The Role of Business Leaders in Industry 5.0

The Fifth Industrial Revolution (Industry 5.0) is right around the corner, or maybe well underway if some experts are to be believed. Not surprisingly, it is projected to play an active role in addressing the significant challenges that society faces today. It goes beyond jobs and development, deeply integrating sustainability principles and replenishing the “perturbations of the earth system”. Indeed, it goes beyond industry per se and expands on the ideas of Industry 4.0 by emphasizing a human-centric approach to business strategy through re-purposing digital technologies such as artificial intelligence, up-skilling and re-skilling workers, particularly in digital skills, enabling the transition to a circular economy with modern, resource-efficient, and sustainable industries, creating a globally competitive and world-leading industry and accelerating investment in research and innovation. In this new era, leadership and the management of humans have vital roles to play. Here, humans are seen not just as a resource but as the sole reason for the industry to exist. The present paper explores what kinds of leadership styles and skills will be required to make Industry 5.0 a success. A conceptual model is present to demonstrate Leadership 5.0 to help Industry 5.0 succeed.