It is critical to take into account how these new technologies will affect the labour market and the nature of work in the future as technology continues to progress at an unprecedented pace. The ways in which we labour and conduct business are quickly changing, from automation and artificial intelligence to virtual and augmented reality.
The future of work is set to be disrupted by the top 5 emerging technologies, and this piece will examine those technologies’ potential effects on the labour market and the economy.
1: Artificial Intelligence (AI)
One of the most revolutionary tools that will influence the nature of employment in the future is artificial intelligence. Data entry, client support, and even legal study could all be automated with artificial intelligence (AI).
Businesses can make better choices because it can analyse and interpret data more rapidly and precisely than humans. But as AI develops, it could also result in employment losses, especially in industries like production, transportation, and healthcare.
2: Automation
Another tool that is likely to change the nature of employment in the future is automation. Automation can help organisations streamline operations and cut expenses across industries, from manufacturing to culinary service.
However, it may also result in employment loss, especially in routine and low-skilled positions. Businesses will need to strike a compromise between the advantages of automation and the need to safeguard employment and upskill employees in order to prepare them for the future.
3: Augmented and Virtual Reality (AR/VR)
Technologies like virtual and augmented reality are revolutionising how we study and work. Workers can acquire practical experience in a secure and controlled setting by participating in immersive training encounters and scenarios made possible by AR and VR.
They can also be applied to improve online cooperation and communication, allowing teams to cooperate despite distance. AR and VR will probably play a bigger part in the future of employment as they become more commonplace.
4: Blockchain
The way we keep and trade data is being revolutionised by a technology called blockchain. It has the ability to change a variety of sectors, including banking and healthcare. Blockchain technology may be used to validate certificates and licences in the workplace of the future, allowing employees to quickly show their skills and knowledge to prospective employers.
In order to increase confidence and responsibility in the global economy, it could also be used to establish safe and open supply networks.
5: Internet of Things (IoT)
An linked system of gadgets with the ability to exchange data and communicate with one another is known as the “Internet of Things.” IoT-enabled workspaces may be more productive and environmentally friendly in the future.
Smart monitors, for instance, could be used to optimise energy use and lower wastage. Using real-time tracking of employee health and safety, for instance, could help to increase safety and security at work.
Conclusion
As we’ve seen, automation, augmented and virtual reality, blockchain, and the Internet of Things are the top 5 new technologies that will change the nature of labour in the future.
These technologies not only pose significant ethical and societal questions, but they also have the potential to revolutionise the way we work and conduct business. To make sure that these technologies are used for the benefit of society as a whole and that the rewards are distributed equitably to all of its members, it will be crucial for companies, governments, and society as a whole to collaborate
