Landscape 2030

A Volatile Decade — Or One of Growth?

Regulatory frameworks are to be reviewed, authorities and policymakers are coming under a variety of pressure arising from their changing mandates and differing consensus. In the course of these complementary events, developing countries are playing a gradually commanding role; China, India and the continent of Africa. Africa at the moment is what China once was – a burgeoning country of limitless potential, while China in turn, has taken the mantle as a salient kingmaker on the global standings in terms of its potential economical prowess, and its ability to channel further accelerated growth.

This movement of the Fourth Industrial Revolutions has the potential to raise global income levels and improve the quality of life for populations around the world – but not everyone is an able participant of this phenomenon. Those who have benefited the most have been consumers who have access to the digital sphere; technology has made possible new products and services that increase the efficiency and pleasure of our personal lives. One should therefore anticipate that with technological sophistication and maturity, to what extend is humankind able to keep up with its advancement: will this continuous push become an unnecessary constraint, where demand is outstripped by the ability to deliver?

“A noticeable shortfall in engineering competencies
will not be transient - it will be a theme.”

A noticeable shortfall in engineering competencies will not be transient – it will be a theme that remains constant and developing countries will be placed at a disadvantage. In a report commissioned by Oliver Wyman, most companies in-house engineering department will lack the necessary resources and skills in software, artificial intelligence, and cybersecurity. Because of the ever-increasing complexity of technology, specialists within the different technical fields must replace existing know-how, as existing technical experts are unable to adequately undertake responsibilities of new technologies. Most companies already struggle to hire skilled engineers in software, artificial intelligence, and data science. But the HR challenges will go way beyond a dearth of technical skillsets.

As Klaus Schwab, Founder and Executive Chairman of the World Economic Forum succinctly puts it: ‘The Fourth Industrial Revolution have the potential to “complement to the best parts of human nature into a new collective and moral consciousness based on a shared sense of destiny.’ Will this equality and shared, and how will the interests of respective governments and companies challenge the chronic lack of a skilled workforce alter the status quo of the global marketplace as demand for top talents with these niche skillsets continue to thin. Our recruiting philosophy has always remained the same – to practice only within our expertise, to improve our competencies, focus even on the least visible details, and, to offer the best client-candidate experience. A commitment to these intrinsic values ensures that even with shifting industry trends, Bayes will have the best capabilities to deliver the consistently good work that we do. We look forward to supporting your business over the long term on human capital management functions.

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