The Future of Work is Here: Are You Prepared?
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The Future of Work is Here: Are You Prepared?
- 1. THE FUTURE OF WORK IS HERE - ARE YOU PREPARED? Presented by Sharala Axryd, Founder and CEO The Center of Applied Data Science
- 2. Technology, jobs, and the future of work. Automation, digital platforms, and other innovations are changing the fundamental nature of work. The Future of Work Adoption of AI in the workplace Expansion of workforce to include both on- and off- balance sheet talent
- 3. 5 out of 10 jobs haven’t been created yet. To thrive, professionals need to be agile enough to adopt innovation solutions that will solve problems that may not even exist yet.
- 4. By 2050, virtually all industries from banking to manufacturing will be integrating digitised automation and robotics, economists predict.
- 5. “The future of work is increasingly becoming today’s reality for millions of workers and companies around the world.” AI robots replacing customer service in banking Industry robots performing repeated tasks without the need to rest Drones used for exploration, inspection
- 6. Women represent the largest disruptive force in business — and the business world is unprepared Women control 85% of consumer spending globally Globally, women control USD$36 trillion in total wealth According to the McKinsey Global Institute, if women played an identical role to that of men in the labour economy, it would add up to USD$28 trillion to global annual GDP; same as the combined GDP of the world’s two largest economies, the US and China Women empowerment could potentially unlock an additional income per capita of approximately RM9,040 for Malaysia; which will easily enable an overnight achievement of a Women make 70% of major financial decisions for themselves and their families, everything from auto, insurance, home and investment Based on KRI findings, a 30% increase in women labour force participation will cause Malaysia’s GDP to increase from 7% to 12%
- 7. “Female talent remains one of the most underutilized business resources, either lost through lack of progression or untapped from the onset.” • Inspired by the water crisis in Flint, Michigan, designed a compact device to detect lead in drinking water Gitanjali Rao • Specializes in mathematical oncology, using math to understand and one day slow the growth of tumors Trachette L. Jackson • Redefining cryptography and data privacy in the 21st century and co- conceived of the zero- knowledge proof Shafi Goldwasser A study conducted by Microsoft found that 72% of the girls polled said it was important for them to have jobs that directly helped the world, but only 37% thought of STEM careers as being creative or making the world better.
- 8. Women are currently under-represented in fields experiencing job growth, such as engineering and information and communications technology. In tech, women are 15% less likely than men to be managers and professionals, and 19% are more likely to be clerks and service workers performing more routine tasks, which leaves
- 9. There’s a major shift happening in the skill sets people need to stay relevant.
- 10. Malaysia is well-placed to take advantage of automation and digital technologies like Big Data, Internet of Things (IoT), Artificial Intelligence (AI) to increase productivity, spur innovation, and improve livelihoods. Source : LinkedIn Data Scientist Full Stack Engineer Drive Test Engineer User Experience Designer Content Writer
- 11. A new World Economic Forum Future of Jobs report predicts machines will do 42% of all labor (by hours) by 2022 and more than half of it by 2025. Future jobs will involve knowledge creation and innovation. Complex Problem Solving Critical Thinking Creativity People Management Coordinating with others Emotional Intelligence Judgement & Decision making Service Orientation Negotiation Cognitive Flexibility
- 12. According to Gartner, AI will create more jobs than it eliminates. They predict that 2.3 million jobs will be created by 2020, versus 1.8 million jobs lost
- 13. Malaysia is currently only at the industrial revolution of 2.7,not reaching the full era of IR3.0 yet *An insight provided during a survey from industry peers of panel discussion, ’Where are we now?’ The Gap THE PRESENT THE PAST IR 1.0 IR 4.0 :The Internet ofThings “Birth of a new cycle” IR 2.0 IR 3.0 IR 1.0 : Pen & Paper “The time before our generation, the traditionalist” IR 2.0 : Excels & Spreadsheets “Electricity & mass production, semi-traditionalists” IR 3.0 : Internet Registration “Electronics, IT, Automation; the integration of semi- traditionalist and current generation”
- 15. Start preparing for the future of work by investing in yourself and your people. Adapting and up-skilling to stay relevant is the relevant is the ultimate form of career insurance.
- 17. Technology will create new types of jobs, just as it takes away others • Understanding external skill trends STAY ON TOP OF EVER-EVOLVING • Fill in the skill gaps and attend or provide related Anticipating what the business might in the next 5 years • Redeploy and retrain employees for brand-new jobs • Acquire new skills and address your talent shortages Take advantage of new roles
Hinweis der Redaktion
- The future of work is being shaped by two powerful forces: The growing adoption of artificial intelligence in the workplace, and the expansion of the workforce to include both on- and off-balance-sheet talent. What changes could be in store for the workplace, the workforce, and the nature of work itself?
