The future of work: Innovation's impacts on the workforce.
The current digitalization revolution has a strong adjusting impulse on our occupational skills. A key question is not if there will be jobs, but more, which professions will substantially change.
Artificial intelligence (AI) and structural technical innovations are speeding advancements in machines and robots. Such rapid developments have fueled fears that humans will be faced with an increasingly high unemployment rate or, in the worst case, even made obsolete in the workplace.
The latest publication by the Credit Suisse Research Institute (CSRI), AI & The Future of Work, presents current evidence to address such fears and evaluates probable developments with near future scenarios.
Polarization of the social classes has already been observed in the recent past within the UK and the US. Whereas western Europe, especially Switzerland, Germany, Spain, and Sweden have experienced educational upgrading. Progressive continuous change will continue to be the pace for most sectors in the near future.
Shortage of work is not expected. Rather, there is a greater chance that there will be a lack of financial means to pay for all the work that would be socially desirable. Construction, catering, health care, management, and education are all professional areas where humans are not easily replaced. Social, creative, and innovative skills continue to be non-robotic and human strengths.
Employment chances will depend largely on personal adjustment capabilities. Thus, broad access to initial and further education is increasingly vital to reap the rewards of the digital age.