Future of Work Presentation
- Slide 1:
- Today I'm going to speak a bit about the future of work in the context of the 4th Industrial Revolution and suggest some ways we can begin to prepare to address its effect on the workforce population
- Slide 2
- As we discuss how to better serve Low to Middle Income individuals in Florida, it is going to be necessary to discuss what the future of work is going to look like, and how to best prepare our capacity to serve in the context of future challenges
- Slide 3
- The future is coming and there is nothing we can do to stop it.
- In fact, the future isn't "coming"; it is already HERE.
- Globalization, technology, expanding webs of trade and commerce, automation and the rise of artificial intelligence are changing labor markets at a rapid, uneven pace
- The future is coming and there is nothing we can do to stop it.
- Slide 4
- In it's "Let's Put Smart To Work" campaign, IBM boasts of a world that's creating "AI enabled everything" and "More IoT enabled objects than it has people."
- IoT the Internet of Things and it is the technology that allows devices to connect and communicate with each other.
- Think your smartphone
- Or the new smart TVs
- Or your new smart fridge
- Slide 5
- And it's on it's way
- IoT: Cisco Internet Business Solutions Group predicts that there will be: “50 billion Internet of Things connected devices by 2020”
- For anyone that's confused, that's NEXT year
- And that's on a planet with 7 billion people
- IoT: Cisco Internet Business Solutions Group predicts that there will be: “50 billion Internet of Things connected devices by 2020”
- And it's on it's way
- Slide 6
- “We're putting AI into Everything...and Everything into the cloud“ ~ IBM “Let’s Put Smart To Work”
- Artificial Intelligence is rapidly, and quietly, becoming a part of our everyday existence.
- Almost everything we do is now in some way influenced by predictive algorithms that are improving in their ability to learn and evolve.
- “We're putting AI into Everything...and Everything into the cloud“ ~ IBM “Let’s Put Smart To Work”
- Slide 7
- Both IoT and Artificial Intelligence are aspects of the 4th Industrial Revolution
- Even if you haven't heard of 4IR, you've still witnessed it's impact
- 4IR is distinguished from the digital revolution by the seemless merging of digital and physical systems
- This technology has already shown up in our vehicles on the road
- Autonomous vehicles already account for 25% of miles driven
- A number that will increase exponentially as the technology improves
- It has also shown up in the devices in our home
- NPR research reports that 1 in 6 homes in the country already have a voice activated smart speaker
- This rate of adoption is outpacing the adoption rates of smartphones and tablets
- NPR research reports that 1 in 6 homes in the country already have a voice activated smart speaker
- Both IoT and Artificial Intelligence are aspects of the 4th Industrial Revolution
- Slide 8
- Other elements of 4IR include:
- Automation
- Blockchain technology
- Quantum Computing
- Biotechnology
- Other elements of 4IR include:
- Slide 9
- Amazon Go is the perfect example of the potential impact of 4IR
- You walk in
- You select what you want
- You walk out
- Store sensors track what you select, and charge your credit card automatically and send a receipt to your phone
- Amazon Go is the perfect example of the potential impact of 4IR
- Slide 10
- The Amazon GO program is in pilot in 10 areas with aspirations of opening up to 3,000 by 2021
- And it could signal the future of retail
- Stores with no lines
- No wait
- No cash
- No cashier
- Research predicts that as many as 7.5 million retail jobs are at risk due to automation and AI in the next 10 years
- Slide 11
- In fact
- A two-year study from McKinsey Global Institute suggests that by 2030, intelligent agents and robots could eliminate as much as 30 percent of the world’s human labor
- Don't believe me
- How often do you see a toll booth operator these days
- How often do you use the self checkout option at Walmart instead of an actual cashier
- Don't believe me
- Slide 12
- It's funny that we think that the rise of the machines will look like it does in the science fiction movies
- When in actuality, it simply looks like the boring code
- These days, technology is simply coding out the human element of many repetitive and routine job functions
- It's funny that we think that the rise of the machines will look like it does in the science fiction movies
- Slide 13
- Now the 4th Industrial Revolution bears the promise of a better society through technology
- It will now be easier to access information and educate people
- My 18 year old stepdaughter used Khan Academy to study for her SATs
- Instead of purchasing the prep book
- Advances in automotive safety
- Cars now employ predictive technology that can sense an upcoming collision and break preemptively
- Autonomous vehicles can redefine city spaces
- Digital technology can liberate workers from automatable tasks
- It will now be easier to access information and educate people
- Now the 4th Industrial Revolution bears the promise of a better society through technology
- Slide 14
- But there will also be losers in the new age
- Technologies can all be weaponized
- Your personal information can now be used against you
- Identity theft is the fastest growing class of crimes
- Almost impossible to bring the perps to justice
- Global digital networks can be used to keep societies under undue surveillance
- There are cameras at every intersection
- All that data has to be stored somewhere
- Privacy implications of such widespread data collection
- Workers with less education and fewer skills are at a disadvantage
- This is the huge one
- The Pew Research Center estimates that the average hourly cost of a manufacturing worker in the U.S. is $36, compared to just $4 for a robot
- Blue collar and white collar jobs will be eliminated
- And it won't be limited to just the less educated
- Technologies can all be weaponized
- But there will also be losers in the new age
- Slide 15
- As Machines take the place of people because they are more efficient and productive, this is just a sampling of the middle class jobs that could be at risk over the next several years
- The Brookings Institute, a Washington think tank says roughly 36 million Americans hold jobs with "high exposure" to automation -- meaning at least 70 percent of their tasks could soon be performed by machines using current technology
- It is estimated that Automation could displace between 400 and 800 million jobs by 2030, requiring as many as 375 million people to switch job categories entirely
- The majority of jobs that are at risk for being displaced are process-driven jobs.
