HR AND THE FUTURE OF WORK IN INDUSTRY 4.0 - QuickHR Singapore

HR AND THE FUTURE OF WORK IN INDUSTRY 4.0 PRESENTED BY:

14th April 2021

INTRODUCING QUICKHR LEAVE & CLAIMS

QuickHR offers cutting-edge cloud-based technology to both SMEs and MNCs in need of business process automation.

Our end-to-end HR solution covers all aspects of human asset management, workforce management, and is fully compliant with local labor, taxation and data protection laws.

PAYROLL & BENEFITS

LEARNING & DEVELOPMENT EMPLOYEE DATABASE APPRAISALS & RECRUITMENT

REPORTS & ANALYTICS

ATTENDANCE & SCHEDULING 2

WHAT IS INDUSTRY 4.0?

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WHAT IS INDUSTRY 4.0?

What does Industry 4.0 look like?

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WHAT IS INDUSTRY 4.0?

What does Industry 4.0 look like?

Digital Twins – allows companies to “see” their entire shop floor in virtual space

Autonomous Robots – self-sufficient machines that can manage their tasks without a human operator 5

WHAT IS INDUSTRY 4.0?

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WHAT IS INDUSTRY 4.0?

Augmented Reality – extra visual input overlaid onto the actual world • Boost customer engagement and sales • Maintenance and training; reduce machinery downtime

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CLOUD TECH IN INDUSTRY 4.0 What does Industry 4.0 look like?

• Server-based (on-premises) systems usually have higher Cloud-based Systems – implementation costs vs cloud-based systems > software and data stored on previously were more accessible to MNCs an offsite servers instead of • Cloud-based systems are now more accessible to SMEs on a local machine > 8 reduce overhead costs for high-powered machinery

CLOUD TECH IN INDUSTRY 4.0 

5G is a great enabler of cloud systems

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Digitalisation of physical assets can be digitised and uploaded to the cloud for instantaneous access

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Leverage upon creativity and diverse skill-sets

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Speed at which 5G facilitates allows for tasks to be completed in unprecedented speeds 9

CLOUD TECH IN INDUSTRY 4.0 Cloud Adoption Rates in Singapore

Top 3 Reasons Firms Adopt a Cloud System

McKinsey Research shows: The role of Industry 4.0 became even more critical in the backdrop of a crisis such as COVID-19. Players utilizing digital solutions are betterpositioned to weather the storm, having moved faster and further than their peers during the crisis.

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Data from IndSights Research

WHAT IS INDUSTRY 4.0?

Adoption of Industry 4.0 in Singapore Smart Industry Readiness Index (by EDB)

Boston Consulting Group: The rapid adoption of I4.0 could boost Singapore’s labour productivity by as much as 30% by 2024.

To help SMEs navigate I4.0, the government pledged $3.2 billion from 2016 to 2020 to develop research and technological capabilities in the manufacturing and engineering domain

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WHAT IS INDUSTRY 4.0?

The Importance of Cyber-Security Four Major Types Cyber Security Threats SMEs Face: 1. Brute Force Attacks •

Trial & Error approach to guess password

2. Credential Stuffing •

using stolen credentials to gain unauthorized access to a user’s account

3. Phishing & Spear Attacks • •

sending emails from a seeming-trusted source to gain personal information spear phishing are targeted attacks where victims receive personalized messages or emails, composed through research

4. Malware Attacks •

malicious software that is downloaded unto your system without you being aware of its presence

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WHAT IS INDUSTRY 4.0?

The Importance of Cyber-Security Organizational Cyber Security & Vigilance •

Invest and build technology or systems with high level of security

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Maintain constant vigilance and update security features for online operations (easier for cloud)

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Adopt systems that have been certified with reputable or recognized security standards. (eg. ISO or IMDA’s MTCS)

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Educate employees and set policies for to prevent Cyber Security breaches

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WHAT IS INDUSTRY 4.0?

IMDA’s MTCS Certified Cloud SaaS https://www.imda.gov.sg/ regulations-and-licensin g-listing/ict-standardsand-quality-of-service/I T-Standards-and-Framewor ks/ComplianceAndCertific ation

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WHAT IS INDUSTRY 4.0?

Habits & Behaviors to Prevent Security Breaches Educate all levels of your organization about the risks 1. Use complex passwords: a combination of numbers, special characters, and lowerupper case alphabets 2. Set a limit on the number of login attempts 3. For fighting against automated attacks using bots, enable captchas 4. Discontinue using email addresses as user IDs 5. Do not open emails sent from unknown sources 6. Before clicking on a link, hover the mouse over it to find where it will take you 7. Pay close attention to email headers, and you’ll be able to identify whether it’s genuine or not 8. Log-out of accounts when done with work 15

WHAT IS INDUSTRY 4.0?

What does this mean for HR? • Lower skilled jobs are likely to be replaced • 20 million manufacturing jobs replaced by robots in 2030 (Oxford Economics, 2019) • New jobs will also be created – esp. those involving data and data processing • Companies will have to either train, outsource or employ remote workers

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HR OF THE FUTURE INVEST IN LEARNING & DEVELOPMENT  Identify the skills and demand and develop a talent pipeline to meet them 1. Data Scientists and Architects • Interpret and translate data for operational teams • Real-time interpretation & accurate forecasting

2. Cyber Security Specialists •

A study conducted by Microsoft commissioned Frost & Sullivan Company has discovered that firms operating in Singapore could have lost billions of dollars which is equal to 6% of GDP growth of the country. If figures are taken into account, the amount could mean a staggering $17.7 billion in USD in economic damage. -https://www.cybersecurityinsiders.com/firms-in-singapore-have-lost-6-of-gdp-growth-to-cyber-attacks/ 17

HR OF THE FUTURE RECRUIT FOR LEADERSHIP AT ALL LEVELS  Don’t neglect the soft skills – recruit for leadership at all levels, across functions  The ‘war for talent’ continues  Proper succession planning is key to build a healthy leadership pipeline

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EDA’s Paragon7: 7 Key Skills for

HR OF THE FUTURE PIONEERING FOR CHANGE How can HR enable changing business needs and deliver greater value?

 Pro-actively adopting new ways of working – start from the HR department  Structure policies and practices to be more agile & resilient to build a united workforce • Managing a global or remote workforce • 5G and Cloud-tech means greater interconnectedness  Adopt new technologies such as cloud-based systems, AI-based recruitment platforms

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HR OF THE FUTURE SUPPORTING YOUR EMPLOYEES DURING COVID  Singapore is the 2nd most overworked city in the world, 92% of Singaporeans report they feel stressed at work  Deliver ongoing support for physical and mental well being  Promoting Mental Wellness • Having a formal Employee Assistance Program • Flexibility to work remotely • Provide opportunities for your employees to stay connected

“Wellbeing is a true realization of Hyatt’s purpose – we care for people so they can be their best,” - Mark Vondrasek, Hyatt Hotels Corporation.

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HR IS A WORK OF HEART We cannot control the changes in our world, but we can control how we prepare our team to stay ahead of these changes.

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EMBRACE HR OF THE FUTURE TODAY THE ENABLE BUSINESS TEAM

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