The world has been witness to the different revolutions which have take place at some point of time in history. These revolutions have either led to the scientific and technical inventions or innovations in the available technologies. This blog focuses on the perceived fourth industrial revolution which, in my opinion is likely to take place in the world in the next 4 to 5 years. According to me, this perceived fourth industrial revolution will bring about some key changes and consequences. Let me explain them more in detail.

Taking stock of today’s situation

In order to understand the nature of such an industrial revolution it is essential that we first take stock of the current situation. The current situation is marked by high rate of unemployment, though there is rise in productivity. There is stagnation on the monetary front with the economy showing extremely low upward mobility.

Almost 60 per cent of the people in the world are living in countries where the workforce is either stagnant or reducing. Moreover, employees today are also unable to keep pace with the drastic changes in the required skill sets involved in almost all jobs.

According to a reliable survey report, only half the human resource executives globally are confident that the current employees shall stand the test of time if at all there is a shift in the demand for new skill sets.

Revolution 2020

The year 2020 has been marked as the year of industrial revolution. There are great hopes and high expectations from this industrial revolution. As a matter of fact, in the year 2020, almost as many as one third of the skills which currently do not figure in any employer’s list as of today, will be considered as a compulsory skill set which every employee shall be expected to have.

Hence, in my opinion, each job description shall show the collective skill set required for the job. This will enable everyone, the policy makers, employers as well as the employees to respond quickly and get such desired skill set which will ultimately result in increasing the economic opportunity of the employees.

One such consequence shall be that not just students but also the experienced personnel then shall be required to learn new skills which will help them in finding new jobs and career opportunities in case they are displaced. Jobs then shall be such that offices and work places will be set up wherever there are sufficient employees. This will be  part of the mobility aspect in jobs. Such mobility will be a step further in the reduction of barriers.

Glancing at the nature of jobs

After understanding almost everything which the probable fourth industrial revolution shall bring with itself, the point which needs to be discussed and which is in fact crucial to understand is how are the jobs then going to be?

One of the strong probabilities in my opinion is that these new jobs are going to have a ‘digital’ flavor involved in them. However, this will not result in forcing everyone to become computer engineers or scientists. But ‘digitalizing’ shall enable even the lowly skilled workers to get easy access to technology which ultimately may result in achieving or polishing the technical skills of such individuals. The industrial revolution of 2020 shall focus more on freelance jobs which were unheard of some 15-20 years back.

Will employment be on the cards?

According to me, as many as two third of the current number of jobs will receive a big jolt. The reason for such job cuts could be attributed to several factors like growing technology and improved machines which will be able to perform such work and so on. There will be rise in the number of jobs. However, this rise shall not be uniform and shall be limited only to fields like science and technology, mathematics, computers, architecture and so on.

What should we expect?

It is kind of an accepted fact that in this industrial revolution there are going to be job cuts owing to the advancement in technology. There is also going to be requirement for different skill sets owing to some fundamental changes which happened in the previous versions of such revolutions as well. However, this revolution will be kind of a competition in which some player organizations will emerge as winners while some will lose out. The key challenge, however, is to reduce the number of such losers.