How Technology Will Change The Labor Market By 2030
Recently, the Institute for the Future (IFTF), with the support of Dell Technologies and resume editing service http://resumeperk.com/ in association with their resume writer Melisa who’s currently working for professional resume services, presented its forecast of changes in the global labor market for the next 10 years, until 2030.
The basis for this forecast was, firstly, research conducted jointly and/or with the support of Dell Technologies, and secondly, the results of an expert seminar held in Silicon Valley in November 2018 with the participation of 20 experts from around the world.
Artificial intelligence (AI), augmented reality, the Internet of Things, edge computing (Edge), clouds (more precisely, multi-cloud environments, because usually there are not one but several clouds) and multimodal interfaces have already changed many workflows and will continue to change them.
The IFTF has identified three technology shifts that are likely to occur in the next 10 years and that will contribute to a healthier, more equitable, and competitive work environment:
- Attracting talent, regardless of gender, race, origin, age, and other characteristics, through more equitable selection, which in turn will ensure a partnership between humans and machines in the selection process. Let me emphasize that we are not talking about letting a machine (or a bot) work with people. She will help in calculations, analysis of tests, and predictions on how to strengthen the team, develop incentives to increase motivation and productivity.
In support of this, let us cite data from a survey conducted among business leaders: 67% of them plan to use technology to eliminate human prejudice in decision-making and to equalize employees in their rights and opportunities. 60% believe that by 2030 all employees will have mastered IT to some extent, as it will be necessary to remain competitive.
- Strengthening competencies through technology and changing work processes. For example, American retailer Walmart uses VR headsets to familiarize new employees with a store, test their ability to communicate with angry shoppers, and test their willingness to take over leadership positions. This is just one of many augmented and virtual reality application cases, and the field for them is huge and diverse, and the number of cases is already in the thousands and will grow in the future.
Thus, 86% of managers are planning or already using innovations to increase productivity. And 83% agreed with the statement that IT changes workflows for the better.
- Artificial intelligence (AI). There are a number of fears associated with it, and one of the most popular is that AI will deprive people of jobs. However, the IFTF believes, and I share this opinion, that it will not replace people, but will increase productivity and improve the work with data. Today the data is fairly compared with the new currency, with capital. It is important to clarify here that data gain its value as a result of processing for analysis and modeling, and not simply as an accumulated “raw material”. For this processing, AI is needed, and the algorithms for its operation are laid by … people. That is, a person does not drop out of the production chain.
AI and other “explosive” technologies are a chance to increase efficiency, which benefits both employers and employees. Nearly two-thirds of business leaders (70%) plan to use machines and robots for tasks that pose a threat to human safety – for example, in the construction or mining industries, or where people are less efficient. At the same time, 85% predict that people will constantly learn new skills to work with innovation.
At the same time, the IFTF notes that there will be many barriers to digitalization. In order to overcome them, a number of dilemmas will need to be addressed. The Institute has identified three key dilemmas:
- Bias towards recruitment algorithms on the part of job seekers. Do not forget that the recruitment process is reciprocal and that applicants want to understand exactly how their personal data is used, how and by whom it is interpreted, is there any bias, is it protected at the proper level? These are fair questions and they relate to ethics, corporate culture, and mutual trust.
In addition, there is already a demand for regulating the use of AI, people want more clarity on how AI tools are applied. 44% of business leaders talked about it *. At the same time, it would be a mistake to think that people do not trust technology. Instead, they are pinning their hopes on new digital opportunities: 67% expect it to help reduce employer bias. * That is, it is not the technology as such that causes concern, but the lack of transparency in their use.
- The skills gap between generations. In recent years, technological progress has been faster than before, and innovations are emerging more often. Often, employees simply do not have enough time to master all the innovations. Therefore, an experienced specialist can lose here to a beginner.
A study on Gen Z (post-millennials) that WoMo wrote about young people’s confidence in their technical skills. Indeed, this generation is called “digital natives” for their early acquaintance with gadgets, almost from the cradle. At the same time, post-millennials are willing to share knowledge and act as mentors for older generations. Therefore, this is the case when all participants benefit from diversity (in this case, age).
- Regulatory framework. The regulating authorities are faced with the task of adapting the norms and their policies in the labor market to the requirements of the time, to the changes that progress has already made and will continue to make. Both employees and employers need to protect their rights.
On the one hand, employees feel they risk losing the competition to younger generations who are better at innovating and therefore demonstrating greater efficiency in the digital transformation of the company.
On the other hand, employers, demanding technical competence from their employees, are far from always ready to provide assistance in its development. According to the survey, 46% of executives teach their employees the basics of programming and help them master other IT technologies. But there is a positive dynamic here since in 2016 only 27% of employers trained their employees.
While all digital trends are obvious, it cannot be said that only IT competence predetermines the success of an employee. This is not the case, as there are skills and abilities that will be in great demand in the future. In the 2030 Outlook study, senior executives identified the TOP 5 characteristics that successful employees should have in 2030.
– logical thinking,
– emotional intellect,
– technical literacy,
– objectivity, critical thinking.
As you can see from this list, the so-called soft-skills and creativity are far from the last.