4th Industrial Revolution & Disruption to Jobs

4th Industrial Revolution & Disruption to Jobs
4th Industrial Revolution & Disruption to Jobs Image link: https://en.wikipedia.org/wiki/Derry
C O N T E N T S:

KEY TOPICS

  • The impact of the 4th Industrial Revolution on jobs and live has already started.(More…)
  • A report by the World Economic Forum – Realizing Human Potential in the Fourth Industrial Revolution – claims the number of jobs lost globally to automation could be as little as 9%.(More…)
  • What separates the 4th Industrial Revolution from previous revolutions is the underlying economic dynamics relating to workers and the jobs that will be replaced.(More…)

POSSIBLY USEFUL

  • MANILA — Rapid technological advancement is driving the fourth industrial revolution, and it is expected to create huge disruptions in employment and the way people conduct business.(More…)

RANKED SELECTED SOURCES

KEY TOPICS

The impact of the 4th Industrial Revolution on jobs and live has already started. [1] The impact of the 4th Industrial Revolution on jobs and how we live will be bigger than we can currently imagine. [1] As well here, the impact of the 4th Industrial Revolution on Jobs is different than the revolutions in the past. [1]

The Future of Jobs: Employment, Skills and Workforce Strategy for the Fourth Industrial Revolution was issued by the WEF earlier this year and offers insight into the changing landscape not only of work but also of education and training. [2] The Fourth Industrial Revolution is already at work, transforming businesses, societies, jobs and the world?s economies. [3] There might be increased social tensions as a result of the socioeconomic changes brought by the Fourth Industrial Revolution that could create a job market that?s segregated into “low-skill/low-pay” and “high-skill/high-pay” segments. [4] While no job or sector will be spared, in the Fourth Industrial Revolution, there are some sectors that will find their skills disrupted at a more rapid pace. [2] Fourth Industrial Revolution fervor has reached a fever pitch as experts across industries warn of impending job disruption. [5] The technology of this new industrial revolution could begin to replace the work and jobs done by your workforce, instead of complementing and running parallel to it. [3] The previous three industrial revolutions–steam, electric and digital– liberated humanity from labor intensive jobs, made mass production possible and delivered digital capabilities globally. [3]

The World Economic Forum?s The Future of Jobs Employment, Skills and Workforce Strategy for the Fourth Industrial Revolution explores the profoundly shifting landscape. [6] This is the only way to ensure dynamic job growth and productivity in the Fourth Industrial Revolution. [7] As in past industrial revolutions, it can also be a disruptive force, dislocating people from jobs and surfacing questions about the relationship between humans and machines. [8]

The Fourth Industrial Revolution will change the job market forever, but not necessarily in the negative. [9] Every past Industrial Revolution has created more jobs, and there is no reason to suppose the Fourth will be any different. [9] Since the second industrial revolution, organisations have been focused on jobs and employment as the primary means of getting work done. [10]

” data-title”The future of work in financial institutions” data-description”We are at the beginning of a 4th industrial revolution driven by technology, transforming the way we work and live. [10] The challenge of the 4th industrial revolution for employers is adapting to an era of rapid change in employment practices and employee skills. [11] The world is on the brink of a 4th industrial revolution that will build upon the 3rd — the digital revolution — and which will be characterized by rapid technological change and automation. [11] What will happen to work after the 4th industrial revolution? This is a key topic that will be explored at OuiShare Fest 2016. [12] Adaptive Learning?s personalized approach, which adjusts to the needs of individual learners, is the solution for employers preparing to meet the 4th industrial revolution. [11]

A report by the World Economic Forum – Realizing Human Potential in the Fourth Industrial Revolution – claims the number of jobs lost globally to automation could be as little as 9%. [13] The World Economic Forum (WEF) has urged countries around the globe to re-skill their workforce in new technologies, citing a projection from the U.S. Bureau of Labor Statistics that the fourth industrial revolution would lead to the destruction of 1.4 million jobs nationwide by 2026. [14]

Like earlier industrial revolutions, the 4IR will cost many of us our jobs, and for others, it will mean new opportunities. [15]

These companies are partnering within industries, with workers, with governments and with educational institutions to increase the potential for 4th Industrial Revolution success and minimize societal turbulence as a result of change. [16] Why? Because in the 4th Industrial Revolution, it?s possible to be too focused on products and become blind to the inevitability of change in the marketplace and across entire sectors. [16] With all of its technological advancements both anticipated and yet realized, the 4th Industrial Revolution may be a revolution of industry but also a radical evolution of how business itself is conducted. [16]

Being adept at understanding the technologies is crucial, and so is a broader understanding of the 4th Industrial Revolution?s potential impact on regulation, competition, and the workforce. [16] Those companies that both retain and maintain highly-skilled and educated workforces will be best positioned for the 4th Industrial Revolution. [16] Organizations savvy enough to understand the potential of the 4th Industrial Revolution are already building these future-oriented strategies. [16]

What separates the 4th Industrial Revolution from previous revolutions is the underlying economic dynamics relating to workers and the jobs that will be replaced. [17] In the 4th Industrial Revolution the technology has the capacity to significantly automate the majority of task based jobs in blue and white collar jobs. [17] The 4th industrial revolution is here, and it is completely transforming the way we live and work. [18] To understand how the 4th Industrial Revolution can work for everyone read the section I wrote called The 4th Industrial Revolution and the Renaissance of Human Purpose. [17] As a result workers have to consider that they might be entirely replaced in the 4th Industrial Revolution as workers with non-relevant skill sets will transition from unemployed to unemployable. [17] If you look below on this page and browse the rest of the 4th Industrial Revolution (4IR) section of this site, you’ll find all the information you need to get your mind wrapped around the subject. [17]

