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Jul 18
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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
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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.

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 23
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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.

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.