The Future of Work and The Work of The Future

The future of work is already upon us and it is clearly defined by technology. This implies that the work or jobs of the future belongs to those who can maximize and explore modern technologies to their advantage.

 

By the year 2025, which is just about 7 years from now, a lot of jobs would have been taken over by technology, because, the rapid transformation experienced in the world in the last fifty years is six times more than that experienced in the thousands of years of world existence. This means that there are bound to be job losses. But the good news is that, there would be so much more jobs. Only for those who are prepared for it.

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We are already in the fourth industrial revolution. Which means that we have had three previous revolutions and they are:
  1. The mechanized or Agricultural revolution
  2. The Electrical or mass production revolution
  3. The internet or Jet age revolution
  4. The digital revolution

The Digital Revolution

The digital revolution is characterized and dominated by Robotics, Artificial Intelligence, Machine Learning, Virtual Reality, Augmented Reality, etc. These technologies are already prepared to take away jobs and replace them.

Nowadays there is literally no business that could work without the involvement of a computer and cloud-based technology. And accounting is not an exception.

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For instance right now robotics would take care of admin/paper works, clearing, investment/financial analysis etc. Artificial intelligence would take care of voice recognition, cyber security, biometrics etc. Machine learning would efficiently handle data science, predictive analysis, etc. Infact, Larry Page, one of the founders of Google said that AI is the future of google search engine. Meaning that google search engine would simply be taken over by AI.

Voice recognition permits Artificial Intelligence to keep progressing to amalgamate value in regular life.
Some of these technologies are already within us. We have seen the Drive through mall in Saudi Arabia, The Uber Air Taxi, Pepper Robot by Stanbic IBTC Bank, Alexa on Amazon that has over 3,500 skills & growing, Driverless Taxi, Robotic Waiters, IBTC Sami on Facebook that can help you open your account without battling an eye lid and a whole lots more. They are already in use.

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Globalization would be really diverse and interesting because we would witness a great rise in freelancing, outsourcing, e-commerce, teleconferencing (skype, VR etc). We would also experience an increase in demography and a change in it as well.

E-commerce can teach brick-and-mortar retailers how to leverage digital channels to improve reach in tier-2 and tier-3 cities while reducing costs at the same time.

The population of the world by 2050 is expected to hit whooping 9 Billion people. Research has it that those born in the 30s, 40s, 50s, 60s & 70s, known as baby boomers does not have the kind of immunity and life expectancy like those born in the late 80s, 90s & the millennium children. While life stops and slopes downward for the baby boomer generations, who by 60 have to retire, for the millennial children; life just begins for them at 60. Because their life expectancy is placed at 100. It would be so because, the world is working towards low carbon emissions as well as a green economy.

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Banks have witnessed a radical change from ‘conventional banking to convenience banking’. Today, they are poised for ‘digital banking’ at a rapid pace.

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These millennial children also have the capacity to redefine things in their own way, not to be constricted within the four walls of either classroom or that of an office. It is very important to say that young people needs skills and experience for the future and not for/of the Past.

Jobs are becoming 70% automation. Entry level jobs are disappearing. One fact that is worrisome is that 60% of students are still being trained in courses that will be radically changed by automation latest by 2025. By the year 2025, research has it that people will prefer to work from home and not from the office to avoid hassles, wear and tear. It means there would be flexible work schedule for plenty employees as well as several freelancers who have gotten the skills and needed experience.

 

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32% of current jobs globally would fall away and be in extinction by year 2020, less than 2 years from now. This would be as a result of innovations, disruptions and productivity.

Innovate or Die

As young people, we must become ambidextrous. You must be able to do more than one thing. Be hungry for more. Don’t just stay put with that old fashioned sentence, “I’m a medical Doctor ” or “I’m a Lawyer”. My response to you is, so what? What else can you do? You must have double digital skills. You must evaluate yourself. Don’t have less than 10 skills minimum because enterprise skills are the work of the future. Where are jobs going to be? This should guide the courses you would take in the higher institution.
If you are a graduate, go back to school either online or on-site and hone your skills. The job would be in the following sectors and in this order:

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  1. Media, Entertainment and Information
  2. Consumer focused
  3. Healthcare
  4. Energy
  5. Professional Services
  6. Information Communication Technology (ICT)
  7. Mobility
  8. Basic and Infrastructure
  9. Financial Services and Investors.

 

It would be an aberration and self injustice in this age to go and study psychology, philosophy, history, banking and finance, business administration etc. Why? Because these courses are already saturated in the market. Hence, employers are looking for something new, when we have courses like actuarial Science, deep learning, neutral network etc.

Take a look at the ten most valued skills in 2020, as defined by The World Economic Forum. Negotiation made the list, no surprise there.

By the year 2025, creativity skills would be 260% demanded, presentation skills would be just 110% demanded while digital Literacy skills would be 680% demanded. Therefore, you need to learn new things.

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Learn second languages like French, Spanish, German, Mandarin etc. Do take note, that 70% of the jobs of the future would be enterprise skills.

Finally, look for skills that would make people keep knocking on your door, not the one everybody is doing. Stand out!!!

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Presented by Olufunke Amobi, Country Head, Human Capital, Stanbic IBTC. 
 
Compiled by Kunle Ajayi, Co-founder Enterprise Innovation Laboratory. 

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