Of course; not all the benefits are intangible. At ANZ, we did a study tour of China a number of years ago and spoke to a range of different companies, from startups to large banks. The one thing we found in common with the successful ones was staff members from top to bottom could clearly articulate what the purpose of their organisation was.
And the reality is if leaders aren't either open to or equipped to lead in this changing workplace, business should –respectfully – help them move on.
Clarity of purpose and people development are an important part of a creating an engaged workforce. But it’s not just about that. It’s about the future.
ANZ has been around for 180 years and today has over one million customers using ANZ credit cards from a digital wallet. Nobody was thinking about this kind of digitisation 180 years ago.
Helping people understand and prepare themselves for these new emerging trends in the marketplace is critical - and having an engaged workforce to go with this is mandatory.
These moves will become a challenge as automation increasingly rolls out around the world. Almost everyone has heard by now the various numbers thrown around; a McKinsey study from 2017 claims as many as 800 million jobs could be lost to automation by 2030.
Trade businesses are documentation heavy and at ANZ we're using machine learning and technology to streamline a lot of that.
But there are always things business will need humans to do more of. By and large businesses don’t want to lose their people just reallocate them from mundane tasks to things that add greater value – such as such as engaging with customers and not just checking documents.
As industry automates business is going to rely more on the emotional quotient of people rather than the intellectual side.
And that’s the kind of thinking we need for the future.
Mark Evans is Managing Director, Transaction Banking at ANZ.
This is an edited version of comments made at the APAC Confluence in Melbourne in January, hosted by Infosys. This article was originally published on ANZ’s Institutional website.