POSSIBLY USEFUL

MANILA — Rapid technological advancement is driving the fourth industrial revolution, and it is expected to create huge disruptions in employment and the way people conduct business. [19] The Fourth Industrial Revolution creates unlimited possibilities for the people who are interested in business. [3]

Business leaders who make changes now and adapt before the fourth revolution hits, will be best equipped to shape the future of the Fourth Industrial Revolution. [3] The Fourth Industrial Revolution describes the exponential changes to the way we live, work and relate to one another due to the adoption of cyber-physical systems, the Internet of Things and the Internet of Systems. [4] While in some ways it’s an extension of the computerization of the 3 rd Industrial Revolution (Digital Revolution), due to the velocity, scope and systems impact of the changes of the fourth revolution, it is being considered a distinct era. [4] Where the Third Industrial Revolution sparked the digital revolution, utilizing digital technologies to advance automation, the Fourth Industrial Revolution is fusing new technologies that will impact society and disrupt various industries across the globe. [3] In his book, The Fourth Industrial Revolution, Professor Klaus Schwab, founder and executive chairman of the World Economic Forum, describes the enormous potential for the technologies of the Fourth Industrial Revolution as well as the possible risks. [4] The World Economic Forum puts it best: “The change brought by the Fourth Industrial Revolution is inevitable, not optional. [20] A new report published by the World Economic Forum suggests that life-long learning is bound to be part of the Fourth Industrial Revolution, but the report also raises major concerns about whether or not schools and businesses are ready to respond to this new training demand. [2]

We are currently in the early stages of The Fourth Industrial Revolution, according to Professor Klaus Schwab, and i t is blurring the line between physical, digital and biological and changing the way we interact with emerging and digital technology such as artificial intelligence (AI), analytics and the Internet of things (IoT). [3] The Fourth Industrial Revolution is disrupting almost every industry in every country and creating massive change in a non-linear way at unprecedented speed. [4] For those of us fortunate enough to come together at Davos this year, the Fourth Industrial Revolution promises gains in scientific knowledge, human health, economic growth and more. [21] Simon Gee, Asia Pacific managing director for international nongovernmental organization TechSoup, which provides technical and technological support and tools to nonprofits, said most people don?t likely put a boundary between the third and fourth industrial revolutions. [19] At its most basic, the fourth industrial revolution refers to the explosion of technology and digital tools. [19] The technologies of the Fourth Industrial Revolution might even help us better prepare for natural disasters and potentially also undo some of the damage wrought by previous industrial revolutions. [4] The good news is that the technologies that are driving the Fourth Industrial Revolution also offer us new tools to address emerging problems. [2] The Fourth Industrial Revolution is, radically different and will impact all economies, industries and society at its core. [3] One of the greatest promises of the Fourth Industrial Revolution is to potential is to improve the quality of life for the world’s population and raise income levels. [4] The Fourth Industrial Revolution is an exciting prospect, with its potential to transform your customers – and your own businesses. [20] Given the upcoming pace and scale of disruption brought about by the Fourth Industrial Revolution, however, this may simply not be an option.” [2] What is the Fourth Industrial Revolution (4IR)? Let’s start by pointing out that it’s not IoT or big data. [20] What is clear is that as we move deeper into the Fourth Industrial Revolution, eLearning and the entire ed tech sector is well positioned to experience substantial and even unprecedented growth. [2] Watch out for the next in the series, and download our Fourth Industrial Revolution infographic for more information. [20] If the term Fourth Industrial Revolution doesn?t resonate with you then you might already be behind. [3] Most of the rhetoric surrounding the fourth industrial revolution is concerned with automation. [19]

As emphasized in the WEF’s report, “During previous industrial revolutions, it has often taken decades to build the training systems and labour market institutions needed to develop major new skill sets on a large scale. [2] The first industrial revolution started around 1784 where mechanization, steam power and the weaving loom where invented. [1]

