The Future Of Jobs And Education

The world of work has been changing for some time, with an end to the idea of jobs for life and the onset of the gig economy. But just as in every other field where digital transformation is ongoing, the events of 2020 have accelerated the pace of this change dramatically.

The International Labor Organization has estimated that almost 300 million jobs are at risk due to the coronavirus pandemic. Of those that are lost, almost 40% will not come back. According to research by the University of Chicago, they will be replaced by automation to get work done more safely and efficiently.

Particularly at risk are so-called “frontline” jobs – customer service, cashiers, retail assistant, and public transport being just a few examples. But no occupation or profession is entirely future proof. Thanks to artificial intelligence (AI) and machine learning (ML), even tasks previously reserved for highly trained doctors and lawyers – diagnosing illness from medical images, or reviewing legal case history, for example – can now be carried out by machines.

At the same time, the World Economic Forum, in its 2020 Future of Jobs report, finds that 94% of companies in the UK will accelerate the digitization of their operations as a result of the pandemic, and 91% are saying they will provide more flexibility around home or remote working.

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If you’re in education or training now, this creates a dilemma. Forget the old-fashioned concept of a “job for life,” which we all know is dead – but will the skills you’re learning now even still be relevant by the time you graduate?

One thing that’s sure is that we’re moving into an era where education is life-long. With today’s speed of change, there are fewer and fewer careers where you can expect the knowledge you pick up in school or university to see you through to retirement. MORE FOR YOUThese Are The World’s Best Employers 2020The Value Of Resilient LeadershipEmployers Must Act Now To Mitigate The Impacts Of The Pandemic On Women’s Careers

All of this has created a perfect environment for online learning to boom. Rather than moving to a new city and dedicating several years to studying for a degree, it’s becoming increasingly common to simply log in from home and fit education around existing work and family responsibilities.

This fits with the vision of Jeff Maggioncalda, CEO of online learning platform Coursera. Coursera was launched in 2012 by a group of Stanford professors interested in using the internet to widen access to world-class educational content. Today, 76 million learners have taken 4,500 different courses from 150 universities, and the company is at the forefront of the wave of transformation spreading through education.

 “The point I focus on,” he told me during our recent conversation, “is that the people who have the jobs that are going to be automated do not currently have the skills to get the new jobs that are going to be created.”

Without intervention, this could lead to an “everyone loses” scenario, where high levels of unemployment coincide with large numbers of vacancies going unfilled because businesses can’t find people with the necessary skills.

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The answer here is a rethink of education from the ground up, Maggioncalda says, and it’s an opinion that is widely shared. Another WEF statistic tells us 66% of employers say they are accelerating programs for upskilling employees to work with new technology and data.Models of education will change, too, as the needs of industry change. Coursera is preparing for this by creating new classes of qualification such as its Entry-Level Professional Certificates. Often provided directly by big employers, including Google and Facebook, these impart a grounding in the fundamentals needed to take on an entry-level position in a technical career, with the expectation that the student would go on to continue their education to degree level while working, through online courses, or accelerated on-campus semesters.

“The future of education is going to be much more flexible, modular, and online. Because people will not quit their job to go back to campus for two or three years to get a degree, they can’t afford to be out of the workplace that long and move their families. There’s going to be much more flexible, bite-sized modular certificate programs that add up to degrees, and it’s something people will experience over the course of their working careers,” says Maggioncalda.

All of this ties nicely with the growing requirements that industry has for workers that are able to continuously reskill and upskill to keep pace with technological change. It could lead to an end of the traditional model where our status as students expires as we pass into adulthood and employment.

Rather than simply graduating and waving goodbye to their colleges as they throw their mortarboards skywards, students could end up with life-long relationships with their preferred providers of education, paying a subscription to remain enrolled and able to continue their learning indefinitely.

“Because why wouldn’t the university want to be your lifelong learning partner?” Maggioncalda says.

“As the world changes, you have a community that you’re familiar with, and you can continue to go back and learn – and your degree is kind of never really done – you’re getting micro-credentials and rounding out your portfolio. This creates a great opportunity for higher education.”

