The Future of Work: Finding Opportunity in the New Economy
Valerie Chan
Founder & TEDx Speaker - Transforming Businesses into Industry Icons, Member of the Chief Network
The topic of job creation has dominated political agendas on both sides of the aisle since President Trump’s inauguration. Central to this conversation has been the role technology, specifically emerging technologies like artificial intelligence (AI), will play in the development or decimation of jobs.
Last week, two separate reports were issued offering diverging opinions — one from the National Bureau of Economic Research (NBER) and the other from the Technology CEO Council (TCC).
The research issued by the NBER shows that the introduction of robots into the workforce within a local area led to the elimination of jobs in that area. The TCC report however, is more optimistic and argues that technologies such as AI, mobility, analytics and sensors will actually create more jobs and accelerate economic growth. To read more about the report, go to the Plat4orm blog.
Having worked in the technology sector for over 20 years in close partnership with clients who operate in the fields of AI, analytics and robotics, I lean towards the TCC view in this debate.
I remember a world before the Internet and cell phones. More than once I have seen emerging technologies written off as fads, or watched businesses try to resist the forces of change. It didn’t work then and it will not work now.
The technology revolution is not about to retreat. No amount of reports or naysayers warning of the potential fallout will hinder the progress of innovation. History has taught us that much. Sticking our collective heads in the sand isn’t a strategy for long-term success.
America is a country that has prospered by its ability to recognize moments of change and capitalize on them, whether we’re talking about the rapid industrial growth of the 19th century, the evolution of the railroad and automotive industries, the birth of software or the launch of the Internet.
What the TCC report illustrates so clearly is that stagnant growth in physical industries is not the result of technology innovation. Instead, it is a result of under-investment by these industries in appropriate technology. If American industries want to compete on a global stage they must embrace the benefits of technology.
Does that mean some jobs will disappear? No doubt. But it also means the emergence of different kinds of jobs – jobs we have yet to imagine.
The key to success and to ensuring all Americans benefit from the coming boom in the physical industries is a joint commitment by government and industry to invest in retraining current workers in those industries to ensure they become skilled in relevant emerging technologies. As the report states: “A new, fully digital economy will require a workforce with the skills to thrive in connected, data-driven firms and industries.… We therefore need to upgrade our education and workforce development systems to dramatically expand the number of Americans who can help create, and thrive in, the digitally-enabled economy.”
There is a palpable fear of a technology-led future among many Americans. It is the job of the government and company leaders to take those concerns seriously and demonstrate a commitment to invest in people, not just innovation. If these technologies are to truly penetrate the mainstream, we need skilled workers in place to execute – in roles that are better paid, more fulfilling and ultimately more productive.
Read more about this topic on the Plat4orm blog.
I agree. I have often said that rather than trying to "bring back" jobs such as coal mining, instead we should be looking to the future to determine what skills are needed now, in 5 years, 10 years, etc. and then train those displaced workers. This will prepare those workers as well as the country for the future.