Change in Job Market: The emergence of AI, smart technologies, and IoT has presented us with the reality that automation could drastically decrease the number of full-time staff that manufacturing companies will hire. Many roles in the manufacturing, agriculture, and construction industries will soon see a huge upturn in automation jobs12. These industries are the most vulnerable since most of the roles involve repetitive, easy, and dangerous tasks more suitable to robots.
Impact on Global Workforce: Some experts predict that around one-fifth of the global workforce could be affected by the integration of these technologies in the manufacturing industry
Opportunities for Innovation and Growth: The Fourth Industrial Revolution presents plenty of potential changes to employment and the jobs market as we know it, but these changes aren’t necessarily negative. There are plenty of opportunities for innovation and growth as we integrate more smart technology into our workplaces, particularly in the automation and control sector.
Responsible Leadership: Companies dealing with the changes brought about by Industry 4.0 should focus more on responsible leadership. Business owners must weigh job losses against progress and profits. When making decisions, they must consider employee satisfaction while maintaining a positive image1.
Upskilling and Reskilling: To thrive in the Fourth Industrial Revolution, companies must ensure that their workers are properly equipped through upskilling and reskilling and then hire new people when necessary. Upskilling means that employees learn new skills to help them in their current positions as the skills they need evolve. Reskilling is the real challenge: workers are restrained with new skills that will enable them to fill different positions within their companies.
In summary, while Industry 4.0 brings challenges, it also opens up new opportunities for businesses and employees alike. It’s crucial for companies to navigate these changes responsibly and proactively.