This revolution requires us to re-invent ourselves and our jobs within our own life span. [1] They have said to me, in effect: “I have to lay off hundreds of people because their jobs have disappeared and I do not need their skills – and I have hundreds of job openings I can?t fill because I can’t find people with the right training and skills.” [21] As professionals, we need to embrace change and realize that what our jobs are today might be dramatically different in the not too distant future. [4] As observed in The Future of Jobs report, “Current technological trends are bringing about an unprecedented rate of change in the core curriculum content of many academic fields, with nearly 50% of subject knowledge acquired during the first year of a four-year technical degree outdated by the time students graduate, according to one popular estimate.” [2] It follows that ” In such a rapidly evolving employment landscape, the ability to anticipate and prepare for future skills requirements, job content and the aggregate effect on employment is increasingly critical for businesses, governments and individuals in order to fully seize the opportunities presented by these trends–and to mitigate undesirable outcomes.” [2] For most people around the world, the prospect of a future in which robots and computers can perform many human jobs is a source of profound personal concern. [21] Whether it is finding new ways to better serve customers, creating new jobs or business models, Industry 4.0 has the potential to not only drastically affect how we work, but the type of work we do. [3] Though technology can have a positive impact on job growth, creating new opportunities, workers will still be displaced from traditional jobs like cashiers, assembly-line workers, customer service representatives and truck drivers, for example. [5] Without reskilling, such workers are unqualified for the new jobs that technology could create. [5] Every past technology wave ultimately produced more jobs than it destroyed and delivered important gains, from higher living standards and life expectancy to productivity and economic growth. [21] Technology and evolving consumer demands are sure to eliminate jobs, creating a reskilling challenge both government entities and businesses are responsible for remedying. [5] Preparing the next generation for future jobs is not the only pending challenge. [2] Referred to as a “reskilling crisis,” only 2% of workers could transition to new jobs if immediately called on to take another position that matched their skill set. [5] Most other workers, however, have few skills required to transition jobs; 16% have no opportunities to transition to new jobs. [5] Robust reskilling is necessary to prevent declining salaries and job displacement, requiring highly transferable — or hybrid — skills like collaboration, critical thinking and subject matter expertise. [5] These changes of professions happened in the past, jobs like the milkman, elevator operator, or linotype operator do not exist anymore today. [1] Experts still disagree on exactly which groups and regions are losing jobs primarily to automation, how quickly such impacts will spread and what interventions might help. [21] Even people in STEM positions can expect to enter their professionals only partially prepared for what they will face on the job. [2] Creativity Almost every job or task which relates to following a procedure or providing service, will be replaced by technology. [1] The report analyzed 1,000 U.S. jobs, which account for 96% of national employment. [5] While the report projects large-scale job displacement through 2026, other experts say there is a far more rapid timeline. [5] “By one popular estimate,” the Report observes, “65% of children entering primary school today will ultimately end up working in completely new job types that don?t yet exist.” [2] Such reskilling could “lift wages and increase social mobility,” allowing the average U.S. worker dozens of viable job transitions. [5] Millions of jobs are expected to be lost over the next decade. [19] Much of the disruption also poses a threat to job security. [19]

Rising technologies and socio-economic forces are expected to disrupt 1.4 million jobs in the U.S. between now and 2026, according to report from the World Economic Forum, which is meeting this week in Davos, Switzerland. [5]

Just as the Internet did 20 years ago, the artificial intelligence revolution is going to transform many jobs–and spawn new kinds of jobs that drive economic growth. [8] This presents a once-in-a-generation opportunity for global leaders to come together and embrace new digital technologies that hyper-charge their economic prospects, create new manufacturing jobs, educate the next generation of highly skilled labor, and ultimately shape the next hundred years of our planet. [22] Transformative technologies, creating major disruption to traditional business models, will have “a significant impact on jobs, ranging from significant job creation to job displacement, and from heightened labor productivity to widening skills gaps.” [6] The World Economic Forum?s “Future of Jobs” report found that 35 percent of core skills will change between 2015 and 2020. [23] Our recent “Future of Jobs” report investigated the top 10 skills categories driving the current jobs market, and how they?re likely to change by 2020. [23]

“Young people are not only living in an age in which several aspects and applications of technology are becoming increasingly mainstream and integrated in all parts of life, namely jobs, but these tech-savvy individuals are also simultaneously determining their own future job prospects. [24] Businesses and governments need to adapt to the changing nature of work by focusing on training people for the jobs of tomorrow. [8]

Zvika Krieger co-leads the World Economic Forum?s Center for the Fourth Industrial Revolution in San Francisco, where he works with governments, companies, civil society, and other stakeholders from around the world to accelerate the adoption of new technologies in ways that serve the global public interest. [23] The technologies of the Fourth Industrial Revolution give companies, governments, and other institutions a vastly increased ability to understand individuals — and then personalize the service they offer to those individuals. [23]

As the technologies underpinning the Fourth Industrial Revolution become more ubiquitous and easy to use, more women will be encouraged to work in STEM (science, technology, engineering, and mathematics) fields. [7] The means that as we appreciate and engage with the exciting technologies of the Fourth Industrial Revolution, we must work to ensure that the opportunities they bring are well-distributed around the world and across our communities. [8] This article is part of a Trailblazer spotlight series on the Fourth Industrial Revolution — a concept introduced by Klaus Schwab at the World Economic Forum to describe the fundamental shift in the business and social landscape as a result of a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres. [23] According to the World Economic Forum Global Risks Report 2017, “the Fourth Industrial Revolution has the potential to raise income levels and improve the quality of life for all people. [8] At the 2018 World Economic Forum in Davos, Switzerland, Salesforce Chairman and CEO, Marc Benioff convened a panel of experts to discuss how the Fourth Industrial Revolution will increasingly impact our economies, societies, and daily lives. [7] About 28 per cent expect the Fourth Industrial Revolution to have a significant impact on their relationships and 15 per cent think it will have an impact on their leisure activities, the World Economic Forum said. [24] As a founding member of the World Economic Forum Center for the Fourth Industrial Revolution, Accenture is exploring opportunities for organizations in every industry across the globe to evolve to Industry X.0. [25] This article is part of a series on the Fourth Industrial Revolution — a concept introduced by Klaus Schwab at the World Economic Forum. [7]

