Giving Compass' Take:

• The author explains and debunks myths regarding the future of our workforce in the context of the various technological advances.  He also provides advice for governments as how to act to prepare for what people have dubbed as the 'Fourth Industrial Revolution'.

• How can philanthropy help with job growth and job training in this new workforce?

• Even if your government is not prepared for the age of automation, more and more schools are preparing students for it.

The uncertainty of the future of work naturally raises a number of questions. It is no wonder Argentina put it on the agenda as one of three priorities to be discussed at the G20 summit in Buenos Aires. Will its impact be the same across the globe? What jobs will be most affected?

All four leading regional development banks recently came together in Washington to present some key perspectives regarding the jobs of the future. On the one hand, Emerging Europe, Developing Asia, Africa, and Latin America and the Caribbean are witnessing how robotics, automation, and artificial intelligence are lowering costs and increasing productivity, providing an opportunity for accelerated growth.

On the other hand, as a result of this new wave of technological advances—known as the Fourth Industrial Revolution—, a series of myths emerge that it is important to clarify:

  • Myth #1: All regions will be impacted in the same way: The truth is that technology will be adopted at varying speeds, depending on the region’s economic development and demographic trends.
  • Myth #2 Mass unemployment is unavoidable: The truth is that the jobless rate will be lower than originally expected. Mass unemployment is unlikely to become a reality.
  • Myth #3 Automation will replace all human jobs and tasks: The truth is that automation only takes place where it is both technically and economically feasible. A human workforce will still be required in most sectors, particularly those such as health and education.

At the same time, it would be foolish to ignore the genuine threats of unemployment and increased income inequality that the rapid expansion of new technology will generate.

Read the full article about government ready for the age of automation by Luis Miguel Castilla at IDB