Automation and Artificial Intelligence (AI) have already started to ring in the changes for employment practices, but more is to follow by 2030. Besides jobs, even skills and wages will be disproportionately affected. A study was conducted by the McKinsey Global Institute to pinpoint this trend, and the transitions now due. Several questions now need to be posed before we move ahead. One is what impact automation will have on work. Another is to understand the possible scenarios for employment growth. This will also impact on the talent recruitment trends. To add to this, will there at all be enough work in this future, is another matter of debate. There are several growth scenarios that could take place. It increasingly looks like whatever path this takes, inequality will be a component of it. This is because the digital age is all about winner takes all. The emerging economies will lead the way, with increased consumption. Populations are also ageing. Technology will thus be deployed accordingly. Due investments are needed in renewable energy and energy efficient technologies. Unpaid domestic work, possibly needs now to be linked to the market. Economies need to be prepared for extremely large, and painful work transitions.

Source:https://www.mckinsey.com/featured-insights/future-of-work/jobs-lost-jobs-gained-what-the-future-of-work-will-mean-for-jobs-skills-and-wages

Uploaded Date:26 June 2019