Join Nela Richardson, Chief Economist at ADP; Stuart Russell, AI expert at UC Berkeley; Jo O'Driscoll-Kearney, Chief Learning Officer at Majid Al Futtaim; and Abdallah Abu Sheikh, CEO of Astra Tech, as they explore the future of work in an AI-driven economy. They discuss how AI is not just displacing jobs but also creating new opportunities. The importance of emotional intelligence, critical thinking, and adaptability in education is emphasized, with insights on fostering trust in technology and the evolving landscape of business.
AI will disrupt almost half of workers' core skills by 2027, necessitating extensive reskilling and upskilling strategies in organizations.
The evolving demands of the workforce require a shift in education systems towards adaptability, creativity, and lifelong learning to prepare for AI integration.
Deep dives
Impact of AI on Job Creation and Disruption
AI is poised to significantly impact job creation and disruption over the next decade, with experts noting a divide in the workforce. Many repetitive, labor-intensive roles are likely to be taken over by AI, freeing up human workers to focus on more complex tasks. This shift resembles past technological advancements, where initial losses in certain job categories were met with the creation of new roles requiring advanced skills. Those who adapt and embrace AI technology will be better positioned in the workforce, while those who fail to engage with it may see their job prospects diminish.
Essential Skills for the AI Age
As AI technologies advance, the need for specific human skills is becoming increasingly critical. Soft skills, such as emotional intelligence, creativity, and critical thinking, are expected to be in high demand, as these are areas where humans excel compared to AI. The ability to collaborate and communicate effectively, along with cultural awareness, will also be essential for success in an AI-enabled future. Companies are urged to invest in reskilling and upskilling their workforce to ensure that employees possess these necessary skills.
The Role of Companies in Workforce Development
Organizations hold a crucial responsibility in managing and developing human capital in the age of AI. The current landscape shows that only a small fraction of employees are being upskilled, highlighting a major opportunity for improvement. By shifting their focus from mere management to active development of their workforce, companies can harness the potential of AI more effectively. This includes deploying innovative training programs and tools designed for continuous learning, which are necessary to keep pace with rapid technological advancements.
The Future of Education in an AI World
There is a growing disconnect between traditional education systems and the rapidly evolving demands of the workforce in the age of AI. Many experts believe that formal education is moving too slowly to keep up with technological advancements and the skills needed in various industries. This calls for a reconfiguration of educational approaches, prioritizing skills that foster adaptability and lifelong learning, rather than just theoretical knowledge. Encouraging entrepreneurial and task-oriented mindsets among students will be essential to prepare them for future job markets where AI will play a significant role.
By 2027, businesses predict that almost half (44%) of workers’ core skills will be disrupted. From AI tutors to lifelong learning schemes, what approaches and opportunities hold the greatest potential to close gaps and prepare people for tomorrow’s economy? This session has been developed in collaboration with CNBC.