As the authors of Shaping the Fourth Industrial Revolution point out, at least 600 million people live on smallholder farms without access to any mechanization, living lives largely untouched by the first industrial revolution. [8] Dubai: Millennials in the Middle East and North Africa (Mena) expect the fourth industrial revolution to have a massive impact their daily lives, with more people accepting that they will trust the decisions taken by a robot, a study revealed. [24] Recent geopolitical events — such as election results in the U.S., Europe, and beyond, and incidents such as the Brexit vote — have been a real wake-up call that there is rising populist discontent around the world, in which people are really starting to feel the impacts of the Fourth Industrial Revolution — and resentful that the benefits are not being evenly distributed. [23] People are asking whether the Fourth Industrial Revolution is the road to a better future for all. [8] The fourth industrial revolution is marked by a continuing shift away from energy and other physical resources, toward a new future where human capabilities are fully integrated with the functionality of emerging technology like artificial intelligence, augmented and virtual reality, robotics and nanotechnology, and the new connectivity of the Internet of Things. [26] The fourth industrial revolution ushers in a merger of human and digital functionality. [26]

While the Fourth Industrial Revolution has the power to change the world positively, we have to be aware that the technologies can have negative results if we don?t think about how they can change us. [8] To thrive in the Fourth Industrial Revolution, they will need to build a workforce predisposed to a relentless pursuit of innovation and change. [7] As companies come to terms with their responsibilities in the Fourth Industrial Revolution, a key focus must be to empower and educate their employees to keep up with the pace of change. [23] As the pace of technological change quickens, we need to be sure that employees are keeping up with the right skills to thrive in the Fourth Industrial Revolution. [23] “As we live through the Fourth Industrial Revolution, we also need to bring about a revolution of morals and new values to meet its challenges,” said Scarpioni. [7] The Fourth Industrial Revolution is changing how we live, work, and communicate. [8] Workers with less education and fewer skills are at a disadvantage as the Fourth Industrial Revolution progresses. [8] Part of the challenge is that we want technology in the Fourth Industrial Revolution to be empowering, and not deterministic. [23] Education is essential to building a workforce ready to meet the challenges of the fourth industrial revolution. [26] In this interview with Krieger we discussed the Fourth Industrial Revolution and its impact on business and society. [23] For this series, we?ve interviewed a number of chief executives and thought leaders about the impact of the Fourth Industrial Revolution on the business world. [23] Describe how the Fourth Industrial Revolution impacts individuals and societies. [8] We have to make sure the benefits of the Fourth Industrial Revolution reach the largest number of people around the world.” [7] We all have the responsibility to raise awareness about Fourth Industrial Revolution, we should not allow our people to know about the revolution at the door of its effects, they have the right to prepare and be ready for it. [27] We are going to be the biggest losers of the Fourth Industrial Revolution, same way Africa lost other equally important revolutions preceding Fourth Industrial Revolution. [27] Advances in automotive safety through Fourth Industrial Revolution technologies can reduce road fatalities and insurance costs, and carbon emissions. [8] Today, the economic benefits of the Fourth Industrial Revolution are becoming more concentrated among a small group. [8] The digitally and technology-driven Fourth Industrial Revolution is causing positive and powerful disruption in almost every industry across the globe. [28] Many commentators suggest that the Fourth Industrial Revolution calls for a paradigm shift in the role that companies play in society. [23] You, as a person, citizen, employee, investor, and social influencer, are a critical stakeholder in the Fourth Industrial Revolution. [8] There is no denying that the Fourth Industrial Revolution is going to disrupt many industries with innovation an introduction of artificial intelligence, autonomous vehicles/drones and biotechnology among others. [27] The pace of technological change in the Fourth Industrial Revolution isn’t likely to slow down any time soon. [7] “The Fourth Industrial Revolution can compromise humanity’s traditional sources of meaning–work, community, family, and identity–or it can lift humanity into a new collective and moral consciousness based on a sense of shared destiny. [8] For the Fourth Industrial Revolution to generate trust, everyone contributing to it (including you) must collaborate and feel a connection to common objectives. [8] In the coming decades, we must establish guardrails that keep the advances of the Fourth Industrial Revolution on a track to benefit all of humanity. [8] Now, as we enter the heart of the Fourth Industrial Revolution, we are collecting unprecedented amounts of data. [23] Describe the path forward to ensure that the Fourth Industrial Revolution is a force for good. [8] The scope and gravity of the fourth industrial revolution fills me with a sense of awe, great optimism and excitement for what lies ahead. [22]

While the digital revolution means that more than 3 billion people now have access to the Internet, that still leaves more than 4 billion out of a core aspect of the third industrial revolution. [8] On the coat tails of the Third Industrial Revolution of 1969, which brought us mass production, this next phase is a technological revolution, described as “the advent of “cyber-physical systems? involving entirely new capabilities for people and machines.” [6] We have not learnt a lesson during the First, Second and Third Industrial Revolutions, hence our manufacturing sector benefited us marginally in terms of manufacturing of implements for the global community. [27] We must help those who missed out on the huge increases in quality of life that the first, second, and third industrial revolutions provided. [8]

The apprenticeship workforce model — developed following the first industrial revolution — successfully altered attitudes toward training for the most formative industries of that era. [6] The first industrial revolution occurred in the 18th and 19th centuries with the advent of manufacturing techniques, factories, and steam power. [26]

The lessons of previous industrial revolutions include the realization that technology and its wealth generation can serve the interests of small, powerful groups above the rest. [8] Many people around the world haven?t yet benefited from previous industrial revolutions. [8] As we learned from our second and third industrial revolution predecessors, a well-planned and executed apprenticeship program is an opportunity to discover talent in hidden pockets, reduce recruitment costs, and retain teams of loyal employees. [6] The third industrial revolution began in the 1980s and is now petering out. [26]

