IT Leadership Resources

Neither C-Suite nor Millennial Workforce Feel Ready and Confident for Industry 4.0

Driven by the advancements in digital technologies such as IoT, Analytics, AI/ML, Robotics, Cognitive, AR/VR, Cloud, etc., Industry 4.0 has the potential to disrupt economies, societies, jobs and is seen as the future of productivity and growth for manufacturing businesses.

However, as some recent studies point out, both the C-Suite/leaders (responsible for the strategy) and the millennial and Gen Z workforce (responsible for the execution) are not yet ready to embrace the Industry 4.0 revolution and harness its full potential to reap the benefits.

Deloitte conducted a study among 1,600 C-level executives across 19 countries to explore a core question: How ready are the leaders of businesses and government agencies to harness the full potential of Industry 4.0 to benefit their clients, their people, their organization, their communities, and society more broadly?

The findings reveal that a whopping 86% of the leaders don’t have confidence in their organizations’ readiness to fully harness the changes associated with Industry 4.0 and around 75% don’t have the confidence in having the right workforce composition and skill sets needed for the future. In short, they are not ready yet.

In a separate study, ‘2018 Deloitte Millennial Survey’, Deloitte assessed the readiness of the workforce comprising of millennials and Gen Z, who are now increasingly finding their way into Industry 4.0. Almost 64% of millennials and 71% of Gen Z feel unsure of their preparedness for the changes that Industry 4.0 will bring and also unsure of having the necessary skills and knowledge required.

In terms of demographics, levels of confidence about having the required skill set for Industry 4.0 are higher among men and senior management and lower among women and those in junior or midlevel roles.

Majority of millennials and Gen Z are looking up to their employers to help them develop the necessary skills, including the soft skills, that can help them succeed in a workplace environment that is increasingly being shaped up by industry 4.0. This will put the onus on businesses to create systematic programs around learning and development and focus on imparting on-the-job training, continuous professional development and formal training to prepare the workforce to meet the requirements of Industry 4.0.

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