- As Machines take the place of people because they are more efficient and productive, this is just a sampling of the middle class jobs that could be at risk over the next several years
- Slide 16
- So what are some solutions
- The simplest and easiest to execute is that some current workforce participants will need to be trained in basic digital technologies
- In order to compete in the workforce of the future, largely driven by information and communications technology, digital proficiency will be a requirement
- The simplest and easiest to execute is that some current workforce participants will need to be trained in basic digital technologies
- So what are some solutions
- Slide 17
- For many professionals, that may mean simply gaining broader exposure to and mastery of everyday software tools such as Word, Excel and Powerpoint.
- It may also require exposure to business standard tools such as Sales force.
- It is unlikely that most employers will invest in leveling up the skillset of their current workers, so much of this task will fall on those of us who work to better prepare young people and seasoned professionals for the workforce.
- For many professionals, that may mean simply gaining broader exposure to and mastery of everyday software tools such as Word, Excel and Powerpoint.
- Slide 18
- Young people will increasingly need to be proficient in reading comprehension and math skills
- Slide 19
- Both experienced and new employees will need transferable skills
- These are the soft skills that cannot yet be replaced by technology
- Social, emotional, and higher cognitive skills, such as creativity, critical thinking, and complex information processing, will all see growing demand.
- Programs will need to either be created or expanded that focus on helping individuals develop these skills
- These are the soft skills that cannot yet be replaced by technology
- Both experienced and new employees will need transferable skills
- Slide 20
- Increasingly, the workers of the future will need to develop entrepreneurial skills
- Intrapreneurship skills will be the application of an entrepreneurial mindset to a traditional work environment
- Here at NFTE we have identified 8 mindset domains that, when developed together, help to activate and nurture an entrepreneurial mindset
- Initiative and Self Reliance
- Flexibility & Adaptability
- Communication and collaboration
- Critical Thinking and Problem Solving
- Future Orientation
- Opportunity Recognition
- Comfort with Risk
- Increasingly, the workers of the future will need to develop entrepreneurial skills
- Slide 21
- There needs to be an increase the quality and number of the mentorships and apprenticeships
- It turns out that the push to drive young people to college where they take on increasingly unsustainable levels of debt has created a shortage of skilled workers in various trades
- According to the Associated General Contractors of America seventy-percent of construction companies nationwide are having trouble finding qualified workers
- Some 30 million jobs in the United States that pay an average of $55,000 per year don't require bachelor's degrees
- Many require certificates, certifications or associate degrees. But those cost less and take less time than earning a bachelor's degree
- Many require certificates, certifications or associate degrees. But those cost less and take less time than earning a bachelor's degree
- Where traditional systems are slow or unresponsive, it may be necessary to implement private/public partnerships to develop and execute this solution
- It turns out that the push to drive young people to college where they take on increasingly unsustainable levels of debt has created a shortage of skilled workers in various trades
- There needs to be an increase the quality and number of the mentorships and apprenticeships
- Slide 22
- A period of high unemployment or underemployment , in which tens of millions of people are incapable of getting a job because they simply don’t have the necessary skills, will be our reality if we don’t adequately prepare from now.
- A period of high unemployment or underemployment , in which tens of millions of people are incapable of getting a job because they simply don’t have the necessary skills, will be our reality if we don’t adequately prepare from now.
- Slide 23
- Let’s work together to give LMI people the foundational, transferable and job-specific skills they need to thrive in the future that is already here.
- Let’s work together to give LMI people the foundational, transferable and job-specific skills they need to thrive in the future that is already here.
