Job Placement Programs For The Future

World-renowned economist Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, explains that we have an opportunity to shape the fourth industrial revolu­tion, which will fundamentally alter how we live and work. Schwab argues that this revolution is different in scale, scope and complexity from any that have come before. Characterized by a range of new technologies that are fusing the physical, digital and biological worlds, the developments are affecting all disciplines, economies, industries and governments, and even challenging ideas about what it means to be human. Artificial intelligence is already all around us, from supercomputers, drones and virtual assistants to 3D printing, DNA sequencing, smart thermostats, wear­able sensors and microchips smaller than a grain of sand. But this is just the beginning: nanomaterials 200 times stronger than steel and a million times thinner than a strand of hair and the first transplant of a 3D printed liver are already in development. Imagine “smart factories” in which global systems of manu­facturing are coordinated virtually, or implantable mobile phones made of biosynthetic materials. The fourth industrial revolution, says Schwab, is more significant, and its ramifications more profound, than in any prior period of human history. He outlines the key technologies driving this revolution and discusses the major impacts expected on government, business, civil society and individu­als. Schwab also offers bold ideas on how to harness these changes and shape a better future—one in which technology empowers people rather than replaces them; progress serves society rather than disrupts it; and in which innovators respect moral and ethical boundaries rather than cross them. We all have the opportunity to contribute to developing new frame­works that advance progress.

Times are changing and the labor markets are under immense burden from the collective effects of various megatrends. Technological growth and grander incorporation of economies along with global supply chains have been an advantage for several workers armed with high skills and in growing occupations. However, it is a challenge for workers with low or obsolete skills in diminishing zones of employment. Business models that are digitalized hire workers as self-employed instead of standard employees. People seem to be working and living longer, but they experience many job changes and the peril of skills desuetude. Inequalities in both quality of job and earnings have increased in several countries. The depth and pace of digital transformation will probably be shocking. Industrial robots have already stepped in and artificial intelligence is making its advance too. Globalization and technological change predict the great potential for additional developments in labor market performance. But people should be ready for change. A progression of creative annihilation is probably under way, where some chores are either offshored or given to robots. A better world of for jobs cannot be warranted – a lot will be contingent on devising the right policies and institutes in place.