Nikhil Kamath, co-founder, Zerodha is of the opinion that the future is all about upskilling and continuous learning; that the old four-year college degrees will serve no purpose because millions of jobs will be lost to automation over the next five years. The skills that will be in demand, according to Kamath, are artificial intelligence (AI), cybersecurity, big data, creative thinking and environment preservation/conservation. He warns that 39 per cent of the skills that seem relevant today are likely to lose their relevance soon. What was useful ten years ago will become obsolete five years from now.
His advice is that unless people want to be laggers, they should focus on upskilling. While the World Economic Forum says that 92 million jobs will disappear by 2030, 170 million new jobs will also be created leading to a net gain of 78 million jobs. However, these jobs will only go to those who are willing to adapt.
About 34 million green jobs will open up in the agriculture space, while the demand for software developers and delivery personnel will surge because of the increase in digital living. However, he is not so optimistic about roles that can be easily automated, including that of clerks, cashiers and secretaries. With technology capable of taking over more tasks by 2030 (from 22 per cent presently to 34 per cent). Humans will be relegated to performing only 33 per cent of the work. The remaining will be performed together by humans and technology. Not surprisingly, a whopping 77 per cent of companies intend to upskill or retrain their employees. Although 69 per cent of employers are keen to hire experts in AI, a significant 41 per cent are ready to eliminate jobs that can be automated.
While 63 per cent businesses are suffering from the adverse effects of skill gaps on business, merely 59 per cent of employees hope to receive any training, while 11 per cent will get no training. This doesn’t augur well at all. While a majority of the employers (75 per cent) believe they can rely on growing talent within their organizations, 38 per cent remain wary of the skills of new hires.
