Change or be changed
The global workforce management market is projected to reach USD 5.25 billion by 2026 – a CAGR of 10.1%.
Artificial intelligence and machine learning have accelerated hyperautomation at an unprecedented pace. According to a paper from the University of Chicago, 42% of jobs are permanently deleted from the list of opportunities because of the pandemic.
Datamatics Global Services, a leading global technology company, recently launched an exhaustive repository of 800 Robotic Process Automation (RPA) real-case scenarios oriented under industry-specific, function-specific and process-specific cases. The repository is open for enterprises, partners and developers to integrate and deploy the most appropriate process automations for their specific business needs.
As AI and new technologies are built to improve operational efficiency by aligning worker experience and filling talent gaps through reskilling and upskilling, recruitment leaders must keep an open mind towards change now more than ever.
Resourceful for humans, automated for companies
The current market thrives not only in innovations that simplify the lives of consumers but also in innovations that streamline and simplify the lives of employees.
RPA is used to handle complex processes with higher volumes and reduce operational errors and costs. Valued at USD 1.9 billion in 2019, the global robotic process automation industry is expected to grow at a CAGR of 40.6% in the next seven years.
The pandemic has forced many businesses to fail. When struggling businesses started approaching banks for loans, banks deployed robots that were able to meet the enormous demands for loan requests from business owners.
NatWest, a major retail and commercial bank in the United Kingdom, employed bots to process the high-volume applications for business loans when the pandemic began to repress the economy on a large scale. Leveraging bot-backed infrastructure, NatWest granted more than 13 billion pounds (USD 16.90 billion) of state-backed loans.
This high degree of automatic processing may not be entirely foolproof. For the IT automation systems to do their best, banks need to bring their workforce up to speed about updating and upgrading their IT skills. After all, the chain is only as strong as its weakest link.
Disability, an empowering ability
Last month, in October, a month observed as the National Disability Employment Awareness Month, a Bureau of Labor Statistics report disclosed that the employment-population ratio for people with disabilities was 19.1% in 2018.
This inequality is bound to change to a drastic degree.
According to the World Economic Forum, automation will disrupt and displace 85 million global jobs in the next five years. Rightly enough,analysts estimates that employment prospects for people with disabilities will increase three-fold in the next three years, as artificial intelligence and automation will eliminate previously held barriers and biases towards employing people with disabilities.
The Virtual Business Analyst (VBA) bots combined with artificial intelligence and emerging tech are projected to provide 89% higher retention rates for people with disabilities — increasing the employee productivity by 72% and the profitability of the company by 29%. In the next two years, organizations that employ people with disabilities will have the edge over organizations that do not employ people with disabilities.
What this essentially means is, disability will no longer be viewed as a liability; in fact, it will be considered an empowering ability.
Intelligent times ahead
Hyperautomation and digitization will make profiles in the departments of data entry, accounting, and administrative support redundant by 2025.
15 industries and 26 economies will be disrupted drastically. Eight-five million jobs will be affected globally.
Business leaders will have to focus on reskilling, training, and upskilling their talent in the areas of analytical thinking, creativity, and behavioral sciences.
Governments and businesses will have to join hands in acknowledging the changing dynamic in workforce planning and be prepared for what is coming next.
The pandemic and new technologies have provided access to an incredible amount of data. Data allows business leaders to analyze the impact of workforce decisions based on existing and hypothetical scenarios. As a comprehensive and an in-depth talent intelligence tool, Draup for Talent provides analytics across the entire spectrum of operations, finance and HR, which allow you to forecast your workforce planning cost-effectively.