Digital technologies are transforming production processes in all sectors, from high-tech to industrial equipment. [25]

Staying ahead of these changes can feel like a full-time job for CHROs, to say nothing of helping fellow leaders, managers and talent shift legacy mindsets and infrastructures to understand and embrace new ways of working. [28] At Willis Towers Watson, we believe there are five significant forces impacting organizations and indelibly changing the way we think about jobs and talent. [28] Biotechnology can lead to controversial advances such as designer babies, gene drives (changing the inherited traits of an entire species), or implants required to become competitive candidates for schools or jobs. [8] While it is true that technology has the potential to eliminate many jobs, it also creates them. [26] Technology, jobs, government policies, and entire economies around the world are on the edge of a massive shift. [22] Employees who feel like their voices are heard are happier, more committed to their jobs and company, and more productive at work. [26] Data from Gallup shows only one-third of U.S. employees (and 15 percent worldwide) are actively engaged in their jobs. [26] Innovations in robotics and automation can lead to lost jobs, or at least jobs that are very different and value different skills. [8] Automation is going to take over jobs and the less skilled workers will be the most affected as they are the most vulnerable of workers. [27] If this rapid innovation fails to connect people to high-quality education and jobs, everyone will feel the repercussions. [7] In the U.S. alone, coordinated efforts could create $600 billion to $900 billion in new revenue and 3 million to 5 million new jobs in the next 10 years. [22] For starters, there?s serious debate about what jobs will remain 15, 10 or even five years from now. [28] Industry leaders are retooling training budgets to accommodate apprenticeship programs, and working directly with secondary educators to develop real-life accredited on the job course curriculums as a proactive means to widen their talent pool. [6] According to the World Economic Forum?s Global Shaper Survey 2017, 1,600 respondents in the Mena region between the ages of 18 and 35 expect significant changes to their jobs and careers as a result of technological change, and 52 per cent believe that studying and learning will be similarly affected. [24] It?s about creating a new world of collaboration between humans and machines, one byproduct of which is that jobs will indeed evolve. [28] It?s inevitable that jobs are going to be impacted as artificial intelligence automates a variety of tasks. [8]

The Worldwide Economic Forum predicts that by 2020, the global economy will experience a net loss of more than 5 million jobs. [26]

Every revolution has come along with its share of doomsayers, and more jobs have been the inevitable result of technological advancements. [9] While much of the focus on job losses resulting from robotization and trade has been on men, a January 2018 study led by Saadia Zahidi, head of Education, Gender and Work, at the World Economic Forum, found that “among the workers affected by labor market disruptions, under both models, a larger share — 57 percent — are projected to be female.” [29] The health care industry is a great example of how technology disruption may lead to more jobs and better outcomes. [9] “Life sciences organizations need to focus on redesigning jobs and tasks by utilizing the more essential human skills and integrating them with technology to achieve efficiency. [30] Of all the jobs in the UK, a greater proportion of those held by women compared to men are likely to be technically automatable, and women make up a smaller proportion of people in high-skill occupations that are resilient to automation or complemented by technology. [29]

If the first Industrial Revolution revolved around steam power, the second electricity and the third digital technologies, what is the driving force behind the fourth? Unlike with previous massive change movements, there is no single technology driving the change that is the Fourth Revolution. [9] Today, we are taking our first steps into the Fourth Industrial Revolution, created by the fusion of technologies that overlap physical, biological, and digital ecosystems. [31]

The Fourth Industrial Revolution, as described in a recent book, The Fourth Industrial Revolution by Prof. Klaus Schwab (Chairman of the World Economic Forum), “is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres”. [12] In preparation for the event, forum leaders worked with a team of Heinz College students to create an assessment tool that will allow firms to gauge their organization’s readiness for the Fourth Industrial Revolution, or 4IR, which Forum Executive Chairman Klaus Schwab said is “characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.” [32]

Schwab, a year earlier, had put it this way: There is an “inexorable shift from simple digitization (the Third Industrial Revolution) to innovation based on combinations of technologies (the Fourth Industrial Revolution).” [29]

People can use business as a force for good as said in the “moto” of the growing global movement of B Corps, and we have the potential to make this fourth industrial revolution work for our well-being. [12] Shining a light on the very different experiences of work in the digital age, this book provides a unique contribution to the reform discussion on the consequences of the fourth industrial revolution. [33] New technology is disrupting and ultimately transforming the life sciences industry in the fourth industrial revolution. [30] The potential for ground-breaking discoveries and innovations in the fourth industrial revolution is immense for the life sciences industry. [30]

The fourth industrial revolution is defined as a fusion of technologies that are blurring the lines between the physical, digital, and biological spheres. [30] We’re at the beginning of a fourth industrial revolution, characterised by the fusion of technologies and the convergence of the physical, digital and biological spheres. [10]

An emphasis on technology disruption was prevalent throughout all sessions of DIA 2018, with one presenter commenting that this shows that we are now fully in the fourth industrial revolution. [30] Awareness Organizations with a comprehensive understanding of the opportunities presented by the Fourth Industrial Revolution will lead the change. [32] To prepare learners for success during the fourth, or even fifth, industrial revolution the notion of education has to change at scale. [31] Learning from the Success of Others Leading companies in the Fourth Industrial Revolution display a commitment to their workers, increased agility, and cultural strength. [32] This image is a simple, yet powerful reminder of the critical role soft skills and qualities that cannot be measured with traditional metrics will play in preparing learners for success during the Fourth Industrial Revolution. [31] The Fourth Industrial Revolution, toward which we are facing as a society, is still in its infancy but growing exponentially. [31] The transition to the Fourth Industrial Revolution does not spell doom and gloom for society as we know it. [31]

