* The Fourth Industrial Revolution will lead to the loss of almost 5m jobs
* The changing nature of work will affect the labour market
* New energy supplies and tech will be one of the main drivers
The Fourth Industrial Revolution, with all of its complex characteristics and evolving norms, is set to transform labour markets across the different industries out there, for good.
This brings both good and bad news:
Bad: The Fourth Industrial Revolution would lead to the loss of five million jobs in developed and emerging economies.
Good: People’s skills will finally be valued and result in long-term engagement with the future employers. After the job market is successfully disrupted.
A report by the World Economic Forum, representing more than 13 million employees across nine industry sectors in 15 economies, aims to guide businesses and policy-makers on equipping labour forces with the new skills needed to navigate through the new era.
While the MENA region continues to feature attractive demographics as its workforce continues to grow, the global labour force has ceased to grow, and there are indications that the labour market is becoming less globalised, a new report by management consultancy A.T. Kearney revealed.
But even in the MENA region, observers forecast that some countries will struggle to provide enough jobs for surplus labour; for instance, less than 60 per cent of the working-age population is active in labour force in Iran, South Africa, India and Saudi Arabia.
Here are some of the elements that making up the main shift drivers of business models in the Fourth Industrial Revolution.
1. The changing nature of work, moving towards flexible hours and working remotely.
2. New energy supplies and technologies, such as moving away from oil-dependent economies and the urgent need for economic diversity.
3. Mobile internet and cloud computing, which are altering the logic of doing business and introducing new measure in efficiency and productivity.
4. The introduction of new strategies such as investing in soft-skills, targeting more female talent and collaborating with other players in the industry and across other industries.