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future of jobs Archives - SourceMatch

Jul 23
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future of jobs across regions

Future of jobs Across Regions

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The future of jobs across industries and global regions is fascinating. As the Fourth Industrial Revolution unfolds, we see both common and differentiated characteristics across countries and regions of the world.

What are the factors determining job location decisions through 2022 on overall industries?
The Future of Jobs report from WEF cites the availability of skilled local talent is the foremost consideration of the survey’s respondents, with 74% providing this factor. On the second place comes in the labor cost followed by production cost, and with less importance factors such as the flexibility of local labor laws, industry agglomeration effects or proximity of raw materials.

Region-specific roles
Expected to be in demand: Financial and Investment Advisers in East Asia and the Pacific and Western Europe; Information Security Analysts in Eastern Europe; Assembly and Factory Workers in Latin America and the Caribbean, Middle East and North Africa, South Asia and Sub-Saharan Africa; and Electrotechnology Engineers in North America.

The link between labor costs, skills, and investment in automation technologies
According to one recent study, manufacturing added-value per dollar of labor cost in 1997 was twice as high in Mexico than in the United States. By 2013, this gap had shrunk to less than 15%.
It’s expected that simultaneous investment in automation technology and labor augmentation in advanced economies continues through 2022. As a result, shifting the comparative advantage in labor costs will affect the industrial structure of economies such as Vietnam through re-shoring of work tasks in sectors such as textiles, apparel, footwear or electronics assembly.
This is why we see emerging economies increasingly shifting toward a domestic consumption-driven growth model, with rising local middle-classes generating increased demand for goods and services traditionally intended for export.

How optimistic are you about finding local talent in your branch areas in the future?
At SourceMatch, we’ve had the privilege to work with many of our clients who wanted to expand into new countries. We’d love to hear about your plans! Reach out to us at gettoknowus@sourcematch.team.

Jul 18
0
industry

Future of jobs Across Industries

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The impact on each industry that invests in new technologies is determined by the task structure of each sector and whether industry leaders intend to automate or augment specific tasks.
Robotic technology is set to be adopted by 23% to 37% of the companies surveyed, with variations by industry.

Financial Services & Investors industry are most likely to signal the planned adoption of humanoid robots in the period up to 2022, also promise to be an early adopter of distributed ledger technologies (73% of respondents expect their enterprise to adopt its use)
Machine learning is expected to be adopted across a range of industries, including banking and insurance, in the medical field, across the energy sector, and in the consumer sector, where it may enhance the industry’s ability to model demand.

What is the prediction for the Energy and Consumer sectors? The expectation is that physical and manual work activities will be replaced. If today 38% and 30% of such tasks in these two sectors are performed by machines and algorithms, by 2022, those rates are expected to be 56% and 50% respectively.
Today 25% of labor in the Information & Communications Technology industry is performed by machines and algorithms, while an increase to 46% is projected for 2022.

What about the skills gap?
According to respondents to the Future of Jobs Survey, more than 55% of workers across the Aviation, Travel & Tourism; Financial Services & Investors; Chemistry, Advanced Materials & Biotechnology; and Global Health & Healthcare sectors will need some reskilling.
All industries expect sizable skills gaps, with that at least 50% of their workforce requiring training to reskill or upskill.

How do you plan to bridge the gaps?
At SourceMatch, we work with our clients to look at how candidates fair in their personal development objectives, openness to learning new technologies and adapting to new market conditions.

Apr 05
0
future of jobs

Future of jobs Infographic – Series Industry – Information & Communication Technologies

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Stop for a moment and look around.

The world is changing, and that’s a good thing. If you are not seeing it, you won’t be able to avoid it whether you like it or not. It is quite essential to develop a clear sense of what is happening around in the labor market and understand how these changes are affecting your Industry. Everything was planned, shaped for the benefit of economies and societies, and the implications of changes to work for individuals, for their livelihoods and for the youngest generations studying to enter the workforce down the line.
Are we alarmed that this change will have a negative impact on the workforce? The truth is that many in the marketplace are wondering if new technologies will replace the human employee. This isn’t the first industrial revolution that creates worries about technological unemployment. It’s commonly accepted (and also debated) that the introduction of new technologies has displaced skilled workers but created demand for jobs. Hence the idea that innovative technology at a large scale does not replace human work but enhances it by increasing productivity and thus output levels.

