Could a robot do your job? Millions of people who didn't foresee the onset of automation will soon realize it painfully. The answer is a resounding yes.
The World Economic Forum's study The Future of Jobs predicts that 5 million jobs will be lost before 2020 as artificial intelligence, robotics, nanotechnology, and other socioeconomic factors replace the need for human workers.
The good news is that these same technological advances will also create 2.1 million new jobs. However, blue-collar and administrative workers who find themselves unemployed will likely lack the skills required to compete for the new positions. Most of the new jobs will be focused on more specialized areas such as computer science, mathematics, architecture, and engineering.
This urges governments and employers in each of these sectors to retain and reskill workers to prevent a crisis.
"Without urgent and targeted action today to manage the short-term transition and build a workforce with future-proof skills, governments will have to cope with growing unemployment and inequality, and businesses with a shrinking consumer base," said Klaus Schwab, founder and executive chairman of the World Economic Forum.
New Skills for New Economies
So, what skills must workers acquire to ensure they remain valuable as the Fourth Industrial Revolution takes hold? Some may be surprised to learn that skills developed in preschool will be highly valued.
David Deming, associate professor of education and economics at Harvard University, says social skills like sharing and negotiating will be essential. He argues that the modern workplace, where people rotate between different roles and projects, closely resembles preschool classrooms, where we learn social skills like empathy and collaboration.
Deming has mapped out the changing needs of employers and identified key skills that will be necessary to thrive in the labor market of the near future. Along with these social skills, mathematical ability will yield enormous benefits.
Source: David Deming, Harvard University
Decline of Single-Skill Jobs
Deming shows that in recent years, many jobs requiring only mathematical skills have been automated. Bank tellers and statistical clerks have felt the impact. On the other hand, roles that predominantly require social skills (childcare workers, for example) tend to be low-paid due to the high supply of candidates.
The study demonstrates that workers who successfully combine mathematical and interpersonal skills in the knowledge-based economies of the future will find many rewarding and lucrative opportunities.
Shifting the Focus of Skills Training
According to Deming, the challenge now lies with educators, who must complement technical skills training—such as mathematics and computer science—with an approach that ensures future workers possess the social skills needed to compete in the new job market.
Credit: Simon Torkington