In the age of Industry 4.0, COVID-19 continues to accelerate the rise of automation and greater digital connectivity. Organizations looking to keep up with these changes must adapt with a people-first approach and develop their workforce by dedicating resources to stay ahead.

Below is a Q&A session with Rodney Grover, Vice President of Corporate Partnerships at InStride, that discusses why businesses need to focus on skills fulfillment and not just re-training in the era of industry 4.0. He also provides insights into how to unlock employee, business and industry growth, as this next stage in digital transformation continues to unfold.

Industry 4.0, also known as the fourth industrial revolution, includes greater connectivity of automated processes that further leverages technology, such as cloud computing, machine learning and real-time data. At the core, Industry 4.0 provides companies the opportunity to gain increased transparency into their operations, plus automate and streamline efficiencies to enable greater returns.

Even before the global pandemic, automation in the workplace resulted in the evolution of jobs, along with the imperative skills employees need to keep up with for Industry 4.0 advances. Continually updated skills are necessary for the management of new technologies for data administration, privacy, cybersecurity and more.

In fact, 68 percent of business leaders recognize there are skills gaps in the workforce that hamper their organizations’ growth. Since the start of COVID-19, 35 percent said the skills gaps have widened.

This leaves many companies challenged with a workforce and talent pool that is not equipped to fill both existing and new jobs.

Workforce education programs play an essential role in the current economy and deliver a positive impact to companies. Yet, they need to be the right ones. Traditional education programs are not gaining enough momentum to close the widening skills gap and meet the needs of Industry 4.0. In contrast, workforce programs that are strategically customized to meet a business’ specific needs have tremendous potential. 

Often companies can identify what skills are lacking, yet have a very difficult time tying them to real opportunities. A customized workforce education program takes a strategic approach to clearly laying out and identifying paths for both prospective and current employees.

The skills gaps and retraining challenge will have a higher impact on sectors such as manufacturing, transportation and retail. The predictable, repetitive operational tasks associated with these sectors make them particularly suitable for two Industry 4.0 trends -- automation or digitization.

When it comes to Industry 4.0, about 60 percent of all jobs could potentially have 30 percent of their core competencies replaced by automation.

Company leadership must focus on building, growing and retaining top talent to compete and thrive in this next industrial revolution. There are more opportunities for businesses and employees alike if you lean into new skills development with a customized workforce program that includes:

Education is not a tactic. It's a valuable strategy for businesses, especially in the Industry 4.0 era. Learn more about how to take a strategic approach to education that can transform your workforce by contacting one of our education experts today.