The anxiety of job loss is palpable for several employees from across the industries. Robots, Deep learning, Artificial intelligence has rapidly matured in taking care of most of the work performed by millions of Software engineers or white/blue collar workers. Automotive and auto parts, electrical and electronic parts, business process outsourcing, textile, clothing and footwear and retail are some of the industries that already are seeing loss of millions of jobs.
Most of the Banks, financial institutes, brokerage firms will face closure due to rapid adoption of cryptocurrencies https://en.wikipedia.org/wiki/Cryptocurrency such as Bitcoin which will affect millions of graduates/MBA’s wanting to work in financial sector.
There are driver less cars, deep machine learning techniques which can accurately predict diseases (Doctors are you reading this?) and provide medical advices are some examples of how deep the impact will be.
Modern machines, Robots, sensors, Software can now not only do manual routine tasks but also do work that requires cognitive intelligence.
As a result a highly trained radiologist or a specialized software engineer in a company is in danger of being replaced by a Computer software or a Robot that have the cognitive capabilities and can work consistently.
According to a World economic forum report “current trends could lead to a net employment impact of more than 5.1 million jobs lost to disruptive labour market changes over the period 2015–2020, with a total loss of 7.1 million jobs—two thirds of which are concentrated in the Office and Administrative job family” Source: http://www3.weforum.org/docs/WEF_Future_of_Jobs.pdf
Due to rapid and wide spread automation, AI, Deep learning and Robots replacing humans, there will be no requirement of software engineers who are just specialists in any core technologies such as JAVA, Web or RDBMS. Rapid maturity of the above mentioned technologies will have the following impact on employment, present jobs and future jobs.
- Around 56% of jobs in industries such as Logistics, Healthcare, banking, transportation etc. in areas HR, Services, deliveries, finance, IT, middle management jobs (supervisors, managers, Software engineers, clerks, tax experts, bank clerks etc. ) are automated and employment in this areas will be dwindling rapidly.
- Other areas of job loss will be are hotels and restaurants (80.7 per cent), wholesale and retail trade (77.5 per cent), construction (70.8 per cent) and manufacturing (61.6 per cent). Source : http://www.ilo.org/global/lang–en/index.htm
- By year 2020 employees will be working with Robots and other intelligent machines as colleagues and they have to take orders from machines to fulfill the remaining work that is not already replaced by the machines.
- There will be a situation in many companies, where humans will not be able to get jobs and only robots handle entire company operations. One such live example is Dyson’s automated Singapore plant where 55 robots do all the work that is done by 100’s of engineers. https://www.fastcodesign.com/1671939/dysons-80-million-new-factory-dedicated-to-its-most-unsung-invention
- Infosys an Indian IT giant plans to embrace automation and artificial intelligence, besides other newer technologies. Post-automation of certain operations, Wipro is already in the process re skilling 4500 employees for new technologies.
- Few and few companies will visit Universities and colleges for recruiting students (NO MORE CAMPUS Recruitment) and there is no choice for universities and colleges but to rapidly adopt to changing business needs and adopt to new skills and teach students the same. Otherwise they will be producing huge numbers of Un employed youth that will have a cascading effect on industry and the country’s growth prospects.
Suggestions for Universities, educational institutes, Schools and other skills imparting institutes.
- Employees, Students should have the mindset for New skills adaptation and they should always be willing to be learning constantly based on the business needs.
- Change the ratio of teaching staff to include Industry experts in the proportion of 60% academic and 40% Industry experts in universities, colleges and schools and make faculty accountable of what skills they impart to students and reward only those who make students acceptable by industry.
- Avoid recognizing Marks as the parameter of students success in academics and recognize and reward special skills , creativity shown by students. Allow industry experts to teach students ‘Creativity , innovation and change” and make it mandatory for students to prove they are learning this vital skills.
- Eliminate class rooms and replace with Practical labs. Embrace online MOOC classes https://en.wikipedia.org/wiki/Massive_open_online_course and make students to pass the courses designed by industry and academic experts.
- Ask students to solve society’s or industry’s problems as part of school, college project submissions. Indian Government as part of engaging citizens has shared some challenges with rewards. Check details here https://www.mygov.in/ BTW i participate in some of the challenges.
- Change syllabus to include what industry will be needing in coming years. Be Proactive in knowing the skills needed in next 5 to 10 years rather than reactive in teaching present skills needed. There is a huge requirement for software and hardware security experts by 2020. A report from Frost & Sullivan and (ISC)2 found that the global cybersecurity workforce will have more than 1.5 million unfilled positions by 2020. But the security industry is a fast-growing market. More details on this report is here. http://blog.isc2.org/isc2_blog/2015/04/isc-study-workforce-shortfall-due-to-hiring-difficulties-despite-rising-salaries-increased-budgets-a.html
- For those who are working in Software industry or any other sector here is my advice. Visualize yourselves working with robots, machines only and into next 10 years of your career and work backwards to check what skills will be in demand after 10 years and start learning them right now. If you just know one skills you will be in danger of losing your job pretty soon. Having a diversified skills set is a reward in present job market.
- Jobs in areas such as Artificial intelligence, robotics,cyber-security, building intelligent machines will be on raise and also many traditional jobs that need deep cognitive skills won’t be replaced rapidly and there is scope for job stability.
- Because of huge pressure, stress, anxiety in work areas, individual’s health will suffer which will force for more visits to hospitals. Yoga and meditation will gain tremendous influence in helping those who embrace Yoga and Meditation. I advice young students to start seriously practicing YOGA and Meditation. You can make a career in this two healthy areas.
Finally those who are lifelong learners and who can rapidly adopt to changing job specifications, skills will stay relevant and those who resist change will be side-lined.
Any comments, additions to this article are welcome to do so. Thanks