The Fourth Industrial Revolution took centre stage at Davos last month. It left me with a strong sense that at a time of enormous technological change, individuals will succeed based on their most human traits.
Though automation improves operational efficiency, organisations rely on their people for creativity. Product designers create prototypes with 3D machines, but their most human qualities – their knowledge of trends and the ability to translate the likes and dislikes of their customers – give them an edge. Salespeople may well rely on software for their sales pipeline, but it’s their human interactions that seal the deal.
Technology has the potential to make our relationships with people better.
It’s clear that the role of leader is undergoing a tectonic shift. For decades, leadership has been the chief executive’s role. But while the brightest and the best leaders at the World Economic Forum were and are critical to defining issues and policies, there was a feeling that CEOs, policymakers and politicians will not be the ones to solve the world’s problems. It is people from all levels who will bring about change.
With the rise of technology, the individual citizen has a bigger role to play. Due to the explosion of smartphone devices, people are accessing information and declaring: “I want to do this differently.”
Change increasingly happens from the bottom up, not top down. Leaders need to create confident organisations, where employees can flourish. So how is our work changing?
According to the World Economic Forum’s ‘Future of Jobs Report’, the most sought after occupations did not exist even five years ago, and 65 per cent of primary schoolchildren are destined to work in completely new jobs.
While office jobs will plummet, computer and mathematical-related jobs will grow. Where factory workers will lose, data analysts will win. Softer social skills – influencing, educating others and emotional intelligence, such as empathy – will be in higher demand.
But can humans change quickly enough?
Our work is changing and by 2020, the jobs that we do will be markedly different.
On an individual level we need to become more resilient, coping with the demands of our changing and complex environments.
You may have heard of neuroplasticity, or brain plasticity, which is the brain’s ability to change throughout life. It has an incredible ability to restructure itself by forming new connections between brain cells. As we become experts on topics, the areas in our brains that relate to those skills continue to grow.
Change is possible, but to accelerate it, we need to work on our mindsets and attitudes. Our future work will demand the very traits that make us altogether human in the first place.
Here are five skills to help you thrive in the Fourth Industrial Revolution:
• Passion
A leader’s role is no longer to command and control; it is to create an environment for others to drive change and solve problems. They should evoke passion in people and create an inclusive, integrated culture where people are engaged. At every level across the organisation, people need to believe they can contribute to and make a difference.
• Reflection
Today’s global business ecosystem is a complex place. We have multiple stakeholders with different agendas, volatile markets, disruptive competitors and unseen technological developments to contend with. It means we often get caught up in the short-term. To succeed, you will need to press pause, think about the long-term and stay alive in the meantime. In essence, the individuals who are able to stop and reflect will prosper.
• Communication
In a ‘Big Brother’ world of CCTV cameras, a torrent of data, social media and peer-to-peer reviews, nothing is secret. Everything is transparent. Every conversation, email, and aspect of an organisation’s well-being is publicly available. In a transparent world, you must have better communication skills. It means you can’t lie or hide. When corporate communication can no longer be controlled, you will need to communicate more authentically.
• Emotional intelligence
As technology advances, effective relationships in multi-stakeholder organisations that have become more internally and externally complex are paramount. You will need to nurture a community culture. With advanced softer skills, you will build up alliances, craft shared values and create collaboration among disparate groups of people.
• Creativity
In an era of data programming, human creativity – a skill that can’t be programmed – will amplify. Why? Because unlike robots or artificial intelligence, our innate curiosity and ability to laugh can’t be mapped or formulated. So, to work alongside smart machines, we will need creative people to drive innovation. It is the leader’s job to create a lab for playfulness to cultivate creativity – after all, play is one of the very few human activities to celebrate uncertainty.
This revolution is an era of automation, constant connectivity, and accelerated change. To withstand it and build up our resilience, we must put the spotlight on ourselves. By taking a holistic approach to our well-being and building our sense of purpose, we will enhance our performance as people. We need more sleep to operate at speed. We need mindfulness to take in moments that matter, and we need to eat well to feed our minds.
“Are we in an industrial or human revolution?” I hear you ask. My answer’s simple: it’s a combination of both.
Richard Jolly is adjunct professor of organisational behaviour at London Business School where he teaches on a leading change programme for executives.
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
The biog:
Favourite book: The Leader Who Had No Title by Robin Sharma
Pet Peeve: Racism
Proudest moment: Graduating from Sorbonne
What puts her off: Dishonesty in all its forms
Happiest period in her life: The beginning of her 30s
Favourite movie: "I have two. The Pursuit of Happiness and Homeless to Harvard"
Role model: Everyone. A child can be my role model
Slogan: The queen of peace, love and positive energy
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
Klopp at the Kop
Matches 68; Wins 35; Draws 19; Losses 14; Goals For 133; Goals Against 82
- Eighth place in Premier League in 2015/16
- Runners-up in Europa League in 2016
- Runners-up in League Cup in 2016
- Fourth place in Premier League in 2016/17
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
COMPANY%20PROFILE
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Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
'Operation Mincemeat'
Director: John Madden
Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton
Rating: 4/5
Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
'Gold'
Director:Anthony Hayes
Stars:Zaf Efron, Anthony Hayes
Rating:3/5
Scoreline:
Everton 4
Richarlison 13'), Sigurdsson 28', Digne 56', Walcott 64'
Manchester United 0
Man of the match: Gylfi Sigurdsson (Everton)