Future of Work: Skill Obsolescence, Acquisition of New Skills, and Upskilling in the 4IR

The Future Of Work Across Some Sectors

The future of work is not singular. It will vary along sector and industrial axis and is impacted by initial situations surrounding the distribution of roles, various financial outlays for adopting new technology, access to skills, and the adaptability of employees. In this context, dissimilar experiences will accompany the structure of new functions and the characteristics of the functions that will no longer be in high demand. The World Economic Forum (2018) (WEF) reports that within the period 2018-2022, development in internet as accessed by smart phones and other mobile gadgets will possibly influence the financial services and investment sector, aviation, consumer commerce, and travel and tourism sector.

Digital technologies (e.g. 3D printers) can speedily execute a variety of operations and produce products while robots and nanotechnology, genetic engineering, and biotechnology can distribute goods and services cheaply and significantly alter production procedures and their outcomes (Prisecaru, 2016). These will have implication on job losses and create the need for upskilling. Magyar (2016) agrees that these digital technologies offering exceptional possibilities for industrial expansion could also pose major challenges. She submitted various forecasts for the year 2025 in the Technology Tipping Points and Societal Impact Report published in September 2015. Clearly, as technological advancement supports the decrease in manufacturing wastes and reshaping of manufacturing and consumption techniques towards better efficiency in resource use, it will also endanger jobs due to the engagement of robotics, humanoids, and other innovations. Additionally, the Internet will allow fast learning and interaction and open up several opportunities for broadening information and best practices, however developed countries will derive the most benefit.