Page No: 61-80, ISBN: 978-984-35-2570-3
The last few years have been marked by the disruption of technologies (National Academies of Sciences, Engineering, and Medicine, 2010). To keep pace with the development of technology, the business world is continuously changing. Rapid changes in the industry are the result of continuous improvement in ICT (Information and Communication Technology). Over the centuries, the world has witnessed different industrial revolutions which are evident by various technological breakthroughs. The latest revolution that has taken place in the business sector is the fourth industrial revolution (4IR). 4IR has impacted the business environment in both ways, positive and negative. Therefore, all the business stakeholders need to adapt accordingly to keep themselves competitive, to utilize the opportunities from the positive impacts, and to confront the threats.
4IR will have a great impact on the global workforce due to the adoption of artificial intelligence and automation. Few sectors (manufacturing, logistics, retail, wholesale, and lower-skilled occupations) will shift to vulnerable positions but jobs requiring human interaction, high degree of imagination, creative analysis and strategic thinking, supply of personalized services, and training and education sector will gain during 4IR (Sun, 2018). The World Economic Forum reports that 50% of companies believe that this adoption will decrease their full-time employees by 2030, 38% of businesses believe that new productivity enhancing jobs will be carried out by their employees and 25% think that new roles will be emerged (World Economic Forum, 2018). So, employees will need to upskill or shift their specialization to new disciplines. Therefore, it can be said that the recruitment industry will have a significant impact on 4IR. That is why managers need to focus on bringing changes to different managerial issues to stay in the game.
This chapter has covered the meaning and different phases of the industrial revolution, skill, characteristics, and intelligence required by company leaders and employees, practices that must be performed by………