Job Loss
Currently more jobs are being lost than are being created. By 2020, there will be a net loss of 5 million jobs. This is due in part to advances in technology, such as artificial intelligence, robotics, and biotechnology. This new technology either replaces workers completely or automates large parts of their jobs.
The advances in technology affect every industry. McKinsey estimated that right now half of all job activities could be automated with our current technology. This amounts to $15 trillion in wages.
People who work in manufacturing, customer service, healthcare, and office administrative roles are particularly at risk.
New Skills
There will still be plenty of jobs in the future, but they are going to require a new set of skills. Approximately one-third of the skills people need for their job will change in the next five years. These changes apply across all industries and jobs, not just one sector. This means that all workers will need to gain additional skills.
The types of skills that are going to be in demand are those that are hard to automate and come much easier to people. For example, complex problems solving, critical thinking, creativity, and social skills are going to be in high demand. Technology skills are going to become very important in jobs like sales, production, and manufacturing. As these jobs become more automated, workers will be in charge of overseeing the technology.
New Demand
Right now, there not enough workers for certain types of jobs, including IT and skilled trades, like electricians and plumbers. In the future, other types of positions, such as data analysts and specialized sales reps will be in high demand. Companies across virtually all industries are going to need specialists who can apply Big Data analytics and data visualization. Specialized sales reps will be needed to sell customers on the benefits of new technical products.
There will also be new positions available in human resources, engineering (e.g., nanotech and robotics), government relations, industrial design, and geospatial information systems. If people can prepare for these jobs today, they will be ready to take on these roles in the future.