Shamna Libu, HR Business Manager, Unimoni Global Business Services
Shamna is an accomplished Senior HR Professional working with Unimoni Global Business Services leading the Business HR front and is responsible for all Human Resources and Talent Management Programs. She holds a post-graduation in HR and a bachelor’s degree in law. Unimoni Global Business Services, the Shared Services of Unimoni, complements the worldwide operations of Unimoni, a leading global provider of money transfer, foreign exchange, payments & credit solutions.
Industrialization has seen revolution after revolutions in every decade since its evolution in the 18th century. Industry 4.0, commonly known as Fourth Industrial Revolution is a recent technological advance where automation, data exchange, cyber-physical systems, Internet of things, cloud, Big Data and cognitive computing replaces the inefficiencies of traditional automation.
The efficiency gain is large enough that, in a few short years, the adoption of technologies such as the IoT, cloud computing, artificial intelligence and cyber-physical computing will be a matter of survival for many companies. These new technologies will impact all disciplines, economies, and industries, and even challenge our ideas about what it means to be human. Indeed, Human Resource professional needs to become even more strategic and creative in this age of industry 4.0, as more routine and administrative HR tasks will fall away due to automation.
As this smart assistance will take over all the routine task, HR leaders will have to focus on identifying the new skills and capabilities required for the business in future. The current employees’ willingness to adapt and ability to upskill will have to be identified. New talent will need to be attracted, retained and integrated into the business. HR Leaders should be prepared for redefining sourcing & recruitment, integrate virtual reality in onboarding, remove redundancy in HR and redefining learning and making it more relevant to the Industry 4.0. And, all the while, the business needs to keep operating and the business will need to keep growing.
HR should make everyone understand the opportunity and power to shape the Fourth Industrial Revolution and direct it towards a future that reflects the organization’s values and success.
Attracting right candidates has been the biggest challenge of recruiters and HR managers ever. In this era of low unemployment rate coupled with ever-changing needs of the job market, talented candidates are very difficult to be onboarded. Today, candidates have the upper hand of selecting the organization they want to work for as they have multiple offers in hand. This creates an atmosphere of intense competition all around among recruiters to pitch in the best candidates for their business.
Millennials are starting to dominate the work sphere and one peculiar thing about millennials is that they love technology and tend to favor their personal needs more than that of the organization they work for. The challenge for the recruiters is that these Millennials have the tendency to do job hopping that increases their workload as recruiters have to search for candidates for the same positions more frequently.
Digital Literacy is the Key
With the ever-increasing pace of technological innovation, education – about new skills or professional traits – is becoming a crucial differentiator in organizations. The technological advancement has changed the demands of the recruiters, one of the skill-sets that a recruiter will look for in a fresher is Digital literacy other than the soft skills.
In Industry 4.0, ways of working have changed with Digitization, which indeed has changed the demand of recruiters. If candidate is not familiar with the nucleus of the digital framework, he will be obsolete for the recruiter. Therefore, it becomes vital for any candidate to have an understanding of this forte along with basic knowledge of using various social media tools.
Great communication skill is the most essential tools for success and are regarded highly by the employers. Employers also prefer candidates who are proactive, good team players, one who is ready to accept challenges and grasp things quickly. Other skills which recruiters look in a candidate include openness to learning, problem solving and presentation skills. Organizations function in a dynamic environment and hence look for candidates who are flexible and can quickly adapt to changes.
Opportunities in the Fintech Industry
Fintech Industry has evolved rapidly over the last few years, with start-ups and other new market entrants offering innovative solutions and disrupting the entire financial services industry along the way. As a result, it has generated a lot of interest among job seekers, who are keen to pursue exciting roles in the FinTech space.
The industry trend shows that many jobs are up for grabs in the financial technology or fintech sector with companies planning to ramp up hiring in the next few months. Startups will be adding to their technology and product teams following recent funding rounds and studies says that most of the hiring will be in technology and data science roles.
A graduate/post-graduate with the right attitude and ability to communicate and excellent analytical skills can get through the KPO divisions of FinTech companies.
Engaging Employees in the Digital Era
Employee engagement is no longer limited to fun activities but has a wider scope and it includes all talent management efforts, which strengthen the relationship of an employee with the employer. Companies where employees are scattered at different locations or are mostly working from home, creating a common engagement program is difficult. This is where digitization helps, people from across the globe gets connected through the social media tools customized for the internal communication between the employees, collaboration starts here.
There’s a significant use of internet of technology (IoT) in engagement health and fitness tracking. With the help of fitness apps and virtual fitness coaches, companies are preparing engagement programs where people could compete with each other and stay engaged through these apps. Lose to win contest, step challenges, etc., are some examples which we could see getting common as engagement programs. Performance management is also run with the help of digital tools, technologies, and intelligent machines which transform people development, enabling supervisors to trace contributions from individuals and teams with more accuracy and solid data. The coach is no longer just another human being who offers advice but also an artificial intelligence-enhanced app that works alongside you.
The Future of Talent Acquisition
One of the most exciting shifts we will witness in future is Artificial Intelligence leading the change in recruiting from data- driven to Intelligence- driven. Artificial intelligence-powered technology opens nearly limitless possibilities, and future is poised to be a time of innovation and high adoption across thousands of industries. HR, recruiting and talent acquisition are no exception and will benefit greatly as the adoption of artificial intelligence (AI) becomes more evident.
The coming years will see vast amounts of HR teams relying heavily on machine learning and AI to take care of much of the behind-the-scenes work that goes into talent acquisition. The whole workflow and process will be reshaped as HR efforts become dramatically more proactive as they are enhanced by AI. The future will bring upgrades to infrastructure, software and operations as TA teams are retrained and processes redefined.
Advice to the Students
The notion of a 9-to-5, 40-year career is a thing of the past. Today, work is flexible and fluid. Begin working towards entry-level career early in the game. Try the below proactive tips to prepare for your career. Expand your skills and knowledge. Companies look for team members with the ability to work in diverse settings.
While some entry-level careers are more competitive than others, all jobs require work and preparation. Staying current on technology and industry trends gives you an advantage over other applicants. Most students are more up-to-date with technology than seasoned professionals, giving them the upper hand.
Even though graduates will enter the workforce with a shiny diploma, they have a lot left to learn. “Always remember how much you don’t know, play down what you do know, and listen to others who know things.” (As told to Sarath Shyam)