JOBS IN JEOPARDY

THERE IS growing concern, around the world, that economic growth is no longer creating jobs as it did in the past. A lot of this “jobless growth” is attributed to automation: robots replacing shop floor workers, and computer software taking over many low-end functions. Now, there is even more worry about the fact that rapid technological advances, especially in artificial intelligence (AI), will decimate other jobs, including mid-level ones that call for greater skills and knowledge. The process is accelerated as the trade-off between humans and machines – including cost, reliability, quality – is shifting in favour of the latter. It seems that any job which is routine or given to rule-based standardisation can – and will - be replaced.

- By KIRAN KARNIK

Thus, organisations are now looking for specialised knowledge and skills. Such requirements change over time or are specific to a particular project. These limited-period needs are contrary to the traditional concept of regular, till-retirement, “permanent” jobs, and call for a different model of employee engagement. Organisations are, therefore, moving to short-term and/or part-time employment. Increasingly, this will soon be output-based compensation, rather than time-based.