and tools to navigate the digital revolution. Without their support, you risk falling behind those leading organizations that are reaping the benefits of true human-machine collaboration.
So, what are some of these intelligent technologies that your workers are itching to master?
New and emerging technologies driving change
According to the Accenture Technology Vision 2018, we’re living in a time of unparalleled technology innovation and invention, marked by a series of exponential advances in:
- Artificial intelligence (AI), which includes:
- Machine learning
- Deep learning
- Natural language processing
- Video analytics
- Robotic process automation
- Computer vision
- Augmented and virtual reality (AR and VR)
- Internet of Things (IoT)
- Quantum computing, and more.
The World Economic Forum’s Future of Jobs Report 2018 further identified four specific technological advances that will dominate between 2018 and 2022 as drivers of business growth:
- Ubiquitous high-speed mobile internet
- Artificial intelligence
- Widespread adoption of big data analytics
- Cloud technology
How are these technologies changing the way we work, learn and live?
AI is not just about automating traditional tasks—organizations can achieve so much more when humans and AI join forces. When you combine AI and human ingenuity across the enterprise—what we call “applied intelligence”—you can solve complex problems, develop new products and services, and break into new markets. What does this mean for the workforce? In the future, we may see more jobs, more meaningful and challenging work, and new roles that haven’t even been created yet.
With extended reality (XR)—consisting of virtual and augmented reality technologies—companies can revolutionize the way they train their employees by bringing the teacher and subject to the learner. They can teach workers how to engage with intelligent technologies using immersive learning experiences in a controlled environment.
Companies can also gain access to a global talent pool as XR-based remote control of physical systems becomes more common. Companies can hire for manufacturing, assembly and robotics from a global talent pool of candidates—and workers gain opportunities that are not bound to geography.
Businesses can use data and analytics to gain insight into workforce trends, gaps and risks, which they can use to strategize and adopt a more personal approach to people interventions. They can use analytics, for example, to track which employees are ready for promotion and which need to receive more training. These are just a few ways technology can be harnessed to make the employee experience more personal and seamless.
As FS companies continue to use intelligent technologies, we can already see how traditional roles are changing across organizations.
The evolution of roles when augmented by intelligent technologies
In my next post, I will reimagine new jobs that we might see in the future. Until then, read our report on Reimagining HR in Financial Services. To reimagine the future of work together, get in touch with me here.