Industry 5.0, Future of Workforce Beyond Efficiency and Productivity

Manbo He () and Badr-un-nisa Chand ()
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Manbo He: University Canada West
Badr-un-nisa Chand: University Canada West

A chapter in Innovation, Sustainability, and Technological Megatrends in the Face of Uncertainties, 2024, pp 23-40 from Springer

Abstract: Abstract Industry 5.0 is revolutionary in the sense that it proposes a very different approach for industries and economies to succeed in a sustainable manner. Industry 5.0 emphasizes the need for an eco-friendly and human-centric production system that promotes workforce well-being and empowerment using flexible and adaptable technologies. The technologies in Industry 5.0 are agile and resilient and offer sustainable development while respecting planetary boundaries. In short, Industry 5.0 is based on the integration of the four Ps principle, people, planet, profit, and processes. The key elements/drivers of Industry 5.0 are (1) Reduced cost due to resource efficiency, (2) Improved safety and well-being, (3) Empowered workers remaining in control, (4) Competitive edge in new markets, (5) Adapted training for evolving skills, and (6) Competitive industry by attracting the best talent. Although Industry 5.0 is still a new concept, and the technologies used in it are still being developed and refined, it holds great value for both businesses and society as a whole. From the introduction of a range of environmentally friendly technologies to offering flexibility through customization and personalization, from addressing workplace safety concerns to increasing the efficiency of manufacturing processes, Industry 5.0 promises a significant impact on the future of mankind and the planet.

Date: 2024
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DOI: 10.1007/978-3-031-46189-7_2

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