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The 4th Industrial Revolution is underway. You may not have known it, but you may have observed the subsequent transformations. The advancements in genetics, biotechnology, nanotechnology, robotics, 3D printing etc. you hear or read about or personally have experience with, are the outcomes of the 4th Industrial Revolution.
Its impact on the global workforce is projected to result in 7.1 million job losses over the period 2015-2020.
The study conducted by the World Economic Forum, highlights that the technological revolution that is ongoing will lead to fundamental transformation in jobs, such as job displacement, widening skill gap, heightened labor productivity and job creation. When 5.1 million jobs get displaced, 2 million jobs will be created due to the change.
While advancements in technology (AI, software, machinery, robots etc.) will increase the efficiency of employees within a workplace and produce cost-effective solutions for the company, they will render certain job roles obsolete. For example, most office and administrative jobs, such as bookkeepers and accountants are already being replaced by AI and software. However, new job types such as organizational development specialists will also be born out of the need to keep up with the change.
The research shows that nearly 65% of the kids entering primary school today will end up working in jobs that don’t yet exist, and the chances are that within the next 10 years, most jobs done exclusively by humans today, will be replaced by machines, robots, AI etc.
This requires future-proofing oneself by developing certain skills that are exclusive to humans and cannot be replicated by technology. Negotiation and decision-making skills, critical thinking skills and improved emotional intelligence are some of these abilities that will be demanded by jobs in the future. Working on improving oneself thus is the fail-safe way to neutralize the threats caused by the 4th Industrial Revolution.
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