However, there are complex feedback loops between new technology, jobs, and skills. New technologies can drive business growth, job creation and demand for specialist skills but they can also displace entire roles when certain tasks become obsolete or automated.
At the same time, our belief is that these transformations, if managed wisely, will lead to a new age of good jobs, good work and improved quality of life for all.

First, let’s see how technology adoption can affect the Information and Communication industry according to The Future of Jobs Report 2018. A huge share of survey respondents from the industry indicated that, by 2022, their company was “likely” or “very likely” (on a 5-point scale) to have adopted new technology as part of its growth strategy.

Second, if we look at the barriers to adoption of new technologies, we can see the five biggest perceived barriers to the implementation of new technologies across the industry, as ranked by the share of survey respondents. The following graphic will show the obstacles that were selected by the survey respondents that were perceived as impediments to successful new technology adoption faced by their company.

Thirdly we have the expected impact of new technology adoption on the workforce. In the following graphic, you can see the percentages representing the share of survey respondents from the industry who expect their company to have adopted the stated measure(s) over the 2018–2022 period as part of their current growth strategy.

Adopting new technology comes packaged with promises but also with challenges. Yet, even if these technologies increase our productivity and improve our lives, their use will substitute some activities that are currently handled by people, a development that has sparked much public concern. At the same time, to leverage the benefits of new technology, workers will need to acquire skills enabling them to thrive in the workplace of the future and develop their ability to continuously learn and upskill throughout their lives.

Mar 06
0

Future of jobs Infographic – Series Industry – Profile Financial Services & Investors

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This data provides a better understanding of the potential of new technologies. Adopting them will not only create disruption in the jobs market but will have the role to improve the quality of the existing work of human employees. By 2022, the enhancement of existing jobs through technology may free up workers from the majority of data processing and information gathering tasks.

At the same time, technology adoption might also affect more complex tasks such as reasoning and decision-making as augmentation becomes common over the years as a way to supplement and complement human labor.
New technology, more importantly, can enable increased productivity across multiple industries. The way companies compete will be affected too, with more weight given to those able to leverage technologies as tools to complement and enhance human work, rather than competitive advantages focused on operations or the ability to attract talent.

There are three aspects you should focus on. These following infographics will show you how new technology adoption influences Financial Services and Investors Industry. Even more, these will show you the existing barriers created by new technology, and also portray the expected impact on the workforce.

Let’s start with a look at how technology adoption affects Financial Services & Investors Industry. A huge share of analysis of the respondents from the industry indicated that, by 2022, their company was “likely” or “very likely” (on a 5-point scale) to have adopted new technology as part of its growth strategy.

Secondly, when we check out the barriers to adoption of new technologies, the five biggest perceived barriers to the implementation of new technologies across the industry become very clear, as ranked by the share of survey respondents.

Thirdly, here’s the expected impact of new technology adoption on the workforce. In this last chart, you can see the percentages representing the opinion of survey respondents from the industry who expect their company to have adopted the stated measure(s) over the 2018–2022 period as part of their current growth strategy.

Technological progress presents a real challenge to existing business models and practices. Despite their disruptive potential, these dynamic changes will act as a pivot towards growth for those organizations that will dedicate resources to overcome them.

 

Feb 14
0

Future of jobs Infographic Series – Industry Profile – Global Health & Healthcare

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Industries are ready to take diverse routes in the adoption of new technologies, and the distinctive nature of the work performed within each sector will result in disruption to jobs and skills that will demand industry-specific adaptation.

However, if we are referring at the relative level of education in the financial services industry, displaced roles can be easily balanced by assigning workers with an alternative, higher value-added functions. In contrast, the two largest job roles in the consumer industry, Cashiers and Sales Associates, accounting for no less than 45% of total industry employment, have a comparatively small share of workers with advanced education.
The interindustry analysis of the roles experiencing falling and rising demand suggests the possibility of using these industry-specific differences of displaced workers by expanding the search for new opportunities across the industry.

Although the changes in the labor market described in this data, are not foregone conclusions, they are reasonable forecasts arising from the actions and investments decisions taken by companies in response to global trends today.
With the adoption of this new technology, companies feel competitive pressures similar to the way they felt compelled to create global supply chains in the 1990s and 2000s.

