In a recent speech to the Central Bank of Ireland, Mark Carney gave his views on the changing nature of work, specifically the impact of the 4th industrial revolution on all aspects of the economy:
“We are at the cusp of a 4th industrial revolution, which has the power to transform fundamentally the nature of both work and commerce.”
Some of the key takeaways from his speech really got me thinking, specifically:
- 10% of UK jobs are at high risk of automation
- 65% of children now at primary age will work in jobs that don’t currently exist
As a prediction this is both one of the most exciting and terrifying things I have heard. As the father of a 3-year-old, it is likely that the world he grows up in will be more alien to me as 2018 is to our grandparent's generation. When we think of the former mainstays of the economy that have declined (my Grandad, and all his brothers were miners) to the careers we pursue now (was anyone's grandparent a recruiter!?) it will be fascinating to watch the new world and the opportunities therein develop.
As a society we will face some major challenges as these changes develop, not least training our children for the jobs that the world will need and retraining the existing workforce. Manufacturers will see this most acutely as technology has a greater impact on how things are made and consumed.
Mr Carney says that the 4th industrial revolution will be faster and broader in scope than the previous three. I’d be fascinated to hear people's thoughts on what this will mean and what needs to change (or if you think it is all just hot air!)
To uncover this topic in greater detail we will be publishing a more thorough and insightful article in the coming weeks- so stay tuned. In the meantime, we would be keen to hear people’s thoughts on how the workplace will change in the coming years, particularly the challenges that manufacturers will face. We invite you to share your comments below.