How technology impacts the future of the workforce.

By 19th Jun 2019 No Comments

The future of the workforce will be heavily impacted by technology in the future. Especially when one considers the rapid growth of technology. Millions of workers and companies world-wide need to prepare themselves for this upcoming growth spurt that’s not going to decline anytime soon. Here’s what you need to know to be ready:

Robots, AI (Artificial Intelligence), digital transformation and machine learning look different in different industries.

With the introduction of 5G technology, connectivity is only going to get faster. Connectivity, AI, big data and cloud technology will drive the adoption of new technology between 2019 and 2022. Investors will look to companies innovating with machine learning and new technologies. Stationery robots will probably be the first robotic advancement with many businesses predicted to adopt them by 2022. However, different industries have different needs and use.

For example, the first movers in Humanoid Robots are expected to be the financial services. In contrast, 53% of the manufacturing sector is predicted to adopt stationery robots.

Technology won’t take all jobs

By 2022, new job roles and occupations are set to grow by 27% with jobs and occupations that will become obsolete due to tech will decline by 10%. 75 million job roles may be displaced with the growth in technology; however, technology is set to create 135 million job roles.

Growing occupations such as data analysts, developers (software, web, and application) and social media experts are expected to continue growing up until 2022. Interestingly, new roles are being created that focus on “human” traits. These include Customer Service Workers, Sales and Marketing professionals, Training, Organizational Specialists and Innovation Managers.

The gap between humans and machines is changing, and it’s fast

Companies should expect a huge shift in task allocation between humans and workers. Currently, humans perform 71% of total task hours across industries, whereas machines perform 29%. By 2022 humans are expected to perform 58% task hours and 42% will be performed by machines.

Importantly, 62% of data processing, capturing and searching will be done by machines in 2022. Machine’s and algorithms will particularly assist reasoning and decision making, admin and search tasks.

Find out more about the impact of technology on the future of jobs here.

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