Consider the following shared by Udo Gollub, the CEO of 17 Minute Languages
- Software will disrupt most traditional industries in the next 5-10 years.
- Uber is the biggest taxi company in the world without owning any cars.
- AirBnB is the biggest hotel company in the world without owning any properties
- In 2018, the first self-driving cars will appear for the public. By 2020 the entire industry will start to be disrupted. Traditional car companies will become bankrupt. Cars will be manufactured by tech companies that create computers on wheels.
- People won’t want to own a car anymore. You can call a car with your phone, it will show up at your location and drive you to your destination. Our kids may never need to get a driver’s license.
- Automatic cars that function on electricity will change cities. Lesser pollution.
- Education: The cheapest smart phones are already at $10 in Africa and Asia. By 2020, 70% of all humans will own a smart phone and have same access to world class education
- Credit cards will soon be dematerialised into digital bits and be replaced with Apple Pay, Android Pay and Samsung Pay
- Very shortly, we will no longer carry phone charges. Wireless chargers will become the trend
Are businesses ready for these changes? How will it affect the workforce? How will it affect HR? In this ‘Future Trends’ Series, I will be sharing 3 trends to showcase the importance of embracing the Millennials in the workforce as Technology and Automation disrupt industries worldwide.
Technological progress constantly renders once familiar things moot. When was the last time you purchased software on a disc, bought a CD in a store, sent a fax to a co-worker, or even asked for driving directions? In 2005, you probably did a lot of those things and might have just assumed you always would.
As industries change, people (and top talents) will naturally flock towards organisations that can continue to stay relevant in the next 10-20 years. With multiple disruptions happening in various industries, the organisations that manage to thrive are the ones that
1. Adapt quickly with technology and
2. Attract the necessary manpower by staying relevant.
So it makes sense for the HR to be tuning in to understand the Millennial Generation. The Millennial Generation is entering the workforce in great numbers. They are the generation who is shaping the future of the business world today. The U.S. Bureau of Labor Statistics predicts that by 2030 this hyper-connected, tech savvy generation will make up 75% of the workforce.
The first thing HR has to realise is this:
Observation 1: Companies that are Millennial-Friendly will have the upper hand
As industries evolve with exponential technologies, the best people to have on your team are the Millennials as they eagerly look forward to manuever the changes that come with technology.
Compared to other earlier generations, Millennials are the most comfortable with technology, having been introduced to it since their formative years. They are used to continuous updates and better productivity and functionality. Organisations will benefit in having these young leaders take hold of the reins as companies and industries innovate and automate with technology.
Organisations that are predominantly occupied by other generations will, on the other hand, have to take extra steps in persuading the staff to learn the new technology and convince them to adapt to it. They will have to allay any fears they may hold with sufficient training and support.
Overcoming resistance to change, especially with regards to technology, is one of the biggest issues HR will have to overcome.
Observation 2: Embracing Automation & Technology will Empower the HR to be more Productive
HR is now receiving more attention than before and technology and automation is here to stay to empower the HR functions that will attract Millennials.
- Accountancy firm KPMG has decided to make its recruitment process much shorter because of the old system, according to the BBC, is frustrating millennial applicants. The decision follows a survey by KPMG in which more than a third of the 400 respondents said they were annoyed by the length of the application process. Even worse, more than half said they hated not getting any feedback if they did not get the job.
- Similarly, Goldman Sachs announced that it would scrap face-to-face interviews with undergraduates in favour of video interviews. The bank hires around 2,500 students each summer to be part-time and full-time analysts.
- OCBC recently launched a comprehensive human resource mobile application called HR in your Pocket. It includes AI powered chatbot that is integrated with the bank’s HR information system that provides immediat and personalised responses. This app was created for enable employees to access HR information and perform HR related matters anywhere and anytime without depending on the HR team to be present.
- Easy submission of leave applications and claims
- Status of HR submissions
- Opportunity to take charge of their careers within the bank
- Availability of colleagues’ contact details
- App chatbot ‘Buddy’ who answers HR related questions instantly.
To attract Millennial talents, it is important to streamline recruitment processes with technology. The use of technology to streamline processes and standardize them has helped organisations be as objective as possible. It also vastly improves productivity.
Observation 3: Automation & Technology will play a larger role in engaging the employees
Today we see Human Resource implementing Gamification to engage the Millennials at the workplace. Micro learning and micro-milestones with a game-like mobile experience is an attractive feature for Millennials. It enables them to get to learn the ropes of their new position. That’s why modern Learning Management Systems like Talent LMS are seeing a massive response.
Companies are also looking into using software such as the Beekeeper app www.beekeeper-communication.sg to engage employees with technology. Given that most Millennials are always facing a screen and communicating through such platforms, organisations should look into such platforms to engage the Millennials even further at the workplace.
In Summary, we see that HR needs to attract Millennials for the company to cope better with automation and technological changes. We see the importance of embracing automation and technology to improve productivity within the organisation as well as to engage the employees better.
Industries that are not yet innovating and implementing technology fast enough may tend to lose out on Manpower as Millennials are shying away from traditional organisations that resist change and are not tech-friendly.
At the end of the day, it is up to the Organisation to become progressive by adapting to changes quickly to stay relevant and thrive.
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