Artificial intelligence, digital platforms and other innovations are rapidly transforming the basic nature and scope of work. These changes also raise questions about the broader impact of new technologies on jobs, skills, wages and the nature of work itself. With the transformation of nature of work, students and job aspirants need to learn the skills which may help them to land the jobs of the future.
Impacts of Technological Revolution:
The situation of labour market, at present, is very grim. Because of automation and new technologies, a huge polarization of opportunities between high and low-skilled jobs is already being observed. There are numerous other impacts of this technological revolution on the labour markets and income distribution.
The unemployment and underemployment rates are at their highest across the globe. Some 30 to 45 percent of the working-age population around the world is underutilized—that is, unemployed, inactive, or underemployed. It means that approximately 850 million people in the US, the UK, Germany, India, Japan, Brazil and China are underutilized.
Is this all because of technological revolution?
No, to blame technological revolution solely for this disheartening situation would be unfair and fallacious. Job creation and job destruction hinge not only on technological development but also on economic, legal and socio-political determinants. If we trace down the history, we shall find that new technologies increase productivity of workers, create new jobs, demand, products and markets. Technological development is the main driver of economic growth and improvements in living standard.
Educational systems have failed to keep a pace with the rapid transformation of the nature of work resulting into producing low-skilled workforce. According to McKinsey survey of young people and employers, “40 percent of employers consider ‘lack of skills’ the main reason for the entry-level job vacancies, while 60% of employers say that new graduates are not adequately prepared to for the world of work.”
What is the future of work?
There is a phenomenal impact of new technologies at the workplace. Automation technologies are developing at huge speed than ever which will surely benefit the highly skilled workforce while low-skilled workers will be able to increase their productivity with the help of these technologies provided that they are given proper training and knowledge of these technologies. A new market of knowledge-enabled jobs will rise as machines embed intelligence and knowledge that less-skilled workers can access with a little training.
Skills Students Need to Learn to Land the Jobs of the Future
Most of the analyses suggest that artificial intelligence and other new technologies would benefit high-skilled workers with high degree of flexibility, creativity, analytical and interpersonal skills.
Therefore, Students can future proof their careers with qualifications in science, technology, engineering and mathematics (STEM).
Five of the key skills for future employment involve the use of key human skills such as:
- Mental Elasticity and Complex Problem Solving
- Critical Thinking
- People Skills
- Interdisciplinary Knowledge
If we do not change with the time, we shall stagnate. In brief, we can say that students need to adapt their skills to the future jobs and learn new skills. The current education system also needs to upgrade itself and embrace the technology.
Therefore, KIET Group of Institutions has decided to bring this series “Future of Work” to help students and job aspirants prepare themselves for the needs of the jobs of the future.