Trend Review
In a constantly changing world, the ways in which we work is being disrupted. To stay ahead of the curve, businesses and their employees must respond to these changes. Emerging technologies such as artificial intelligence will have a significant impact on jobs.
Short-Term Trends
We have identified three key short-term trends that could have a significant impact
on the future of work across all industries over the next 10 years.
1. Automation of
Basic Tasks
Many routine tasks could be automated. This means they would be performed using mechanical, electrical or computer devices. Skills such creativity, emotional intelligence, and complex problem solving will become increasingly important since they are more difficult to automate.
Challenges
- Jobs with highly repetitive and manual tasks are at high risk of automation
- Employees will likely need to reskill
Opportunities
- Lead the development and integration of new technological tools for your business
- Volunteer to experiment with new tools and learn how to use new technologies within your current job
- Transition to jobs less likely to be affected by automation
2. New Opportunities Created by Technology
As new technologies are developed and applied to different workplaces, there will be economic opportunities. Leading these changes will require both subject-matter expertise and knowledge of the new technologies.
Challenges
- Employees will need to learn how to use new tools and technologies within their current jobs
- Companies who do not adapt their processes to include new technologies will find it harder to compete
Opportunities
- Build new AI-powered tools designed for a specific industry or task
- Within your business, lead the development and deployment of AI tools within existing processes
- Build stronger and more flexible AI-powered tools that can be applied across tasks and industries
3. The Emergence of
The Gig Economy
Some jobs will see a rise in temporary and short-term contracts. As parts of the workforce shift towards project-based opportunities or ‘gigs’, competition for each role will increase. This further highlights the importance of life-long learning since the positions will require up-to-date knowledge and skills.
Challenges
- The reduction in full-time positions may make the job-market more competitive and full-time benefits may not be available
- Working on project-based opportunities means less certainty about future income
Opportunities
- Greater flexibility in working arrangements will allow new people to enter the workforce
- Someone who is approaching retirement may be able to elongate their career with more flexible work arrangements
- Easier to access opportunities for part-time supplemental income (e.g. Uber/Lyft driver)
Long-Term Trends
As emerging technologies continue to mature and develop, the expectations of people in the workforce will also adapt.
1. Climate Change
Extreme weather and natural disasters are a likely outcome of climate change. Individuals, employers, and governments will have to respond these environmental realities.
Challenges
- Climate uncertainties may affect investment in areas such as energy, real estate and technology
- Climate refugees are likely to be a growing population
- Emphasis on green energy sources could shift employment away from the oil and gas sector
- Alberta may suffer employment losses in other sectors as demand for oil and gas decreases
Opportunities
- Governments and firms are under pressure to decrease their carbon footprint. This will lead to increased investment in innovative green approaches
- There will likely be growth in demand for fuel efficient vehicles, technologies like Internet of Things (IoT) that allow for optimal control of temperature for energy savings, and improved measurement of emissions using sensors
2. Technological Change
Computing is more affordable and with breakthroughs in technology, computers can do more than ever before.
Challenges
- More tasks will be done by computers and in some cases, more efficiently. Look for jobs to change and some to be lost. Those in jobs with many routine tasks (e.g. bookkeepers and cashiers) will be affected first
- Autonomous vehicles have the potential to displace or impact many jobs including truck drivers, subway operators, taxi drivers, parking attendants and even courier services.
Opportunities
- A skilled workforce is needed to build and maintain new technologies. This will provide a growing number of jobs including engineers, technicians, software developers, and designers.
- Education will be more accessible through online courses and augmented reality
3. Demographic Change
Canada’s population is aging. It is projected that by 2056, seniors will comprise between 25-30% of the Canadian population.
Challenges
- A smaller working population in Canada will place substantial strain on the social security system
- Businesses may lack workers to fill all their labour demands
Opportunities
- There will be large markets for services geared towards caregiving of the aging population, such as work in nursing homes and as home health aides
- Research on health and social circumstances of the aging population will increase
- There will be a growing demand for assistive devices
