What's the future of jobs in the age of AI? How will technology affect jobs? What skills will be required in the future? Is artificial intelligence the cause or the cure for digital displacement?
Bernard Marr, host of the podcast ‘Future of Business and Technology,’ explores these questions and more with Michael Priddis, CEO of Faethm AI.
In their conversation, Michael outlines for Bernard the three major impacts of emerging technologies on jobs:
- Some tasks, and therefore some jobs, will be automated, freeing up workers to focus on high-value and creative tasks.
- Other tasks, in the short term, will be augmented, increasing workers’ capacity to achieve more and improving productivity.
- Many new tasks will be created, while other tasks will need more workers with the skills to undertake them.
The insights surfaced by Faethm's AI-enabled SaaS enterprise platform reveal very clear patterns about automatable tasks. There are two types of these tasks:
- routine, processed-based tasks that are susceptible to software automation
- mechanical, labor-intensive tasks that are impacted by hardware automation
Workers in roles with easily automatable tasks must be equipped to transition to future jobs through reskilling and upskilling. While some jobs will be displaced by emerging technologies, Faethm is optimistic that technology will also create many new jobs.
Michael says that while governments are the key funding source for reskilling and upskilling at scale, companies worldwide are taking responsibility to prepare their workforce for the future. “In recent media coverage, Zurich Insurance in the UK announced that following their use of Faethm, they’re retraining 3,000 UK employees instead of making them redundant. And I’ve got to tell you, that’s just one of the most amazing things that we’ve seen. That’s why Faethm was set up. Three thousand people in the UK who are not looking for a new job during a pandemic.”
Faethm’s platform surfaces reliable, meaningful insights that can be used to understand the impacts of every known emerging technology in every industry worldwide. At the heart of the platform is Faethm’s occupation ontology, which provides the most robust, comprehensive view of work available today. Alongside the ontology are Faethm’s vast datasets, comprising over 76,000 job titles, 26,620 tasks and 20,000 skills.
Faethm’s SaaS enterprise platform can assist governments and organisations to:
- Anticipate future workforce supply and demand with an organisation-wide view of the impacts and opportunities of emerging technologies.
- Obtain a clear view of which technologies have the potential to increase efficiencies and reduce costs, and prioritise technology adoption strategies accordingly.
- Assess the viability of individual job transitions and identify optimal career transition pathways to roles with future growth.
- Understand the impacts of emerging technologies on your workforce and deliver targeted upskilling and reskilling programs to close skill and capability gaps.
To book a demo of the platform or talk to Faethm about how we can help you prepare your workforce for the future, contact us today.