The 4th Industrial Revolution
The world is in the early stages of the largest workforce transition in history. New technologies such as artificial intelligence, automation, 3D printing, the internet of things (IoT), and robotics will fuel a complete disruption in the global workforce. Every company, the jobs within a company, and every employee’s profile will change because of these new technologies. By the year 2040, between 500 million and 1 billion current jobs will be displaced. The largest percentage of job displacement will occur within countries with low education rates, no material technology, or innovation-centric industries, and without the material involvement of global employers in collaborative workforce development.
While the number of jobs that will be displaced is concerning, these same technologies will likely create an equal or greater number of new jobs. These new jobs require a far more educated and tech-savvy workforce than ever before. This workforce does not exist today.
A combination of factors, including the need for an entirely new workforce, drives an unprecedented global skilled talent shortage. By the year 2030, the world likely needs over 85 million additional tech-workers alone. Further, global employers will fail to deliver between $7.5 – 15 trillion in goods and services because they cannot find the talent they need. The risk to all companies stemming from this global skilled talent shortage is significant enough that companies are taking steps now to hedge this risk.
No country is prepared for what is coming over the next two decades. Every country has a significant opportunity to create a transformative number of jobs. However, the time to act is now. Key relationships needed to create a transformative number of jobs are being established. Countries likely have less than five years to emerge as a viable location for collaborative workforce development programs working in close partnership with global employers.
We help countries understand the transition within the world of work and structure programs that partner countries with global employers to build and employ tomorrow’s workforce collaboratively.