The fourth industrial revolution is changing future work to a great extent and 94% of executives in Asia anticipate significant disruptions in the next three years.
The top drivers of industry disruptions include rising customer expectations, threat of new competition, technology transformation, industry consolidation, expanding markets, changes in global trade policies, said Nishant Mahajan, Head of Executive compensation and rewards -Tandem Research Mercer (Singapore) said.
“ In Asia Pacific region , 45% of today’s jobs are automatable 100 % , but only up to 10% of jobs are actually threatened .And 35% of the remaining jobs will see their core tasks change significantly,” he told at the at the Future of Business –Reimagining the Future of Work seminar ,organized by the Ceylon Chamber of Commerce in Colombo yesterday.
Dr. Vikrom Mathur Founding Director at Tandem Research speaking at the event said, AI is a critical component of the fourth Industrial revolution and It is now enabling computers to respond to data such as images, videos, speech and text and make sense of large volume of data to generate insights.
As per the ‘Future of Work in Sri Lanka report’ issued by International Labour Organization, Dr. Mathur said technology led displacements will occur for entry level and mid- skill jobs in the IT , BPO, and financial sectors. Furthermore, E-commerce will open new markets, but traditional retail jobs will no longer provide opportunities for low skilled youth.
Growth in logistics will also lead to increased labour demand , but high automation potential will eventually lead to displacement.
Technology adoption will lead to job polarization in the manufacturing sector. Also social mobility will be impacted due to polarization.
Speaking on AI and employment relations, he said technology adoption for human resource management is likely to rapidly transform work culture due to AI driven performance tracking and AI enabled employee surveillance and monitoring.
Non standard forms of employment will increase particularly for low skilled occupations.
Collective bargaining and traditional forms of unionisation will weaken with the proliferation of non standard work, he noted.
Speaking further on AI’s impact on inequities in the labour market, he said global inequalities in the outsourcing economy are mimicked in the newer work structures.
Also automated hiring process can easily reinforce existing inequalities within social systems and skill gaps will pose a challenge for workers in accessing technology gains.
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