- For those whose training is becoming obsolete, and organizations needing completely new skills in a short amount of time, the transition will be complicated. As the author Alvin Toffler once predicted, the future belongs to those who can unlearn and relearn. History tells us that technology creates more opportunities and jobs. The state of the world might look confusing and worrying, but it is not. Virtual or tangible, automated or humanized, work is changing in many ways, but the fundamentals remain: acquiring skills and doing things that people need.
- If you think the pace of change in the workplace has been fast lately, hold onto your hat. A new report published by Dell Technologies says things are about to get a lot faster. So fast, in fact, that 85 of the jobs that will exist in 2030 haven't even been invented yet, estimates the report, which was authored by the Institute for the Future (IFTF) and a panel of 20 tech, business and academic experts from around the world. "The pace of change will be so rapid that people will learn 'in the moment' using new technologies such as augmented reality and virtual reality. The ability to gain new knowledge will be more valuable than the knowledge itself," Dell Technologies said in a statement. In other words, get ready for a lifetime of skills training and retraining, in real time.
- Automation, robotization and digitization look different across different industries High-speed mobile internet, artificial intelligence, big data analytics, and cloud technology are set to spearhead companies’ adoption of new technologies between 2018 and 2022. Many will also look to machine learning and augmented and virtual reality for considerable business investment. By contrast, investment in the kind of robotic technologies imagined in movies and popular fiction will remain somewhat more niche over the period – but is nevertheless picking up pace. Stationary robots are likely to be the most widely adopted by 2022 – but different industries have distinct use cases and preferences. How companies will evolve because of robot? Well, there are many different faces of the robot revolution depending also on the industry. For example, the overall adoption among companies by 2022 of humanoid robots will be 23%, of stationary robots will be 37%, of aerial and underwater robots will be 19%, non humanoid land robots will be 33%. But if we consider first movers and different industries the % will significantly increase. For example the rate of adoption for humanoid robots will be 35% for financial services and investors, use of stationary robots will be 53% in automotive, aerospace and supply chain, use of aerial and underwater robots will be 52% in oil and gas, non humanoid land robots will be 42% in automotive, aerospace and supply chain.
- As one can imagine, economic production and growth – which GDP represents – have a large impact on nearly everyone within that economy. For example, when the economy is healthy, you will typically see low unemployment and wage increases as businesses demand labor to meet the growing economy. Even a small level of economic growth can facilitate higher living standards and an improvement in life expectancy. The benefits of economic growth include: Higher average incomes. This enables consumers to enjoy more goods and services and enjoy better standards of living. Economic growth during the Twentieth Century was a major factor in reducing absolute levels of poverty and enabling a rise in life expectancy. Lower unemployment. With higher output and positive economic growth, firms tend to employ more workers creating more employment. Lower government borrowing. Economic growth creates higher tax revenues, and there is less need to spend money on benefits such as unemployment benefit. Therefore economic growth helps to reduce government borrowing. Economic growth also plays a role in reducing debt to GDP ratios. Improved public services. With increased tax revenues the government can spend more on public services, such as on healthcare and education e.t.c. Money can be spent on protecting the environment. With higher real GDP a society can devote more resources to promoting recycling and the use of renewable resources Investment. Economic growth encourages firms to invest, in order to meet future demand. Higher investment increases the scope for future economic growth – creating a virtuous cycle of economic growth/investment. Increased research and development. High economic growth leads to increased profitability for firms, enabling more spending on research and development. Also, sustained economic growth increases confidence and encourages firms to take risks and innovate. Khazanah Research Institute : More women in the workforce could potentially increase Malaysia's gross domestic product (GDP) by between RM6 billion and RM9 billion
- More jobs are expected to be created in the STEM and IT field. The gender gap in the workforce could widen due to the fact that women tend to avoid STEM jobs and opt for office and administration – which are most vulnerable to displacement by robots. Based on a study by Microsoft, this comes from a Gap in perception : With so many of our biggest challenges rooted in science, tech, engineering, and math, STEM careers are some of the most powerful ways to make positive change in the world. By having better understanding of STEM and awareness by role-models, that gap can be bridged. If current industry gender gap trends persist and labour market transformation towards new and emerging roles in computer, technology and engineering-related fields continues to outpace the rate at which women are currently entering those types of jobs, women are at risk of losing out on tomorrow’s best job opportunities while aggravating hiring processes for companies due to a restricted applicant pool and reducing the diversity dividend within the company. Diverse teams lead to more innovation, particularly important in a time of disruptive change to business models. As a consequence, the change would lead to positive economic and socio-cultural change.
