{"id":144001,"date":"2022-11-08T18:14:05","date_gmt":"2022-11-08T12:44:05","guid":{"rendered":"https:\/\/www.regenesys.net\/reginsights\/?p=144001"},"modified":"2022-11-08T18:20:44","modified_gmt":"2022-11-08T12:50:44","slug":"embrace-these-3-principles-to-ensure-you-are-ready-for-industry-5-0","status":"publish","type":"post","link":"https:\/\/www.regenesys.net\/reginsights\/embrace-these-3-principles-to-ensure-you-are-ready-for-industry-5-0","title":{"rendered":"Embrace These 3 Principles to Ensure you are Ready for Industry 5.0"},"content":{"rendered":"

Industry 5.0 is here to stay and \u2013 given rapid technological evolution \u2013 we need to make sure our professionals are ready to take advantage of the changes. I’ve spent the past few years working with industry leaders to develop Industry 5.0-ready employees, working on strategies and best practices for training, leadership development, team building, cross-functional collaboration, and social media use, among many other things.<\/span><\/p>\n

If you have worked in the same industry for quite a while, you know it is extremely difficult to change your job and environment when neither makes use of industry 5.0 trends (I know \u2013 it’s frustrating). But we can be proactive: from a business perspective, as we adopt <\/span>digital convergence strategies <\/span>to drive our organisations in a more<\/span> interconnected and data-driven way, as suggested by Hunsaker and Youngdahl (2018), <\/span>we also need to understand and embrace three core principles of Industry 5.0 (Breque <\/span>et al,<\/span><\/i> 2021):<\/span><\/p>\n

Core Principles of Industry 5.0<\/b><\/p>\n

\"Core<\/a><\/p>\n

(Adapted from Breque <\/span>et al,<\/span><\/i> 2021)<\/span><\/p>\n

These principles \u2013 technology resilience, human centricity and sustainability \u2013 place society firmly at the heart of the <\/span>purpose<\/span><\/i> of industry, refocusing it on serving society, rather than simply using society to feed the profit machine.\u00a0<\/span><\/p>\n

Technology resiliency<\/b><\/p>\n

Technology resiliency requires creating a culture in the workforce that enables employees to embrace change and adapt to both new technologies and emerging trends. To inculcate and build this resilience in staff, companies must provide learning opportunities for employees and help them develop the skills they need to use these technologies to best advantage.\u00a0<\/span><\/p>\n

On a personal note, you \u2013 as a <\/span>professional \u2013 can begin to improve your technology resilience by becoming more conscious of how you use and rely on technology at work and in other areas of life.\u00a0 Improving the depth of your personal resilience and matching steps with the business\u2019s technical requirements will make sure that you keep up, and that your infrastructure does not go down or face, for example, a denial of service attack.\u00a0<\/span><\/p>\n

Human centricity<\/b><\/p>\n

From an organisational perspective, embracing human centricity in this era of digitisation and globalisation is a key issue. It may require redefining how your organisation views itself and its purpose, shifting its focus from profit maximisation and creating shareholder value to becoming an enterprise that treats its employees as its prime asset.<\/span>\u00a0<\/span><\/p>\n

Doing the last of these three things does not mean you lose sight of the first two; according to Ung (2021), 80% of CEOs say that putting humans at the centre of decision-making has become a key value driver for their businesses. They clearly understand that people who say they are \u201cliving their purpose\u201d at work are\u00a0four times more likely\u00a0to report greater engagement levels than those who say they aren\u2019t (McKinsey, 2021).<\/span><\/p>\n

From a personal perspective, the first thing you need to do to demonstrate the necessity of human centricity in the workforce is to have a \u201ccan do\u201d attitude. This means seeing yourself as taking on challenges, not simply doing your own work.\u00a0<\/span><\/p>\n

Sustainability<\/b><\/p>\n

At the same time, the importance of aligning operations and growth to meet sustainability requirements \u2013 a key component of the quintuple bottom line \u2013 is finally hitting home with businesses, which are realising the implications of water scarcity and climate change.\u00a0<\/span><\/p>\n

The Quintuple Bottom Line<\/b><\/p>\n

\"\"<\/a><\/p>\n

(Regenesys Business School, 2019)<\/span><\/p>\n

Demand for more sustainable services as well as services that improve individual and corporate sustainability will continue to grow. Sustainability must, therefore, be built into every workforce task, process, and goal. The changing dynamics of the economy strongly suggest that organisations need to adopt new strategies to become sustainable \u2013 which can only be done with an efficient workforce, not only for sustainable growth, but also for maximum output at the lowest cost.\u00a0<\/span><\/p>\n

The importance of sustainability for employees and professionals is no secret. About a quarter\u00a0of Gen-Z and millennial employees say that a company having a sustainability agenda has influenced them to stay with the organisation (Payesse, 2022).<\/span><\/p>\n

Note that sustainability requires much more than just labelling your building green or offering decent working conditions. Incorporating sustainability into every practical aspect of your operations offers tangible benefits, including an improved business climate and long-term financial flexibility.<\/span><\/p>\n

Pursuing sustainable growth and taking full responsibility for your own behaviour. That’s right, I’m talking about inculcating sustainability in the workforce to provide an effective route to move towards the 5Ps of the quintuple bottom line: people, planet, profit, purpose, and the ability to pivot.\u00a0<\/span><\/p>\n

Are you ready for Industry 5.0?\u00a0<\/span><\/p>\n