The Influence of the Fourth Industrial Revolution on Human Resource within the Zambian Banking Sector

Abstract

The banking sector is currently in the wake of the fourth industrial revolution (4IR), banks should therefore be proactive enough to build on the beneficial aspects of technological change while at the same time being wary of the risks that the revolution brings on work life. This study therefore explored what 4IR technologies are being used in the Zambian banking sector, explored its influence on Human Resource (employees) and further recommended strategies that banks can employ to better manage 4IR disruption. Literature review and structured interviews were the main source of data. Through purposive and snowballing sampling ten (10) participants were selected to participate in the research and responses were analyzed in relation to the reviewed literature. Findings indicated that technological advancement has aided with tedious repetitive tasks and paves way for upskilling opportunities while challenges identified included the difficulty of learning a new skill, the fear of losing jobs and reliance on technology means slowed work during downtime of machines. The research further recommended that banks should intentionally focus on re-skilling their staff to ensure they stay relevant through training, organizational strategy alignment to 4IR and a change of mindset and culture towards technology. This study used a small sample and employed qualitative research. Therefore, further study should explore the possibility of creating a hypothesis and tests using quantitative methods. In addition, future study can also explore the influence of 4IR in other sectors.