How Will Technology Change the World of Work?

A recent World Economic Forum report on jobs has made it blatant that the future is here and companies, as well as the workforce, should gear up for it. Three giants that loom over the corporate structure - artificial intelligence (AI) big data analytics and cloud technology will continue to impact the way business is carried out.

Jobs are already undergoing a series of transformations with new roles emerging that are relevant to the current business climate. The report lays major emphasis on gaining vital skills as a prerequisite to stabilising your career. The emergence of data security experts and data scientists is proof that advancements in technology will lead to more enhanced job roles.

While the rise in automation had many worried as machines have demonstrated their proficiency in carrying out tasks more efficiently than manual labour, the current situation is different. Robots and machine technology has boosted business and made way for more rewarding and high-paying jobs. The sharp decline in the global unemployment rate – which is at its lowest level in 38 years - is a clear sign of this.

New technology will create new jobs

The report also highlighted that the rise in technology will seamlessly go hand-in-hand with the rise in employment opportunities. Moreover, an increase in the usage of machines will create a more flexible and liberating work environment that will give employees the chance to divert their energy towards more challenging roles rather than menial tasks. All in all, technology will act as a stimulant that will help humans grow holistically.

Though the reduction in jobs is unlikely, there will surely be a shortage of skilled experts in the market. Gaining new expertise will become pivotal in the future as there will be high demand for this. Increasing jobs and the search for relevant candidates in the fields of data and security is a fine example of this. Many youngsters are also choosing to take courses that will better prepare them for the future.

Various studies and market surveys show that technology will alter jobs completely. This means that in the future, skills in maths and computing will go hand-in-hand with creativity, strategic thinking and negotiation. Those who are currently employed will also need to upgrade their skills immensely to survive the competitive market.

Changes for employees

Companies are also proactively involved in attracting fresh talent and assuring a decentralised environment for employees. This means less micromanaging and more being done to ensure positive relationships between employers and employees.

Worker protection is also in need of an upgrade - healthcare, unemployment insurance and pension systems, although useful, are becoming more archaic for the technologically advanced future workforce. Job safety should be in the form of training, so employees, businesses and other groups benefit from reskilling and upskilling.

Freedom and flexibility have also been a dominant point of focus in the current work structure, and according to the forum, companies must work on their inclusivity. Different work options and even new platforms to connect buyers and sellers are fast emerging to fuel the needs of the modern market. All these are signs of a great revolution that has already started and will forever change the way businesses operate.

Physical workspaces are evaporating in the wake of technology as remote work is becoming increasingly common. One is no longer restricted by geographic boundaries to do the work they desire and equal opportunities are available for all. This mobile force includes freelance workers who will exponentially grow by the year 2027.

Again, a common factor here remains the need to keep updating your skills throughout your professional life. As there are so many changes, it’s essential that those involved in operating advanced technology adapt to the technological evolution. Green economy jobs such as data analytics, cloud computing, and product development are in-demand and are directly linked to the data and AI economy. Knowledge in this area is important to establish a strong career in the business sector.

Changes to the education sector 

The report also strongly emphasised that traditional education will undergo changes to adapt to business needs. Therefore, there’s a need constant for skill-building for this new world where expertise triumphs all. Skills-focused vocational programmes are perhaps the best way to equip yourself for any job role as they offer transferable skills like teamwork, adaptability, management and leadership which can prepare you for any job in the future.

It is clear that skills-based courses can be instrumental in finding the right job in the current economy. You too can give the right traction to your career with diploma programmes offered by London School of Business and Finance (LSBF) in Singapore that are substance-heavy and relevant to jobs of the future. Enquire today to learn more!

Reference article: 5 things to know about the future of jobs published by the World Economic Forum

This article was written by Nandita Kaushal edited by Anisa C.