McKinsey estimates that nearly 1 million new jobs could be created by 2030 as a result of workplace automation, according to new research from Australia. This is refreshing news considering that they also predict that 3.5 and 6.5 million full-time equivalent positions could be displaced in the job shift.
Machine learning, artificial intelligence (AI) and advanced robotics are some of the powerful new automation technologies that are transforming the Australian workplace and economy. These technologies, whilst providing great opportunity for national and personal growth, also provide a detailed insight into the workplace of the future.
As with most new technologies, automation and AI will be disruptive to the work sector. The mix of skills required in all jobs will shift as automation technologies integrate into the workforce. Even as many jobs are lost, and others created, all jobs will be affected by automation.
Total job demand will be resilient, but there will be much churn as activities performed by a variety of roles are automated.
“McKinsey researchers estimate 25–46% of current work activities in Australia could be automated by 2030, which will help drive a renaissance in productivity, personal income and economic growth”.
By pursuing actions that both accelerate automation and adoption, businesses opt for a win-win scenario of inclusive growth.
Fewer than 10% of occupations could be fully automated and eliminated outright, but about a third of component activities in 60% of jobs could be automated, the report says.
Without proactive leadership to manage the transition between the current workplace and a workplace of the future, automation could have disruptive distributional impacts.
Three-quarters of Australia’s job automation is likely to occur in nine sectors:
– food services
– transport and warehousing.
“Automation could exacerbate current mismatches between future graduates’ skills and labour market needs over time, with Australia potentially facing a shortage of 600,000 university graduates by 2030 in health, education and IT.”
Meanwhile there could be an oversupply of VET graduates with entry-grade engineering or business skills, which are highly susceptible to automation, for example.
As technological trends are predicted to catch a large segment of the workforce unawares, McKinsey says the findings reiterate the need for employers to ‘invest significantly’ in retraining and upskilling workers.
The good news is with great change, comes great opportunity. There is a lot that can be done by proactive leaders and teams now, to future-proof their careers from these predicted changes.
The key to being ready for the workplace of the future, is to be prepared for it.
For more content about workplace of the future, check out the resources below:
- Easy ways to upskill for the workplace of the future
- Prepare for the workplace of the future
- Hire smart tips for employers
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