22 Sep Future of HR @ AI : Madhavi Lal, MD-HR Deutsche Bank
Hiii everyone, I am Moon!
This week my team interacted with one such Thought leader: Madhavi Lal, MD-HR Deutsche Bank.
Madhavi Lal has been a true HR Avenger. Tackling the Thanos of HR inefficiencies & employee issues, she has made a mark in organisations like Accenture & Standard Chartered.
It was exciting to discuss her perspective on the Future of HR, ‘HR 4.0’ as she likes to call it!
1.What does HR mean for you?
The Fourth Industrial Revolution is here. Make way for HR 4.0! The challenge for HR today is to capture the complex interaction between employee preferences and employer realities in varied technological settings.
HR’s opportunity, therefore, is to help close the gaps among technology, individuals, businesses, and society and governments.
HR will play a key role in developing the organizational structure of tomorrow’s companies by factoring in all elements of the future workforce – human-to-human, human-to-machine and even machine-to-machine.
While machines may be capable of working non-stop without taking a single break, how they work in sync with humans will emerge as a critical HR responsibility.
2. What impact do you think AI will have on HR?
Disruption lies ahead. Driven by accelerating connectivity, new talent models, and cognitive tools, work is changing. We must reconsider how jobs are designed and work to adapt and learn for future growth.
Some of the key trends that we are seeing now are- increased use of technology to attract passive talent, move to a distributed workforce model powered by the gig economy, real-time mobile bite-sized learning, new models of leadership for the digital age, digital delivery of HR services and predictive analytics for targeted engagement of employees in a competitive market.
Just as HR has had to re-adapt to the realities of a changing business environment over the last few decades by becoming more business literate and being able to think more strategically, this time too, HR managers will need to better understand how AI and automation impact their organization and act accordingly.
3. How should HR Leaders prepare their organization for the AI revolution?
Two words- Unlearn and relearn!
Together, technological, socio-economic, geopolitical and demographic developments and the interactions between them will generate new categories of jobs and occupations while partly or wholly displacing others.
HR has a unique role to play: It can help leaders and organizations adapt to technology, help people adapt to new models of work and careers, and help the company as a whole adapt to and encourage changes in society, regulation, and public policy.
4. Is it Now or Future? What’s the right time for an AI transformation?
The future of work is already here.
The question to ask is-Are we ready for the evolution? In the digital age, to stay relevant, we need to confront our limiting beliefs and adopt now. AI-based automation will not force humans out of work-if thoughtfully deployed it could create meaningful work, better workplaces and an empowered workforce.
What has failed to be communicated effectively though, is that while automation and AI will indeed displace a number of existing jobs, they will, in parallel, create many times more highly skilled jobs. The fears of large-scale job displacement are grossly misplaced.
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