We believe that we are in the first few days of the next Industrial Revolution and that the coming age will systematically shift the way we live, work, and connect to and with one another. [31] The first Industrial Revolution moved people away from farms and toward cities when water and steam-powered production methods led to the first factories. [9]

Businesses that react quickly to changing customer expectations, build product enhancements as part of the product development process, enjoy collaborative innovation across industries and adjust organizational methodologies to better respond to these changes will be ready to ride the Industrial Revolution wave to its conclusion. [9] The third Industrial Revolution came with the advent of the digital age. [9]

Employees will get to keep their jobs and update their skills to make them more competitive in a rapidly changing employment landscape. [11] Once an organisation disaggregates a job, it is able to tap a range of sources for getting work done – from robotics and AI to employees on talent platforms, contractors and alliance partners. [10] As organisations begin to focus on the work and available talent (internal and external) as opposed to jobs and full-time employees (FTEs), they can find themselves competing for pivotal capabilities that often they can only access through external sources. [10] For millions who work in occupations like food service, retail sales and truck driving, machines are replacing their jobs. [29] AI (artificial intelligence) is helping to slowly polarize the occupational structure as it both creates high wage work and displaces men and women from certain blue collar and clerical (“mid-skilled?) jobs into lower wage work. [29] This holds great opportunities and risks: the good news is that robots will soon do routine work for us, but the bad news is that the loss of these jobs could increase in social tensions, especially in underdeveloped countries. [12] This transformation of work requires that an organisation deconstruct jobs into tasks or projects. [10] Among the areas where financial services firms are deconstructing jobs and exploring new options for getting work done is regulatory compliance. [10] Pick a few jobs and examine how these might be deconstructed into the three buckets discussed above and evaluate the cost, risk and speed to capability implications of different work options. [10] Over the next 20 years, more jobs in the financial services industry are considered at high risk of automation than in any other skilled industry (figure 1). [10] A populist politician who campaigned on AI-induced job loss would start with ready-made definitions of the “people” and the “elite” based on national fault lines that were sharpened in the 2016 presidential election. [29] The McKinsey Global Institute estimates “about 60 percent of all jobs have at least 30 percent of activities that are technically automatable, based on technologies available today.” [11] According to a study from Oxford University entitled The future of employment, about 47% of total U.S. employment is at risk: “. there is a current trend towards labour market polarization, with growing employment high-income cognitive jobs and low-income manual occupations, accompanied by a hollowing-out of middle-income routine jobs.” [12] While operating legally — indeed with the full support of the legal system — contemporary corporate technology leaders, including Brin, Jeff Bezos, Steve Jobs (who died in 2011) and Mark Zuckerberg, accumulated unprecedented amounts of wealth. [29] While some low-skilled jobs will disappear forever, it is important to remember that those who grow up with technology are often well versed in its use. [9]

The concern is not that robots will take human jobs and render humans unemployable. [29] For many men, moving from the manufacturing or comparable job he took pride in to a job in a fast-food operation or in caring for the elderly is tough to swallow. (Not to mention the dislocating effects of the technological innovations in contraception that helped usher in the women?s and reproductive rights movements.) [29] Our analysis reveals that financial services companies that deconstruct jobs in this manner can typically realise savings in the 60% to 80% range. [10] With these developments, he estimated, there will be 76,000 fewer truck driving jobs in 2024 than the Bureau of Labor Statistics currently projects. [29] It’s important not to confuse this deconstruction and dissemination of activities with outsourcing, which involves having intact jobs performed by a third party at a lower cost. [10] We recently helped a retail banking client and a life insurance company that were facing compliance pressures deconstruct their compliance jobs and implement a regtech solution. [10]

In this revolution, the robots are not taking away jobs – global factory payrolls hit a five-year high in 2017. [13] As the nature of work evolves, and as people change jobs more frequently and live and work much longer than they did in the past, this path is becoming increasingly obsolete. [34] Originally conceived as a way to avoid penalizing unemployed people who accept part-time work, it is now being examined as a possible way to manage job losses stemming from automation. [34] Government job centers work with employers to understand the types of training programs needed to meet local labor market demand, and counselors connect unemployed individuals with the programs they need. [34] “Equipping people with the skills they need to make job transitions is the fuel needed for growth – and to secure stable livelihoods for people in the midst of technological change,” says Saadia Zahidi, Member of WEF?s Executive Committee. [14] They are creating new jobs, and changing the nature of those that already exist: the World Economic Forum estimates that by 2020 more than a third of core skills required by occupations will have changed. [13] Finland is exploring ways to remake its education system to better match the skills that the jobs of the future will demand. [34] Some studies suggest that 65% of children entering primary school today will have jobs that do not yet exist and for which their education will fail to prepare them, exacerbating skills gaps and unemployment in the future workforce. [13] Is this a real threat to the future of retail stores and jobs? Not according to the Bureau of Labor Statistics (U.S. Department of Labor). [35] This is what is meant by the term “new collar”: first coined by IBM CEO Gini Rometty, new collar replaces the old division between “blue-collar” manual labor on the factory floor, and “white-collar” clerical and management jobs. [13] “At-risk workers who retrain for an average of two years could receive an average annual salary increase of $15,000 – and business would be able to find talent for jobs that may otherwise remain unfilled,” the report noted. [14] Re-skilling, the report says, can create a wide range of job options and opportunities for professionals such as assembly-line workers, secretaries, cashiers, customer service representatives, truck drivers, radio and TV announcers, fast-food chefs, mining machine operators, and computer programmers. [14] One significant implication is the potential aggregate value of GDP squandered, either because nations will not be able to fill the jobs available within their borders or because they will not be able to create enough jobs for the workers they have. [34]

