#white-collarjobs, #AerificialIntelligence, #automation, #digitization, #Roboticprocessautomation, #TheAtlantic, #BrookfieldInstituteforInnovation+Entrepreneurship, #autonomousautomotiveutilization, #on-demandfleets
Toronto, Dec 28 (Canadian-Media): Significant changes in the composition of our work force in Ontario, a province of Canada, over the past decade resulting in the disappearance of a large numbers of mid-level white-collar jobs as well as a manufacturing jobs has left Ontario in a challenging situation, media reports said.
On the other hand the careers of the reportedly creative class and those whose livelihood depend on more physical labour have improved and relatively stable.
Changes in our economic output is reportedly driven by changes within companies, who have adopted new technologies resulting in need for fewer workers in their business processes.
In spite of the gradual pace of these trends toward a polarization of jobs over the past decade the rise of new technologies in areas such as digitization, robotic process automation and artificial intelligence (AI), next decade would likely see many jobs disappearing and most industries would reportedly be impacted.
One study recently published in The Atlantic -- covers news and analysis on politics, business, culture, technology , national, international and life on the official site of The Atlantic Magazine -- suggested that in the United States, 55 percent of jobs on average, could be at risk due to automation.
In Canada, 42 percent of our jobs are considered at high risk of being affected by automation, according to the Brookfield Institute for Innovation + Entrepreneurship, which is dedicated to making Canada the best country in the world to be an innovator or an entrepreneur..
Economy in Ontario is driven by a number of sectors including automotive sector, financial-services sector that are likely to see significant disruption.
Automotive sector, which employs reportedly more than 125,000 people in the province would see a decrease in the need for new cars into the ecosystem due to the rise of autonomous automotive utilization and a move to on-demand fleets.
Similarly, in the financial-services sector, our financial institutions are focusing on automation and the use of AI to both enhance the customer experience and to reduce costs in the back office.
Up to reportedly 30 percent of bank jobs could disappear in the next five years affecting the insurance sector as well.
According to official reports estimates auto-insurance premiums, in the United States, could fall by as much as 60 percent, as autonomous vehicles would reduce the number of vehicles on the road and decrease of accidents.
Ontario is challenged with not only how to train the youth to enter a very different work force, but also how to retain current workers who risk being left behind in the new digital economy.
There is a great need for Ontario colleges and universities to rethink their curriculums.
To retain our current work force -- who reportedly will be displaced by automation and other technologies -- our largest firms need to adopt measures to continually upgrade their employees' skills with a focus on current trend including performance-management approaches to provide appropriate incentives.
This will require new investments and greater co-operation between our colleges and universities and the private sector to update their curriculums and to ensure accessibility with flexible programs.
Industry associations at the provincial and federal levels would be required to help identify new skills and developing accreditations.
(Reporting by Asha Bajaj)