In a recent IvyExec Webinar, Jeff Wald shared some of the compelling insights from his book, The End of Jobs.
The book explores many important themes related to the future of work as we enter the fourth great leap in technology with robots and AI finding greater implementation throughout service-oriented industries.
The Rise of On-Demand Workers and Agile Corporations
The dawn of the fourth industrial revolution is upon us and it stands to make as great of an impact as the previous three Industrial Revolutions: Mechanization, Electrification, and Computerization. Jeff Wald’s book shares thoughtful consideration of what the previous Industrial Revolutions can demonstrate to us about the current and future state of the labor market.
The book also helps answer critical questions about how to ensure fairness for workers, guidelines for companies, and stability for our society. It also provides a glimpse at what the future of work may look like provides advice on how to prepare your career and your company to meet it successfully.
This article will share a few of the major takeaways from the book to help prepare yourself for your future career.
Who Is Jeff Wald?
Jeff Wald is the Founder of Work Market, an enterprise software platform that enables companies to manage freelancers (acquired by ADP). Jeff has founded several other technology companies, including Spinback, a social sharing platform (eventually purchased by salesforce.com). Jeff is an active angel investor and startup advisor, as well as serving on numerous public and private Boards of Directors. Jeff is the author of the Amazon Best Seller The End of Jobs: The Rise of On-Demand Workers and Agile Corporations.
5 Key Takeaways From ‘The End of Jobs’
While the book shares a wealth of information about the future of work, readers should be aware of a few key takeaways and how they can help them prepare their career for the Fourth Industrial Revoltion.
1. The On-Demand Labour Market is NOT the Future of Work
Despite commonly held myths such as all new jobs are ‘on-demand’ jobs or that on-demand jobs will account for 50% of the labor force by 2020 or that the “uberization” of the workforce is the future or work, on-demand labour is NOT the future of work.
2. The Characteristics of On-Demand Workers are Converging With Full-Time Workers
The traditional conception of a full-time worker is converging with the characteristics that are usually associated with on-demand workers. Task-based, work from anywhere, data-driven labor markets are becoming increasingly common, even for employees who might be considered full-time.
3. The Labor Market is Rapidly Evolving Towards “Fluid, Team-Based, Always On, Work From Anywhere” Jobs
The typical jobs or positions that were once considered “one office, one manager, 9-to-5” type roles are rapidly changing to become more “fluid, team-based, always on, work from anywhere” jobs as globalization and technology continue to drive major change across every industry.
4. Robots and AI Will Change the Power Balance Between Workers and Companies
As with every previous Industrial Revolution, the technological impact of the Fourth Industrial Revolution will cause a major shift in the balance of power between workers and companies. Workers and companies will need to renegotiate the social contract in response to an increase in power towards companies as a result of the technological advantage they will gain with greater implementation of robots and artificial intelligence.
5. The Greatest Challenge Will Be ‘Retraining Workers for the Jobs of Tomorrow’
There will be major disruptions to the labor market as a result of the Fourth Industrial Revolution and could be reflected in a loss of 10% to 15% of all jobs due to robots and artificial intelligence. New job gains and new roles for workers will offset this loss, but it presents a major challenge to retraining workers with the skills and expertise that they need in a rapidly evolving labor market.
Be Prepared Now for Short-Term Challenges
Revolutions rarely pass by quietly and there will certainly be challenges in the transition period of the Fourth Industrial Revolution.
“In the near term, there are lots of cons as the transition to a new world of work will be a challenge for workers and society. The displacement caused, especially if we don’t manage the transition well, will be vast,” Jeff Wald says.
However, workers who are prepared to meet this transition will be much better equipped to find success during the next evolution of the workforce and the benefits that it holds for the future.
“The pros are the long-term future. A world without want where people can focus on family, arts, science and leisure as robots perform all our mundane tasks. It’s a wonderful future, but getting there will be tough,” Jeff Wald says.