As a result, these trends affecting business leaders’ decision environments determine a wide range of company responses that collectively shape the future nature of jobs.

Let’s start with a look at the following infographic and see how Global Health & Healthcare is influenced by this new technology adoption. A huge share of analysis of the respondents from the industry indicated that, by 2022, their company was “likely” or “very likely” (on a 5-point scale) to have adopted new technology as part of its growth strategy.

The following graphic underlines the major obstacles that were perceived by the survey participants as impediments to successful new technology adoption faced by their company.

Nonetheless, we would like to share this information about the expected impact of new technology adoption on the workforce. In this last graphic, you can see the percentages representing the share of survey respondents from the industry who expect their company to have adopted the stated measure(s) over the 2018–2022 period as part of their current growth strategy.

The expectation of this technological progress presents a real challenge to the existing business models and practices. At the same time, we hope for the next years that these dynamic changes, whether they are causing confusion or will be constructive will be the exact reason why new opportunities of growth appear.

 

Jan 29
0

Future of jobs Infographic – Series Industry – Consumer

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The following data helps us understand that many companies are adopting these new technologies to increase their businesses. It also supposes to improve the productivity and quality of the existing work of human employees. The expectation regarding this growth is to create new tasks from app development, to piloting remote monitoring of patients health and to certified care workers. All of which creates new opportunities for an entirely new range of livelihoods for workers.

However, by 2022 no less than 54% of all employees will require significant re- and upskilling.
Another important requirement is additional training, 9% will require reskilling lasting six to 12 months, while 10% will require additional skills training of more than a year. A considerable improvement will be seen by 2022 which will include analytical thinking and innovation as well as active learning and learning strategies. A noticeable increase will have the technology design and programming highlights the growing demand for diverse forms of tech competency identified by employers.

This infographic indicates, to date, many employers’ upskilling efforts continue to concentrate on a limited set of existing highly-skilled and highly-valued employees. However, in order to formulate a successful workforce strategy for the Fourth Industrial Revolution, businesses will need to recognize human capital investment as an asset rather than a liability. In the end, these statistics help business owners and not only, to make decisions when it comes to adopting technologies.

First, let’s take a glimpse of the following infographic and see how technology adoption can affect the Consumer Industry. A huge share of survey respondents from the industry indicated that, by 2022, their company was “likely” or “very likely” (on a 5-point scale) to have adopted new technology as part of its growth strategy.

Secondly, if we look at the barriers to adoption of new technologies, we can see the five biggest perceived barriers to the implementation of new technologies across the industry, as ranked by the share of survey respondents. The following graphic will show you which were the obstacles that were selected by the surveyed people that were perceived as impediments to successful new technology adoption faced by their company.

Thirdly we have the expected impact of new technology adoption on the workforce. In the following graphic, you can see the percentages representing the share of survey respondents from the industry who expect their company to have adopted the stated measure(s) over the 2018–2022 period as part of their current growth strategy.

Technological advancements are very likely to present real challenges to existing business models and practices. But hopefully, in the next years, these dynamic changes, whether they are disruptive or constructive will be the exact reason why new opportunities for growth develop.

Jan 23
0

Future of jobs Infographic – Series Industry – Chemistry, Advanced Materials & Biotechnology

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We are now living in a time where we can see the Fourth Industrial Revolution with our own eyes. One of the things we are going to notice is that major changes are being made in the business environment. These occur due to the impact of the Fourth Industrial Revolution on other socio-economic and demographic factors. This combination creates significant disruptions in the labor market. As a result, you’ll notice the emergence of new job categories. That means some of the legacy jobs are being replaced by new ones. People must be ready for this kind of change as it transforms the way people work.

There are four drivers of change that have a strong say in the market today. Here are the ones that we must take into account: the ubiquitous high-speed mobile internet, artificial intelligence, widespread adoption of big data analytics and, last but not least, cloud technology. These are set to dominate the 2018-2022 period because these drivers of change will most definitely affect in a positive way the way businesses grow.
Another important change comes with the increasing transition towards automation as nearly 50% of companies surveyed expect that their full-time workforce will decrease as a consequence.