The business secretary Greg Clark echoed the huge potential digitalisation offers manufacturing: “The UK manufacturing sector has the potential to be a global leader in the industrial digital technology revolution. [36] Today, the Fourth Industrial Revolution is changing the way we live and work through digital technology– from big data and artificial intelligence to machine learning. [37] The fourth industrial revolution marks the move away from automated factory processes to intelligent, integrated digital systems such as the Industrial Internet of Things (IoT) that are transforming the way we work. [13] The fourth industrial revolution is disrupting the way we live and work, forcing us to rethink our strategies and core beliefs. [38] To build a workforce ready for the fourth industrial revolution, changes must be made both to the way workers are educated as children at school, and once they are in the workplace. [13] Finding the next generation of manufacturing workers relies on both the reshaping of public opinion, and equipping the workforce necessary to thrive in the rapidly changing landscape of the fourth industrial revolution. [13]

If Britain is to survive and lead in the fourth industrial revolution, every single organisation will need to invest in new innovative business models, in the development of its people, as well as invest in new technologies. [36] While the Fourth Industrial Revolution offers huge potential benefits, it also poses challenges as companies, governments, educational institutions and society at large adapt to sometimes painful disruption. [37] Organized by the Association of Pacific Rim Universities (APRU) and co-sponsored by Wiley, this gathering of over a dozen top universities across the Asia Pacific featured a wide ranging discussion on how educational institutions and the private sector can work together to address the challenges of the Fourth Industrial Revolution. [37] I was able to share Wiley’s experience in addressing one of the challenges in the Fourth Industrial Revolution the shortage of skilled employees, especially in the area of data science and analytics (DSA). [37] Unlike the three before it, the Fourth Industrial Revolution (4IR) is defined by new technologies that combine the physical, digital, and biological worlds. [15] The Fourth Industrial Revolution will impact our lives completely. [15] According to several studies, accounting is at the top of the list when it comes to industries threatened by the Fourth Industrial Revolution, specifically automation. [15] Can we make the fourth industrial revolution – the digital era in which we are living – a huge opportunity for Britain to take a leadership position? For many, it could feel a considerable threat. [36] In what has been called the fourth industrial revolution, advances in robotics, machine learning, artificial intelligence, and other fields are transforming how companies manufacture products and deliver services. [34] According to UK manufacturers organization EEF, companies preparing for the fourth industrial revolution are switching from single trades to multi trades, such as an electrician who is also a mechanic. [13]

In Singapore, meanwhile, a three-pronged government effort to adapt the nation to the new industrial revolution supports investments in critical new technologies, promotes companies? adoption of those technologies, and ensures that the workforce has the skills needed to use them. [34] The 4 th Industrial Revolution has brought about change in the form of disruptive technologies. [39] With all of its technological advancements both anticipated and yet realized, the 4 th Industrial Revolution may be a revolution of industry but also a radical evolution of how business itself is conducted. [16] The 4 th Industrial Revolution will be dominated by companies with the flexibility to adapt to forthcoming technological innovation that is well beyond our current comprehension. [16]

Is the Labor Department ignorant of the fact that we are living through the 4 th Industrial Revolution ? First there was the steam engine, later electricity, then computers, and now smart phones and the Internet and the Internet of Things. [35] This disruption will affect just about every aspect of society–from industrial strategies and competitiveness to the labor market to the way government itself functions. [34] Some existing workforce training, education, and industrial and economic development policies are beginning to point the way forward. [34] Previously winning industrial and economic development policies will become outdated. [34] They must develop industrial policies that support their countries? competitiveness, particularly in the developing world, where the path to economic development is being upended. [34]

The review also calls for a new national body, titled “Made Smarter UK Commission?, including representatives from industry, Government and academia, with the aim of “upskilling” one million British industrial workers. [36] The rallying cry from the CBI follows hot on the heels of news from the governments commissioned review on industrial digitalisation led by industry chief Jgen Maier, the UK and Ireland boss of German engineering giant Siemens, which concluded that British businesses need to adapt or perish. [36]

Government strategies to ensure industrial competitiveness and development must also evolve. [34]

The CBI conference last week put out a call to action to business leaders to ensure the UK?s unites behind a “leapfrog? industrial strategy to win in the technology age. [36] Spectra keeps you up to speed on the latest trends, innovations, and leadership shaping industrial technology. [13]

Some of the most dramatic changes of all are taking place in our factories and other industrial environments. [13]

The event focussed on artificial intelligence (AI) and the 4 th Industrial Revolution and how it could affect you and your business. [39] We know the 4 th Industrial Revolution is upon us with tremendous growth potential. [16]

