The world is set to change drastically in the coming years as Artificial Intelligence comes closer to reality, the cost of retooling factories to run autonomously decreases, and robots begin to have more of a presence in the workplace.
With these issues in mind, the World Economic Forum (WEF) has released a report entitled “The Future of Jobs” which warns of the changes that automation will have on labour markets in less than five years.
A fourth industrial revolution may quickly be upon us according to the WEF but it will not come without its causalities. The report predicts that a net loss of over 5 million jobs by 2020 will occur as a result of new advancements in technology. The WEF is predicting that both developed and emerging economies will be affected. Australia, China, France, Germany, India, Italy, Japan, the UK, and the US will likely suffer the greatest losses of jobs.
The WEF is concerned that redundancy, automation, or disintermediation could lead to an estimated loss of 7.1 million jobs. However, the report sees an opportunity to create 2.1 million new jobs by focusing on jobs that are more specialised in areas such as computing, math, architecture and engineering. This could help decrease the total number of jobs lost in the future.
As a new and more automated future approaches businesses and consumers need to plan ahead by learning future-proof skills that will enable them to weather the coming technological storm.