The Labour Market is changing faster than you may realize. Today, we are at the beginning of a Forth Industrial Revolution. Technological change is accompanied by talent shortages, mass unemployment, and growing inequality. Technological advancements and demographic changes could lead to the net loss of 5 Million jobs by 2020.
According to a report published by the World Economic Forum, In total, the report estimates that 7.1 Million jobs could be lost. While the job landscapes are expected to undergo radical changes over the next few years, it is simply not possible to weather the current technological revolution by waiting for the next generation’s workforce to become better prepared. The current technological revolution need not become a race between humans and machines but rather an opportunity for work to truly become a channel through which people recognize their full potential.
A 2013 Oxford Martin School study estimates 47% of all Jobs will be automated by 2034. The Economist points out that current unemployment levels are startlingly high, but that “this wave of technological disruption to the job market has only just started”. Specifically, the Economist points to new techs like driverless cars, improved household gadgets, faster and more efficient online communications and ‘big data’ analysis of areas that humans are quickly being superseded. The promise is that intelligent machines will be able to do every task better and more cheaply than humans. And while new start-ups are raising billions, they employ few people – Instagram, sold to Facebook in 2012 for $1 billion, employed just 30 people at the time.
In a recent Salon interview, Brynjolfsson said: “technology has always been destroying jobs, and it’s always been creating jobs, and it’s been roughly a wash for the last 200 years. But starting in the 1990s the employment to population ration really started plummeting and it’s now fallen off a cliff and not getting back up. We think that it should be the focus of policymakers right now to figure out how to address that.”
Clearly, Our world is moving in a forward direction and we should too. If we’re smart enough, we can benefit massively from these technological advancements. Old Ways Won’t Open New Doors, there are far too many opportunities nowadays to leverage technology to our advantage in every single part of life, especially in Business. We just have to get ahead of the curve.
“Don’t limit yourself. Many people limit themselves to what they think they can do. You can go as far as your mind lets you. What you believe, remember, you can achieve.” Mary Kay Ash