- Across all age groups, women could be displaced first due to the larger numbers of women in clerical positions in different industries. Here’s an example; With an introduction of automation and machines into the workforce industry, 90,000 male assembly line workers will be at risk, compared to the 164,000 women employed as secretaries and administrative assistants
- There is a net positive outlook for jobs – amid significant job disruption Growing occupations include roles such as Data Analysts, Software and Applications Developers and E-commerce and Social Media Specialists – jobs that are significantly based on, and enhanced by, the use of technology. 5 things to consider when choosing your career Do you want to choose a career that minimises your risk of being replaced by a robot? Here are five things to think about: 1. Study data science and/or get a job in data 2. Choose a job that robots still can’t do well – focus on jobs that require skills like creativity, problem solving and connecting with people on a human level 3. Keep in touch with the job market to get an insight of which jobs are in demand and its average salary 4. Be data savvy – learn how to use data to make decisions and solve problems 5. Get familiar with artificial intelligence
- The demand for digital talent is fast growing, but is comparatively low in supply. Malaysia, like every other country, is facing a challenge in building its digital workforce. On top of that, developing a rounded skill set, which rests on digital competency, needs to be balanced with other core soft skills such as problem solving, communication, creativity, and a measure of what has been called EQ
- Employees at all levels need to develop their innovation skills. These include competencies like creativity, critical thinking, communication, strategic thinking, and problem solving to find and develop creative solutions for the complex world we live in. The reason these skills are becoming more and more important is because of the changing nature of work and the rapid pace of change. Every professional can be creative in the work she does. When you work your craft, you are creating art. In his speech, Neumeier said: “It is important to keep learning. Others cannot duplicate or reproduce your original work. If you want to be original, you have to become an inventor and build the foundation to the structure of your invention from scratch."
- There’s a difference between the word “Revolution” and “Evolution”. Revolution is about transformational change and evolutionary is incremental change. With evolving companies, job losses are bound to happen especially to those that do not upskill and reskill themselves – but what happens to companies that are growing? Where do they find these limited talents? The only way to fight [job losses], is to train the talent that we have. Because in the future, we have to embrace robotics. It allows us to reduce cost. If I reduce cost, I have more money that I can use for innovation. The more money I have, the more new products I can create. The more products I create, the more workforce I can hire.“ - Colin Parris, the vice president of Software Research at GE
- There’s a lot of hype surrounding Industry 4.0. But there’s not nearly enough bold action. These next-generation technologies are fundamentally transforming the traditional value chain by opening new revenue streams and driving a step change in business performance. Given the benefits of IR 4.0, it is only natural for our country to feel the need to adopt it within its systems. However, is Malaysia truly ready for the adaptation of what is dubbed as the Fourth Industrial Revolution? The mindset of the people is one of the many key players in moving the country into IR 4.0. “Most of them don’t have the courage to take the risk and jump into a new transformation,” says Dr Mazlan. Often in organisations, there is a big gap between the older generation and the younger generation, this generation gap is what has contributed to the sluggish mindset transformation in the country. Dr Mazlan explains that the younger generations who join a company are tech and internet savvy individuals who are keen to move forward. However, the managerial level consisting of the older generations are reluctant to spend their resources or giving more opportunities to taking more risks. “The older generations still have an old-school type of mindset. They feel comfortable with what they have at the moment, and they don’t want to change that,” says Dr Mazlan. “Somehow, we are in the midst of a very confusing era. At one end, we have the vision and wish to move towards the Fourth Industrial Revolution, but in actual fact, we are still in a mixed era of IR1.0, IR 2.0 and IR3.0,” says Dr Mazlan Abbas, CEO and Co-Founder of FAVORIOT and an IOT Evangelist
- Technology is not the main problem. Whether we like it or not, whether we design it in Malaysia or not, this technology will mature in other places around the world. And it’s a matter of time, it reaches the shores of Malaysia. So how do we make that positive jump into the new era?
- Make yourself future proof In the workforce, there is one thing that is certain: uncertainty. Ironically, no position, company or industry is ever 100% predictable. If you take responsibility for your learning and upskill cleverly, you have the opportunity to accumulate a variety of skills in different areas, making you exponentially more attainable to an employer. If you are seeking to transition your career, company or profession, future proofing can really help to ease the burden.
- ALWAYS BE LEARNING There are always new languages and skills to learn and techniques to adopt. Whether it’s an online class or an in-person training session, your education should never stop. Any opportunities to learn these new languages or try out new development approaches should be grasped with both hands.
- Upskill and re-skill to be more proactive. How? Here are some examples; Improve your communications skills: as well as the traditional communication skills of reading, speaking and writing coherently and clearly, we need to add social media communication skills. Embrace the ability to learn independently: this means taking responsibility for working out what you need to know, and where to find that knowledge. This is an ongoing process in knowledge-based work, because the knowledge base is constantly changing. Explore STEM : As technology progresses, you’ll need to have more advanced STEM skills to keep up. Also coding. Learn how to code. Explore SMAC : (social, mobile, analytics and cloud). Learning all of these skills/platforms will make you stand out in the future job market or give you an advantage to advance further in your current job path.
- Q&A