The Fourth Industrial Revolution

The Fourth Industrial Revolution often likened to an incoming thunderstorm, is a sweeping pattern of change that arrives rapidly, leaving little time for preparation. As the Greek philosopher Heraclitus once said, change is the only constant, and this statement remains as accurate today as it did 2,500 years ago.

From the mechanisation of manufacturing in the late 18th century to the rise of mass production between 1870-1914, the introduction of information and communications technology in the early 1970s, and the current surge of robotics, artificial intelligence, the internet of things, digitalisation, and automation, the Fourth Industrial Revolution is unveiling itself with incredible agility.

According to Klaus Schwab, founder and executive chairman of the World Economic Forum, the Fourth Industrial Revolution is a fusion of technologies blurring the lines between the physical, digital, and biological spheres. It has the potential to raise global income levels and improve the quality of life for populations worldwide. Those who can afford and access the digital world benefit most from it. Technological innovations will result in lower transportation and communication costs, more effective logistics and global supply chains, reduced trade costs, and the opening up of new markets, all of which will drive economic growth.

However, the prediction that five million jobs will be lost to technology by 2022 is a serious concern. Nevertheless, the main question is about something other than the number of jobs lost. Instead, it is about the future of work and its definition in the wake of these changes. How will we share the wealth, and what will be the fate of industries such as construction, manufacturing, services, public health, and education that will still exist? These are the critical questions that require careful consideration.

From a labour standpoint, there is a pressing need for new education and training to stay competitive in today’s changing business climate. A crucial step towards achieving this is reskilling, which involves retraining employees to learn the skills necessary to function in modern companies. According to recent studies, 54% of workers will require significant reskilling by 2022, emphasising skills relevant to the new economy, such as analytical thinking, innovation, technology design and programming. These skills reflect the growing demand for technology proficiency, while human skills like creativity, originality and critical thinking will retain or even increase their value.

The good news is that job outlooks are positive, with new roles expected to increase from 16% to 27% across all industries and declining functions to decrease from 31% to 21%. Additionally, about half of the current jobs will remain stable until 2022. Despite the rapid pace of change, we need not fear it, as we can adapt and thrive in this new era.

The Fourth Industrial Revolution could make inequalities more visible and less acceptable in the future. Consequently, drive political support to reduce the gap and promote greater equality.