Automation, artificial intelligence, and machine learning are gradually replacing human tasks and changing the skills that organizations are looking for in their people.

From the work aspect, we are in the midst of a massive transformation. Technology and globalization, as well as changing social values and worker expectations, are disrupting business models. The who, where, when, and how work is done is radically changing in the workplace. Additionally, many are worried about automation putting jobs at risk.

Collaboration Between People and Machines

In the age of artificial intelligence, business success will increasingly depend on how people and machines will collaborate with one other, which will not only drive efficiencies but create new forms of growth and innovation. For the business to thrive, organizations must introduce their employees to new growth models, and continually reimagine work.

While businesses and workers need to adapt and change the way they work, also governments need to reconsider approaches to socioeconomic policies. Policies that underpin the fundamentals of the workforce, such as regulation of the gig economy, need editing in a way that provides for inclusive growth and facilitates innovation as well as supports the creation of long-term unemployment solutions. As the gig economy increases, reflection on both the economic and societal elements is needed. These include, yet are not limited to education, taxation, pensions, social welfare, mobility, labor supply management, income, data flows, privacy, security, health care, consumer protection, and labor laws.

Workers and Organizations Will Need to Adapt

Businesses, governments, and societies need to work together to support a dynamic workforce that can continually reskill and upskill, which means developing a skills infrastructure that broadens the base of skills and abilities. The former can be reached by designing new education and career models, new approaches to life-long learning and work, and creating innovating public-private partnerships.

Since it’s impossible to predict the exact skills that will be needed five years from now, workers and organizations need to be ready to adapt. Inevitably, much of the responsibility will be on the individual. However, governments and organizations can and should do what they can to help with encouraging and incentivizing adaptability. Provide the critical and increasingly valued skills of leadership, creativity, and innovation. providing employees with the routes to training and retraining

Managing the Risks and Opportunities for Inclusive Economic Growth

The gig economy, robotics, and cognitive technologies are impacting many areas such as education, skills, and career development. Understanding these impacts is crucial to ensuring that countries can manage the risks and opportunities for inclusive economic growth, and avoid fuelling greater inequality within economies.

Inequality will remain an unyielding phenomenon even as technology advances society and helps grow economies, which suggests other long-term policy outcome considerations such as income guarantees, wealth distribution, and re-enabling social engagement (beyond tradition employment).

Cornfield & Partners can help you with projects concerning artificial intelligence, automation, and machine learning. To find out more about potential business opportunities, contact info@cornfieldpartners.com or you can call us on +44 (0) 20 7692 0873

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