This finding is based on the job profiles of their employee base today. Even with this happening, we must take into account the fact that 38% of businesses surveyed expect to extend their workforce to new productivity-enhancing roles, and more than a quarter expects automation to lead to the creation of new roles in their enterprise.
There is a range of roles that will experience increases in the period up to 2022: Data Analysts and Scientists, Software and Applications Developers, and E-commerce and Social Media Specialists. We can tell that these roles that are significantly dependable on the use of technology. Another important aspect is that there is obvious evidence of accelerating demand for the latest technologies such as AI and Machine Learning Specialists, Process Automation Experts, Big Data Specialists, User Experience and Human-Machine Interaction Designers, Information Security Analysts, Robotics Engineers, and Blockchain Specialists.

Everyone must be ready for what’s coming by preparing ahead of time instead of adapting to change that’s already happened.

The first graphic presents the technology adoption by Automotive, Aerospace, Supply Chain & Transport industry. A huge share of survey respondents from the industry indicated that, by 2022, their company was “likely” or “very likely” (on a 5-point scale) to have adopted new technology as part of its growth strategy.

In the second graphic, we can see the five biggest perceived barriers to the implementation of new technologies across the industry, as ranked by the share of survey respondents. The following graphic will show you which were the obstacles that were selected by the surveyed people that were perceived as impediments to successful new technology adoption faced by their company.

The following graphic shows the expected impact of new technologies adoption on workforce. Here you can see the percentages representing the share of survey respondents from the industry who expect their company to have adopted the stated measure(s) over the 2018–2022 period as part of their current growth strategy.

Technological advancements are very likely to present real challenges to existing business models and practices. But hopefully in the next years, these dynamic changes, whether they are disruptive or constructive will be the exact reason why new opportunities of growth appear.

Jan 16
0

Future of jobs Infographic Series – Industry Profile – Energy Utilities & Technologies

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Companies expect a good improvement by implementing the technologies below by changing the frontier between humans and machines when it comes to existing tasks between 2018 and 2022. Until last year, 2018, 71% of tasks were performed by humans, compared to 29%, by machines. By 2022, this standard is expected to change to 58% task hours for humans and 42% by machines. However, last year no work task was yet estimated to be performed, most of all by algorithms or machines. At the same time, the expectation for 2022 is different, by increasing the contribution of machines and algorithms to 57%.
For instance, by 2022, 62% of the organization’s information and data processing, searching reports and transmission tasks will be completed by machines, compared to 46% today. Even the ordinary tasks that are not so overwhelming for humans such as communicating and interacting (23%), developing, managing and advising (20%); likewise decision-making and reasoning (18%) will start to be automated ( 30%, 29%, and 27%).

So what do these numbers tell us?

The large firms in the global (non-agricultural) workforce indicate that 75 million jobs may be displaced by a shift in the division of activity between machines and humans, while 133 million new roles may arise that are suitable to the new division of work between humans, algorithms, and machines. At the same time, these estimates and hypothesis behind them should be treated with caution, because they represent a subdivision of employment globally, they are useful in highlighting the types of adaptation strategies that must be installed to assist the progress of the transition of the workforce to the new world.

Here are three aspects tackled for you. They will show you how Energy Utilities & Technologies are influenced by the adoption of new technologies, they will also illustrate the existing barriers created, and they will summarize the impact on the workforce.

Let’s start with a look at the following infographic. A huge share of analysis of the respondents from the industry indicated that, by 2022, their company was “likely” or “very likely” (on a 5-point scale) to have adopted new technology as part of its growth strategy.

Secondly, if we check out the barriers to adoption of new technologies, we can discover that the five biggest perceived barriers to the implementation of new technologies across the industry, as ranked by the share of survey respondents. The following graphic will inform you which were the major obstacles, that were chosen by the surveyed people, perceived as impediments to successful new technology adoption faced by their company.

Thirdly, we would like to share this information related to the expected impact of new technology adoption on the workforce. In this last graphic, you can see the percentages representing the share of survey respondents from the industry who expect their company to have adopted the stated measure(s) over the 2018–2022 period as part of their current growth strategy.

The expectation of this technological progress presents a real challenge to the existing business models and practices. At the same time, we hope for the next years that these dynamic changes, whether they are causing confusion or will be constructive will be the exact reason why new opportunities of growth appear.

