Are we ready for disruption to labour markets by AI and robots?
Over the last decade, the disruption caused by technology to different types of business has been felt. Uber, Ola, air bnb, amazon, digital advertising all have brought new aspects of how business is being done today. In some cases the traditional businesses have shut down or soon they would. There does not seem to be any stopping in how new technologies could impact our lives in the next decade.
On one hand, the new age companies have brought convenience, better connectivity and lowered the costs but on the other hand increased use of artificial intelligence and robots could have a significant impact on the way people will get employed in future.
Industrial Revolution resulted in a shake out and we adapted to the new ways reasonably well. will we be able to adapt once again ? What is needed to prepare our workforce better ?
I wrote a Policy Brief on how matching skills to the changing labour market is critical over the next few years. If we do not appreciate the speed with which disruption is coming, it could cause significant negatives for the labour market and increase the pressure on governments to support a new wave of unemployed youth.