Industry 5.0 Is All Set to Highlight the Significance of Humanity at Workplace
The industrial revolution was another of those extraordinary jumps forward in the story of civilization. – Stephen Gardiner, English bishop, and statesman.
Standing at the threshold of the 5th industrial revolution (also known as Industry 5.0 or 5IR), we are poised for another jump forward. And yet, we have seen in the past that the march of these successive industrial revolutions has left an element of dehumanization in their wake. Will that be true of the 5th industrial revolution as well? Experts disagree, which is good news indeed. This blog takes a look at how the 5th industrial revolution is bringing the focus back to humanity.
A Phenomenal Journey Towards the 5th Industrial Revolution
The journey started in 1760 when the first industrial revolution ushered in urbanization, providing work for people at factories.
The second industrial revolution changed the socio-economic situation of the world, improving transport and communication. Also, better automation provided better employment opportunities.
The third industrial revolution saw the invention of the computer, enabling automation in both the office and production lines.
The fourth industrial revolution brought in better communication and connectivity across the globe. Artificial Intelligence, Robotics, Augmented Reality and more such technologies have changed the technological landscape like never before. That leads us to the question: What can we expect from the 5th industrial revolution and will it help improve humanity? Before that, let us find out what the 5th industrial revolution is exactly.
The 5th Industrial Revolution
Though different experts have different explanations about what the 5th industrial revolution is, most of them agree that the 5th would be based on the 4th. Why?
A look at history shows that each revolution became the foundation for the next revolution. We can thus expect the 5th revolution to be built over the 4th revolution, but it will go one step further. An article developed in collaboration with the World Economic Forum puts it this way: “In contrast to trends in the Fourth Revolution toward dehumanization, technology and innovation best practices are being bent back toward the service of humanity by the champions of the Fifth … In the Fifth Industrial Revolution, humans and machines will dance together, metaphorically.”
With this in mind, we can foresee the 5th industrial revolution to be an AI (artificial intelligence) revolution with the potential of quantum computing which will draw humans and machines together at the workplace. It is about harnessing the unique attributes of AI by recruiters and employers who in effect will be more equipped to make even better and more informed decisions.
How Industry 5.0 Brings Back the Focus to Humanity
1. Uncaging recruiters
The 5th industrial revolution (5IR or Industry 5.0) places greater importance on human intelligence than ever before. Even today in the war on talent, AI enables recruiters to capture better profile matches. 5IR brings in huge benefits in providing the candidates with a more personalized experience in their job search.
5IR will also uncage human resource teams from the major part of daily administration. This will give them time to fine-tune and meet talent requirements, allowing them to focus on the growth and productivity of their organization.
Related Reading: How HR and IT Combine to Deliver Real Value to the Enterprise
2. Puts women at the forefront
Martha Plimpton said, “Women have always been at the forefront of progressive movements.” This is true even with regard to 5IR. It will play a critical part in shaping the role of women. As businesses hire unbiasedly, women and girls worldwide will be empowered.
3. Prevents the repetition of Engels’ pause
During the first industrial revolution, though per worker output expanded, real wages stagnated for about 50 years. This stagnation was called Engels’ pause. It is estimated that 5IR has the potential to prevent such stagnation. Though 5IR will take away mundane and repetitive tasks, it opens the way to curiosity, creativity, empathy, and judgment ensuring a balance between people and technology.
4. Changes the way we work
Most of us no longer want to work at 9-5 jobs. The way we work is dramatically changing. As our preferences in job and timings change, companies are forced to change too. Surely 5IR will change this even further.
New employees will no longer have to read a pile of documents or sit through meetings to get all the current and accurate information. This would mean that you can onboard them very easily without having to invest a great deal in training. 5IR will help companies make the most of existing resources helping management teams to focus on more strategic tasks.
Related Reading: Changing Customer Perceptions: How To Take Advantage
The 5th Industrial Revolution is Just What We Need
In 5IR, technology will bend back towards the service of humanity, marked by creativity and a common purpose. 5IR will empower us to close the historic gap and create a new socio-economic era. Isn’t that exactly what the world needs?
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