A huge risk of the Fourth Industrial Revolution is that companies, employees, students, and governments do not pay attention to the warning signs we can also so clearly see. However, the doom and gloom of unemployment do not have to be set in stone if we start working on solutions to retrain massive portions of the population now, creating more sustainable business models and creating incentive programs between enterprises and governments to provide more economical services to the domestic populations.
We believe that if we look at history, we will be put into a reactionary situation instead of the more logical and safe preventative one. We know on our end, we will focus on preventative measures so that we can all benefit and grow with the changes of the Fourth Industrial Revolution, regardless of the speed.
Risks
The technological advancements and corresponding economic impacts will greatly change how companies operate and how we work. There are estimates that some industries and jobs will be automated by 5% to 100% in some cases. On average, the general consensus is that 45-55&% of the workforce will be automated across all industries/sectors on a blended average. So while some jobs might go completely away, others will not.
But even if the 45-55% is wrong half, that would still leave roughly 25% of the workforce out of work and possibly unemployable if they do not have any transferable skills. That's the same rate as the great depression.
Impacts
Impacts and Risks of The Fourth Industrial Revolution
It's one thing to know something is going to happen. However, it's a very different thing when you know what to do about it.
The technologies and companies of the Fourth Industrial Revolution are rewriting the playbook entrepreneurs, companies, startups, and governments have been playing by. The rules which used to work ten years ago before the 4IR are irrelevant in the modern economic, business, employment, and market landscapes. Using the old playbook to get ahead as a business or investor will leave people investing in dying businesses who are doing everything right in an old way. Artificial Intelligence, Automation, and Robotics will reshape how companies compete internally for external success.
Likewise, individuals who are not paying close attention to the changing demands of the job market can easily find themselves studying skills that are no longer in demand, entering a market segment that won't exist in the next few years, or worse, unemployed and unemployable. They won't be unemployed because they don't want to work; they will be unemployed because they are unemployable in the modern workplace. These individuals simply won't have the skills or foundation to meaningfully participate in the workforce.
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