Talent Management and Employee Outlook on Industry 5.0

Abstract

The industrial revolution and advancement in artificial intelligence in terms of Industry 4.0 has reduced the need for human intervention at the workplace. The results are very profitable for companies and industries in terms of product/service quality, delivery, and customer satisfaction. However, employees have suffered many side effects in both psychological and physical terms. In terms of career development, there is continuous pressure of updating themselves, increased internal competition, fear of job loss, and increased loneliness due to fewer but competitive people at the workplace. That is why murmur has started around Industry 5.0, where the focus is collaborative interaction between humans and machines/robots for sustainable development of industries. The purpose of this study is to assess the impact of this phenomenon on talent management in this volatile environment. This study might help improve team member wellbeing and reduce the uncertainty in workforce participation and provide a more creative, innovative, and engaging mindset in Industry 5.0.