Technology is ever-present in virtually every kind of job today, from taxi drivers hired via smartphones, to teachers instructing their classrooms via digital displays. [13] Although technology in the workplace is increasing, this doesn?t necessarily mean there that there will be fewer jobs. [13] Despite the low projected employment growth there should still be plenty of job opportunities over the next ten years since many workers leave this occupation each year.” [35] ” Job Outlook : Overall employment of retail sales workers is projected to grow 2 percent from 2016 to 2026, slower than the average for all occupations. [35] Without re-skilling, only 2% of workers would have the opportunity to transition into new jobs, the report says. [14] On the flip side, the private sector will find it increasingly difficult to recruit enough highly skilled workers to fill new jobs created by this disruption. [34] Without re-skilling, one in four of at-risk workers would lose on average of US$8,600 from their annual income, even if they are successful in moving to a new job. [14] Will we be replaced by robots? Will we need to have a guaranteed minimum income and in turn a robot taxation? What is our mission in life if we no longer have meaningful jobs? How will we, as a society, continue to function? Further, the world is facing major challenges on a societal and environmental level, as summarized in the UN Sustainable Development Goals 2030. [38] This led us to look at ethics in AI and thinking about where the jobs will go, should machines remove the need for humans. [39] The Limited began closing all 250 of its retail stores, with 4,000 people expected to lose their jobs. [35] The country has generated only two-thirds as many jobs per unit of economic growth as the global average. [34] The CBI itself highlighted that 35% of current jobs may be reclaimed by automation and artificial intelligence (AI). [36] Get away from just hiring low cost sales employees who are bored with their job and with the customers. [35] In the U.S. alone, between now and 2025 nearly three and half million manufacturing job vacancies will be created. [13] This type of disruption to a large number of jobs is not limited to stores. [35] It then looked at how various initiatives that adjusted these factors would improve India?s ability to create jobs. [34]

Female workers are more vulnerable than males: of the 1.4 million jobs expected to be disrupted in U.S., the majority belongs to women. [14]

RANKED SELECTED SOURCES(39 source documents arranged by frequency of occurrence in the above report)

1. (25) Understand the Impact of the Fourth Industrial Revolution on Society

2. (15) Governing in the Age of Disruption

3. (14) New collar: where to find the next-generation manufacturing workforce? | SPECTRA

4. (13) How the Fourth Industrial Revolution is Reinventing the Future of Jobs – Salesforce Blog

5. (12) The future of work in financial institutions – Willis Towers Watson

6. (12) Is Your Organization Ready for the Fourth Industrial Revolution? | eLearningInside News

7. (11) ‘Reskilling crisis’ emerging as 1.4M US jobs face technology disruption | CIO Dive

8. (10) Opinion | Industrial Revolutions Are Political Wrecking Balls – The New York Times

9. (10) The Fourth Industrial Revolution Is Here — Are You Ready?

10. (9) The business evolution within the 4th Industrial Revolution | CIO

11. (9) The Fourth Industrial Revolution and the Future of Work – RevUnit

12. (9) How to Retool Your Business For The Fourth Industrial Revolution – Salesforce Blog

13. (9) The 4th Industrial Revolution – and the Future of Work | Brainware Ventures

14. (8) The 4th Industrial Revolution Is Here – Are You Ready?

15. (7) The impact of the 4th Industrial Revolution on jobs – TroopTravel

16. (7) WEF Calls for Worker Re-Training Before Fourth Industrial Revolution Wreaks Havoc – Nearshore Americas

17. (7) “Will the 4th Industrial Revolution Kill Store-Based Retailing?” Philip Kotler

18. (7) Seizing the automation opportunity in the Fourth Industrial Revolution

19. (6) The Fourth Industrial Revolution: What does it mean for NGOs? | Devex

20. (6) A Principal’s Reflections: Preparing Learners for the Fourth Industrial Revolution

21. (6) The Growing Technological Skills Gap in the Wake of the Fourth Industrial Revolution – Franklin Apprenticeships

22. (5) How to Prepare for the 4th Industrial Revolution

23. (5) How will we work in the post industrial world?

24. (5) Fourth Industrial Revolution Overview — Wandering Alpha

25. (5) How to survive the Fourth Industrial Revolution | World Economic Forum

26. (5) Automation disruption heading for labour market – SA will be the big loser | News24

27. (5) Embracing the Fourth Industrial Revolution: What HR can do to unlock talent and lead their workforce through digital transformation – Willis Towers Watson Wire

28. (5) The Transformation of Life Sciences in the Fourth Industrial Revolution | Appian

29. (4) Future Tech Review #4: The Fourth Industrial Revolution and the Workplace – Possibility | Teledyne Imaging

30. (4) The Fourth Industrial Revolution – making disruption work for you Microsoft Partner Network UK Blog

31. (4) HP CEO (HPQ) Davos: How governments can get workers ready for the fourth industrial revolution — Quartz

32. (4) Mena millennials expect disruption from Fourth Industrial Revolution | GulfNews.com

33. (4) Unlocking the Potential of the Fourth Industrial Revolution | Wiley

34. (3) World Economic Forum Taps Heinz College Students for “Future of Work” Recommendations – News – Carnegie Mellon University

35. (3) Artificial Intelligence and the 4th Industrial Revolution – Computer Futures

36. (2) Industry X.0: How It Will Impact the Future of Work | Accenture

37. (2) Why family philanthropy will gain importance in resolving today?s challenges

38. (1) 5 Simple Tips To Help You Survive The 4th Industrial Revolution | HuffPost

39. (1) Work in the Digital Age: Challenges of the Fourth Industrial Revolution – 9781786609069 – Rowman & Littlefield – Rowman & Littlefield