Artificial Intelligence hype is only going to increase.
We know what blue collar jobs are, but what are “new collar” jobs? We are in the midst of the Fourth Industrial Revolution and artificial intelligence, analytics and automation is radically changing jobs.
What is the 4th Industrial Revolution
China takes scaling with the 4th industrial revolution very seriously with a plan to catch up and overtake the U.S. in artificial intelligence. Meanwhile, IBM is investing $1 billion in initiatives like apprenticeships to train workers for what it calls “new collar” jobs.
While automation is expected to disrupt many tasks human do in 2019, the labor pool is also expecting a skills shortage, where immigration will likely be key for nations to keep up with the war for talent.
The Fourth Industrial Revolution is underway and it is shaping up to be one of the most significant challenges and opportunities of our lifetime. Machine learning and smart machines will change how we relate to work within our lifetime, and AI could impact 100% of jobs in the next few decades.
Artificial intelligence, IoT, 5G and new exponential technological such as blockchain, robotics and deep learning are also creating new kinds of jobs that didn’t exist a few years ago.
While IBM Watson likely over-promised and under-delivered on AI Health Care, that won’t necessarily be the case as Apple, Google, Amazon and others get more involved in the next-gen of how machine learning will impact healthcare.
While every industry has an internal debate on about how much the 4th industrial revolution will change how it works and reduce necessary jobs, AI has a bright future in transportation, retail, finance, human resources, law, healthcare and virtually everywhere where data is involved and where we are going online to experience something offline.
Robotics and smart machines are in their infancy, but an age of IoT in a 5G world will feel very different. As jobs are disrupted, so too will new jobs be created. Digital transformation is about to hit a new kind of scale in how jobs will be transforming in the next era of smart capitalism.
According to the World Economic Forum, the value of digital transformations in the Fourth Industrial Revolution is estimated at $100 trillion in the next 10 years alone, across all sectors, industries and geographies.
Tech stocks on Wall Street are becoming increasingly dominant and rising much faster than other sectors. Tech could cannibalize capitalism if we do not do this right. If we leave Big Tech unregulated and fail in regulating artificial intelligence with the proper safeguards, it could do immeasurable harm to the developed Middle Class in places such as North America and Europe.
There are real risks in how we navigate the 4th industrial revolution, it’s not simply benefits to humanity here. There’s also widespread skepticism that this will even occur. As a result, we face an imminent and profound transformation of the workforce over the next five to 10 years as analytics and artificial intelligence change job roles at companies in all industries — that can easily be underestimated by professionals, managers and executives alike.
We are so used to business as usual, as societies and governments we are unprepared for exponential change or digital transformation at the pace we will see in the next three decades. Soon our children will only remember growing up in a world of smart machines and AI, not to mention growing up with the internet.
While only a minority of jobs will disappear, the majority of roles & tasks that remain will require people to work with the aid of analytics and some form of AI and this will require skills training on a large scale. “New Collar” jobs will require creativity, soft skills and the ability to work with AI and smart machine interfaces. Machine learning and robots might substantially change the tasks involved in thousands of existing jobs, while creating new ones, new positions and entirely new fields.
The “New Collar” jobs are coming, we are already seeing jobs, policies, industries and entire economies shifting as our digital and physical worlds merge. However regulation, legislation and laws holding corporations accountable are not keeping up with the pace of technological innovation and disruption.