Jobs of the Future Require More Investment in People

Asia-Pacific, News, October 18 2018

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Photo by Rober González on Unsplash

BALI, Greater investments in people’s health and education are urgent in a rapidly evolving labor market increasingly shaped by technology, according to the World Development Report 2019: The Changing Nature of Work.  

“The nature of work is not only changing – it’s changing rapidly,” World Bank Group President Jim Yong Kim said. “We don’t know what jobs children in primary school today will compete for, because many of those jobs don’t exist yet. The great challenge is to equip them with the skills they’ll need no matter what future jobs look like – skills such as problem-solving and critical thinking, as well as interpersonal skills like empathy and collaboration. By measuring countries according to how well they’re investing in their people, we hope to help governments take active steps to better prepare their people to compete in the economy of the future.”

Download the World Development Report 2019: The Changing Nature of Work.  

The number of robots operating worldwide is rising rapidly, the report says, stoking fears of a jobs meltdown. But technology is laying down a path to create jobs, increase productivity and deliver effective public services. Fears surrounding innovation, which has already transformed living standards, are unfounded.

Digital technology spurs rapid innovation and growth, disrupting old production patterns and blurring the boundaries of firms. New business models, such as digital platforms, evolve at dizzying speed from local start-ups to global behemoths – often with few tangible assets or employees.

New platform marketplaces are connecting people more quickly than ever before. This “scale without mass” delivers economic opportunity to millions of people, regardless of where they live.

New markets and jobs are driving demand for employees with teamwork, communication and problem-solving skills. Technological change is eliminating repetitive “codifiable” jobs but replacing them with new types of employment: in Europe alone, there will be estimated 23 million new jobs this century.

Technology is changing not just how people work but also the terms on which they work, creating more non-traditional jobs and short-term “gigs.” This is making some work more accessible and flexible, but raises concerns about income instability and the lack of social protection.

 

For the full article, visit the Press Release

Source: World Bank

Re-posted with permission

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