Over 6 million people in the UK are employed in occupations that are likely to radically change or disappear completely by 2030, according to recent studies by Nesta. The work environment and the way we work continues to be transformed at an astonishing pace by trends including technological development and globalisation.
The debate about the future of jobs in some industries continues to grows louder and for good reason. Thanks to technology, not only is there now technology equipment that enables remote working but businesses of all sizes are able to implement automation processes such as marketing and accounts payable automation. Check out three notable changes in the workplace, thanks to the recent technological wave.
Time Management And Collaboration Software
One of the most well-known changes in the workplace has to be the transformation we have seen in human resource management. Apps such as Slack and Dropbox have allowed businesses and their employees to have better collaboration and a more integrated work environment. Both services are available on all mobile platforms which has meant that they have fitted right in with the growing percentage of remote workers. In the United Kingdom, that number stands at 1.5 million employees as of 2018 according to estimates by TUC.
Other human resource software such as time management apps are also being utilised by employees to help them become more productive during their workday and, in some cases, are even provided to employees as an add-on. For managers and employers, software such as business process automation (HEFLO) and Project Hub are not only a way to keep track of their workforce during the day but also allow for built-in breaks during the workday, which has been shown to boost worker productivity. Other features include time tracking and history which allows businesses to improve on their efficiency.
The Employee Risk And Liability Process
Another way the work process has changed is in the assessment and coverage of worker compensation and employee safety. With every company being responsible for their workforce’s health and safety, it is no surprise that businesses spend a sizeable amount of money and time insuring themselves and their employees against every possible loss scenario including workplace incidents and employee illness.
However, with technology changing the dynamics of the workplace to include automated and data-driven processes, it has essentially exposed new risks that companies must now move to mitigate against. As a result, insurance for 3D printing and design or big data coverage are more commonplace than before. In fact, as of 2019 around 11 percent of businesses have cyber insurance in the United Kingdom.
Artificial intelligence is also changing the way employee policies are formulated. Online employee benefit portals give instant and year-round access to any entitled benefits, human resource forms, and resource referrals including those on mental health. In addition, new technology has meant that employee data is stored and backed up on the cloud which can then be used in human resource analysis programs to identify turnover trends and benefit preference amongst the workforce.
This gives management more insight and information with which they can build better employee insurance and benefits policies. Online insurance platforms like Cerity also offer instant online quotes tailored to the needs of small businesses which means employee compensation policies are more suited to the industry and demographics of the organisation’s workforce.
Cost Management Software Supporting Strategic Growth
Thanks to technological innovations, businesses can now do more than identify areas of weak cost management; they can formulate a plan to promote growth, return on investment and efficiency. Author of a recent paper, Cost Management in The Digital Era, Christopher Ittner believes that cost management is now a competitive necessity for any business. According to Ittner, the concept is now being used to eliminate organisational inefficiencies and reinvest the extra resources into other growth avenues instead.
Technology comes in the form of the various options which are now available to businesses that allow them to achieve this aim. Software like Trigger and CRM software can not only help in cost analysis but also create viable frameworks (including an investment appraisal) for expansion and redeployment of extra resources, whether it is financial or human resources. This can be either through automation of key business processes like accounting, marketing, and customer service or the retraining of the workforce for the automation changes ahead.
The transformation is not over yet either. The technological transformation of the world we work in has just begun and every business process ranging from recruitment to change management will continue to be redefined with the continuing innovations technology presents. The next issue is: Will the workforce be able to adapt?