Less-job alarm! No work for 2 bn youth in future, courtesy emerging tech

Global workforce is not able to keep up with the current rate of change that emerging technologies are bringing to workplace, and nearly two billion youth worldwide stand to be left behind, says a Deliotte report.

Around 1.8 billion global youth are between the ages of 15 and 29, and the fourth industrial revolution will significantly shape their roles as the future workers, consumers, and competitors.

The fourth industrial revolution is bringing emerging technologies to the forefront at a rapid pace. It is transforming the type of work people do, and how it is done, the report said, adding that "in particular, 1.8 billion youth worldwide stand to be left behind by the changes".

"When it comes to addressing the opportunities and challenges of the Fourth Industry Revolution, I believe we need a new mindset for action to ensure we are preparing now for the workforce of the future," says David Cruickshank, Deloitte Global Chairman.

By 2030, Deloitte Global and the Global Business Coalition for Education (GBC-Education) predicts that more than half of the almost two billion youth worldwide will not have the skills or qualifications needed to participate in the workforce.

The report jotted down four key recommendation to drive change -- companies should align stakeholders' objectives and approaches; businesses should engage in public policy; they should develop strong talent strategies and invest in workforce skilling.

The report noted that the business community must take a more proactive role in preparing today's youth to ensure that they are ready to become the workforce of tomorrow.

"If we can find ways to enhance young people's ability to harness these technologies through critical thinking and creativity, we will lay the foundations of success for millions of young people. At the heart of the issue is quality education and training," said Sarah Brown, Founder and Executive Chair of GBC-Education.