Dec 13
0

Future of jobs Infographic – Series Industry – Aviation, Travel and Tourism

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Technology changes the way you travel and therefore understanding the adoption of technology is a must in the Aviation, Travel & Tourism industry. According to the World Economic Forum’s Report, among the trends driving growth across industries over the 2018–2022 period, advances in mobile internet are likely to have a distinct impact in this industry and at the same time, according to the same Report, the growth potential of new technological expansion influences the labor market in this industry, as it reshapes skill gaps. But for technology to work its magic, it needs to be properly managed, and the barriers to technology adoption must be properly understood.

Thanks to advances in Artificial Intelligence, automation has already happened in the back end of travel. The digital advancements in the Aviation Travel & Tourism industry have also repercussions on the skills demanded from the workforce. The World Economic Forum’s report has outlined the fact that in this industry there will be a huge demand for reskilling as 68% of its workforce will require some form of adaptive training. Further, companies in this industry project that 18% of the workforce will require reskilling lasting more than one year. According to the report, the solution to the skills gap will be in the hands of local educational institutions. Fortunately, industry leaders are acknowledging this as they ranked education institutions as their third-most important support structure in the closing of the skill gap.

In conclusion, digital technological advancements are setting the pace for global labor market change in the Aviation, Travel & Tourism industry and that pace is fast. An outlook of the labor market of this industry provided a better understanding of the potential of new technologies and it showed us how the technological advancements improve current educational demands around anticipated skill requirements. The report highlighted the fact that work tasks are shifting and therefore the requirements of the roles performed by individuals in the workplace in 2022 need to consider that employees have to be trained and retrained.

First, let’s look at the way technology adoption can affect the Aviation, Travel and Tourism industry. A huge share of survey respondents from the industry indicated that, by 2022, their company was “likely” or “very likely” (on a 5-point scale) to have adopted new technology as part of its growth strategy.

Second, if we look at the barriers to adoption of new technologies, we can see the five biggest perceived barriers to the implementation of new technologies across the industry, as ranked by the share of survey respondents. The following graphic will show you which were the obstacles that were selected by the surveyed people that were perceived as impediments to successful new technology adoption faced by their company.

Thirdly we have the expected impact of new technology adoption on the workforce. In the following graphic one can see the percentages representing the share of survey respondents from the industry who expect their company to have adopted the stated measure(s) over the 2018–2022 period as part of their current growth strategy.

Technological advancements are very likely to present real challenges to existing business models and practices. But hopefully, in the next years, these dynamic changes, whether they are disruptive or constructive will be the exact reason why new opportunities of growth appear.

 

Dec 04
0

Future of jobs Infographic – Industry series – Automotive, Aerospace, Supply Chain & Transport

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Sifting through the huge volume of data that the internet provides can be exhausting. This may be especially true if you are not specialized in a certain field, but your job is tangent on different high-tech fields. So here you have curated findings that you can use as practical information for decision-making whether you are an expert from academia, a businessman, a government official or a proud member of the civil society. The following highlights will provide you with deep granularity for the Automotive, Aerospace, Supply Chain & Transport industry.

As companies in this field plan to adopt new technologies as part of their growth strategy, they find themselves wondering what type of technologies should they choose? While trying to implement new technologies another important stumbling block that these companies encounter is the havoc of disruption they bring about. 

So here are three aspects tackled for you. They will show you how the Automotive, Aerospace, Supply Chain & Transport industries are affected by new technology adoption, they will indicate the barriers there are to the adoption of new technologies, and they will summarize the impact of new technologies on the workforce.

First, let’s look at the way technology adoption can affect the Automotive, Aerospace, Supply Chain & Transport industry. A huge share of survey respondents from the industry indicated that, by 2022, their company was “likely” or “very likely” (on a 5-point scale) to have adopted new technology as part of its growth strategy.

Secondly, if we look at the barriers to adoption of new technologies, we can see the five biggest perceived barriers to the implementation of new technologies across the industry, as ranked by the share of survey respondents. The following graphic will show you which were the obstacles that were selected by the surveyed people that were perceived as impediments to successful new technology adoption faced by their company.

Thirdly we have the expected impact of new technology adoption on the workforce. In the following graphic, you can see the percentages representing the share of survey respondents from the industry who expect their company to have adopted the stated measure(s) over the 2018–2022 period as part of their current growth strategy.

Technological advancements are very likely to present real challenges to existing business models and practices. But hopefully, in the next years, these dynamic changes, whether they are disruptive or constructive will be the exact reason why new opportunities of growth appear.