I Just finished another great book. This one is titled A World Without Work authored by Economist Daniel Susskind. The author explores a phenomenon that we have discussed many times over the centuries: Technological Unemployment. Drawing on almost a decade of research in the field, Susskind argues that machines no longer need to think like us in order to outperform us, as was once widely believed. The book describes a world where more and more tasks that used to be far beyond the capability of computers – from diagnosing illnesses to drafting legal contracts, from writing news reports to composing music – are coming within their reach. Mr. Susskind tells a compelling story to support his conclusion: the threat of technological unemployment is now real.
As many focus on the future of work, various different perspectives are presented. A common theme is emerging: Jobs will be there, but they will be very different within the next decade. This recent Article draws three conclusions:
- In 10 years time, 50% of jobs will be changed by automation – but only 5% eliminated.
- 9 out of 10 jobs will require digital skills.
- Young, low-skilled and vulnerable people – all need help with up-skilling.
Several critical points are made by the World Economic Forum article:
An Article by IEEE Spectrum captured a dialog that occurred at a recent MIT conference. The topic: AI and the Future of Work. The conference discussion underscores the struggles between Techno-Optimism and Techno-Pessimism. Pessimistic when AI and automation are viewed as an industry-destroying path that takes jobs via self-driving technology, smart law algorithms, and robots that continue to put factory and warehouse workers out of work. Optimistic when those same technologies are viewed as augmentation that improves the employee experience.
The notion that a renaissance man is more important today than ever is presented in recent Research by Burning Glass Technologies. Perhaps the best renaissance man of all time was Leonardo da Vinci, who was highly esteemed for his broad knowledge of many fields. The research concludes that we must all become more da Vinci-like in our careers. Said another way: learning a single skill in isolation has a short shelf life. Learning complementary skills becomes critical in what the research describes as a hybrid job economy.
The World Economic Forum focused on wages in a recent Article that described a new Report from Hays, the world’s largest specialist recruiter. They highlight another year of change ranging from the tensions rising over trade relations between the US and China; to the uncertainty around Britain leaving the European Union; to the increasing levels of scrutiny against ’Big Tech’ and the ensuing debate surrounding privacy and content.
The IMF forecast a slowdown in global real GDP growth due in large part to the fear of the unknown. The Global Skills Index developed by Hays tracks the trends facing the global labor market. Here are some of the key findings: