Automation facilitated by technology such as robots and artificial intelligence carries the potential of improved productivity (and, with it, economic growth), enhanced efficiency, safety, and convenience. It is important to look at how the rise of technology brought about a plethora of opportunities for the labour market, yet equally, it is important to understand how to balance AI-powered jobs and labour-based jobs, to ensure a wide spectrum of job opportunities for the future generations.
Job-search websites like LinkedIn and Monster are altering and extending the way people hunt for employment and businesses discover and attract talent. Many organisations embed the use of robotics and technology for a more contemporary activity, yet relatively, the only way forward is to give equal weight to both technology and labour.
According to research insights by Deloitte, there are 3 different forces that are impeccably reshaping the future of work:
- The proliferation of disruptive technologies is continually reshaping businesses, industries, and markets; this includes AI-powered innovations and business activity.
- Technology’s role is shifting to that of a catalyst for business strategy and transformation, changing the expectations and delivery of work and blurring the lines between business and technology functions.
- Global demographic and workforce trends such as gig and contingent workers, a multigenerational workforce, more diverse talent, interchanging work regulations and global talent markets are transforming the labour market in general.
Even while technologies replace some jobs, they are creating new work opportunities in corresponding industries that most of us cannot even imagine, and new ways to generate income. While robots may be replacing humans in certain jobs, humans are still needed to operate and build these robots from scratch.
According to 2011 research conducted by McKinsey in Paris, the Internet eliminated 500,000 labour-powered employment in France during the preceding 15 years while creating 1.2 million others, a net increase of 700,000, or 2.4 jobs generated for every job lost.
The introduction of digital technology also can enable new forms of entrepreneurial activity for rising entrepreneurs and SMEs. Workers in small businesses and self-employed occupations can benefit from higher income earning opportunities by deploying digital technologies and strategies into their business activity.
According to CIO.com, upheavals to the world of work through digital technologies are projected to cause significant challenges to policymakers, corporate leaders, and employees alike, considering the drastic contemporary changes to work and labour policies. But with that, we can consider various solutions that embed and implement the use of technology in a useful way, for a promising future; these include:
- An evolving education system
- AI-driven training and skill-based learning
- Income parity
- A focus on job creation
- Innovating human-machine collaboration
- Exploring more private-public partnerships
- Capitalising the productivity benefits of technology
Overall, the world’s shift into becoming more technology-influenced is an exigent factor for all businesses that wish to survive in this century. At DAMAC, we have understood that technology is no longer only a driver of business, but it is the business and we have implemented a tech-driven blueprint for growth that we take very seriously.
We believe that technology will give unprecedented access to work opportunities across several industries, accommodating a mix of all sorts of labour-powered and robotic-powered jobs. This may be a risk for some jobs, yet it opens a whole new sector for others. As a result, we should all be open to changes and consequently adapt by understanding the tech-shift and learn and work accordingly.