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April 2, 2020

There Is A 4th Industrial Revolution And It Is Affecting Well-Being

Article Source: Forbes

After over two decades in the well-being industry, a sense of boredom, fatigue and not a little indifference began to rear its head. The question then came: How can the well-being industry truly make an impact-today and in the future?

The entrance of the next industrial revolution and an emergence of virtual reality and virtual world technology to achieve seemingly once impossible feats quickly presented as the new horizon. Human connections are now changing their origination and journeys are based upon applied science.

This new perspective includes technology, is full of promise, and is invigorating; it is changing the way we live, work and connect. However, technology can be controversial. The topic of how individuals interact with one another due to technology is debatable with common-list pros and cons. In spite of this argument, technology isn’t going to slow down, so embracing the potential in a larger umbrella of a world of well-being and healthcare seems logical.

Embracing cutting edge technology within the corporate well-being and healthcare industries is just one approach discussed with freshmen at the University of Denver enrolled in the Fourth Industrial Revolution business class.

There are six major technologies within this most recent revolution: internet of things, artificial intelligence, additive manufacturing, and mixed realities (virtual reality, augmented reality, extended reality), autonomous vehicles/drones and distributed ledger/cryptocurrency.

Students are encouraged to look at how the world has and is becoming more effective, productive and efficient with these six technologies, and how these technologies are advancing humanity in the workplace.

This strategy acquaints students to the different landscape, scope, speed and complexity of this industrial revolution versus previous industrial revolutions. It is critical and a fine point is made to students to understand how the fusion of physical, digital and biological worlds impact economies, industries, governments and, most importantly, humanity.

Klaus Schwab’s* 2017 book, “The Fourth Industrial Revolution,” states, “Along with this mindset, the technologies driving the fourth industrial revolution are positioned to fundamentally transform the entire structure of the world economy, our communities and our human identities.” Professor Schwab is founder and executive chairman of the World Economic Forum.

In the past, it was government and religion that guided and shaped societies but now present-day society allows for businesses to play a much larger role. This “new world” raises the question of how, with this task, comes great responsibility and what the possible solutions are.

Schwab states, “Make good business decisions, contribute as citizens, government officials and business leaders to design systems that arise with common values and clear purpose in mind that benefit everyone on the planet.”

One critical aspect of business is engaged employees and it is important to present real-world scenarios to students who are the upcoming generation of workforce. They learn how human resource departments (employee experience departments) no longer simply check a box for employee well-being and building a thriving culture; there are now defined, intricate details to help introduce and promote organizational, business and community well-being with this new technology.

This impacts every aspect of a company’s operation.

New skill sets are required of the next generation of labor. They are responsible for helping prior generations embrace and understand the opportunity of the new cutting edge technology in the workplace.

Technology is giving employers tremendous opportunities; however, if top talent and employees are not inspired and supported to truly bring their best self, the company will ultimately lose. This fourth industrial revolution might be the most positive adjustment in corporate well-being.

Companies that educate, support and create connection for well-being will optimize their marketplace potential. Schwab also states: “It is only by bringing together and working in collaboration with leaders from business, government, civil society, faith, academia and the younger generation that it becomes possible to obtain a holistic perspective of what is going on.”

The next generation company that aligns with the fourth industrial revolution, including well-being components incorporated into company culture, will thrive. The well-being of the company that has a shared purpose within all levels and mediums of corporate persona and perception will then encourage employees to continue this attention to humanity in all aspects of their lives—home, social, school, and community.

Ultimately, students are reminded that there is a “we” in well-being and an “i” in illness—a reminder that helps everyone implement, for their own and for their colleagues, elements that support living and working in a positive and promising environment.

*Klaus Schwab is founder and executive chairman of the World Economic Forum. He states that an opportunity to shape the “fourth industrial revolution” will fundamentally alter how we live and work.