IPS Presents: Human Capital Needs in Industry 4.0
Framed against the background of disruption through technological advances and continued evolution of the business landscape, one of the key concerns for workers will be continued employment opportunities in the Fourth Industrial Revolution (Industry 4.0) paradigm and for companies, it is the ability to source for the appropriate skills sets required to meet their
requirements. Technology and digital disruption, in particular, is at the heart of transforming business models and the ensuing human capital needs for companies both large and small.
Industry 4.0 heralds changes in the working environment, necessitating the need for new skill sets and mindsets amongst employers and employees. Companies worldwide including those in Singapore are grappling with the challenge to ensure that their workforce is ready for this new work paradigm. What are the challenges? To remain competitive in the digital economy companies have to recognise, assess and take appropriate measures on potential disruptions. Companies need to understand what their rival companies are up to and the future needs of their customers.
In order to do, the supply side of human capital from the various educational institutions need to provide companies with human capital that are amenable and accepting of a culture of openness, curiosity and taking ownership of current and future challenges. Educational institutions and companies need to nurture a future ready corporate culture that enables room for creativity, freedom to experiment, continuous experimentation and learning from mistakes.
In many companies, there will be multigenerational workers including mature works and millennials. Millennials (born from 1981 to 1996) and Generation Z (born form 1996 to 2005) are likely to form the largest single employee group in the next few years. This group of employees are likely to take appropriate remunerations for granted because they would be able to reference their wages among their cohort easily using online platforms such as Glassdoor. Therefore, besides financial remunerations, the key to attracting and retaining millennials seems to be meaningful work that provides them with a vision and opportunities for further training and development. In this regard, educational institutions not only have to Confidential. Property of the Institute of Policy Studies, National University of Singapore provide adequately skilled human capital but also the continuous upskilling and reskilling required in the landscape of continuous education and training (CET).
This workshop aims to surface the challenges that both corporate employers and educators who develop the skill sets of workers have to overcome to meet the challenges of human capital development in Industry 4.0. In addition, it also provides a platform for companies and educational providers to have a candid and in-depth discussion and hopefully a convergence of targets to reduce the mismatches in terms of demand and supply of human capital needs. The Workshop will also aim to provide pathways forward to begin answering some of the questions mentioned and will collate the presentations and responses from participants into a Report to be disseminated to the relevant government agencies and other relevant stakeholders The Workshop will comprise of the three following panels;
Panel 1: Impact of Industry 4.0 and Going Digital on the Business Landscape
This panel session aims to provide the background and major trends as to the impact of industry 4.0 on the business landscape in Singapore. It would include how technology and in particular digitalisation are shaping the needs of Industry 4.0. The government through the IMDA has rolled out various schemes and programmes for companies to go digital. Some of
the questions to be addressed include how will workers be impacted and skillsets evolve in Industry 4.0?
Panel 2: Developing Human Capital for Industry 4.0
Education remains pivotal in developing nurturing Singapore’s human capital, more so in the ever-evolving landscape of Industry 4.0. Beyond the need for digital skills sets, it will examine the teaching pedagogy required for educators to nurture soft skills among students
that is critical for the needs of industry 4.0. Arguably, the emphasis is shifting from paper qualifications to employment ready skills. How is Singapore’s education system responding to developments in Industry 4.0? What are the changes in current teaching paradigms in anticipation of new employment opportunities brought about by Industry 4.0 but have yet to be realised?
Panel 3: Transformation of work
The reality that Industry 4.0 and technological disruption is present today is often missed by many. Companies today need to see overhauls in their organisational structures, business processes and most importantly, their human resource management. The idea of an administrative or human resource staff doing only paperwork is becoming untrue. Departments can no longer operate in silos. Human resource officers will need to be deeply aware of the changing business operations internally to ensure the best people for the company are recruited. Job scopes will be redefined with the new organisational structures and with the changes to the working environment, workers will be affected as well. What will the employers of tomorrow look like and how can companies approach the necessary transformation of the business and working environment?
Panel 4: Evolving Businesses in Industry 4.0
This panel aims to discuss examples of businesses which have transformed or are in the process of changing their organisations to meet the needs of Industry 4.0 There are constraints which businesses face in these process of transformation. The notion of evolving businesses is difficult for businesses to conceptualise and without existing roadmaps or blueprints, business leaders are often left confused over the ever-changing Industry 4.0 landscape. How businesses transforming and what are can be done to aid companies in the process of transforming for Industry 4.0?
Programme and synopsis
To see the Programme click: IPS Workshop on Human Capital Needs in Industry 4.0_Programme
To have more information click: Human Capital Needs in Industry 4.0 Synopsis
Registration is free and can be done by sending your RSVP to Ms Kerynn Lee at: email@example.com