Personally, I feel that this all points to an exciting future where barriers to education are broken down, and people are no longer blocked from studying by the fact they also need to hold down a job, or simply because they can’t afford to move away to start a university course.

With remote working increasingly common, factors such as where we happen to grow up, or where we want to settle and raise families, will no longer limit our aspirations for careers and education. This could lead to a “democratization of education,” with lower costs to the learner as employers willingly pick up the tab for those who show they can continually improve their skillsets.

As the world changes, education changes too. Austere school rooms and ivory-tower academia are relics of the last century. While formal qualifications and degrees aren’t likely to vanish any time soon, the way they are delivered in ten years’ time is likely to be vastly different than today, and ideas such as modular, lifelong learning, and entry-level certificates are a good indication of the direction things are heading.

You can watch my conversation with Jeff Maggioncalda in full, where among other topics, we also cover the impact of Covid-19 on building corporate cultures and the implications of the increasingly globalized, remote workforce. Follow me on Twitter or LinkedIn. Check out my website.

Bernard Marr

 Bernard Marr

Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a strategic business & technology advisor to governments and companies. He helps organisations improve their business performance, use data more intelligently, and understand the implications of new technologies such as artificial intelligence, big data, blockchains, and the Internet of Things. Why don’t you connect with Bernard on Twitter (@bernardmarr), LinkedIn (https://uk.linkedin.com/in/bernardmarr) or instagram (bernard.marr)?

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World Economic Forum

The Future of Jobs report maps the jobs and skills of the future, tracking the pace of change. It aims to shed light on the pandemic-related disruptions in 2020, contextualized within a longer history of economic cycles and the expected outlook for technology adoption, jobs and skills in the next five years. Learn more and read the report: wef.ch/futureofjobs2020 The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change. World Economic Forum Website ► http://www.weforum.org/ Facebook ► https://www.facebook.com/worldeconomi… YouTube ► https://www.youtube.com/wef Instagram ► https://www.instagram.com/worldeconom… Twitter ► https://twitter.com/wef LinkedIn ► https://www.linkedin.com/company/worl… TikTok ► https://www.tiktok.com/@worldeconomic… Flipboard ► https://flipboard.com/@WEF#WorldEconomicForum

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Jobs Growth Recovers In March After A Disappointing February

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That sound you’re hearing might be a sigh of relief from investors reacting to this morning’s monthly payrolls report.

After a weak showing in February that raised fears of an economic slowdown, job creation bounced back in a big way with 196,000 jobs added by the U.S. economy in March. That was about 20,000 above expectations, and way above revised growth of 33,000 in February. What we’re seeing here is a revergence to the mean in terms of average employment numbers, and that’s reassuring.

With the March number in hand and job growth back on a more healthy pace, the February number might now be chalked up to the after-effects of the government shutdown and bad winter weather. The government said job growth over the last three months has averaged 180,000, and that’s thanks to strong growth in January and again in March.

Average hourly wages grew 3.2% year-over-year last month, another sign of possible economic strength, while the overall unemployment rate stayed at 3.8%, near 50-year lows. Inflation has been a non-starter lately, so the better than 3% wage growth isn’t likely to get many people worried about potential rising prices that sometimes go along with higher wages.

With the jobs data in hand, stocks added to earlier gains in pre-market trading. If we’d gotten another report like February’s, it conceivably might have weighed on the market. Still, one thing to potentially worry about today is a possible “Friday fade,” where investors see a good number, decide jobs growth isn’t something to worry about, and then go back to worrying about other things.

If you want to find imperfections in today’s data, it might be in the type of jobs created. While business and professional services and health care led the gains—which we’ve seen most of the year and looks great—manufacturing and construction again showed little change, the government said, though 16,000 construction jobs did get added. Those are areas many analysts look for when they seek signs of economic strength, but they’ve been a bit quiet the last two months.

Restaurants and bars, along with construction, all had weak growth in February likely due in part to weather, but only restaurants and bars bounced back as temperatures warmed in March. That could be something to keep our eye on, though it’s not worth worrying about too much.

Going into the report, a lot of focus had been on the February number and what it might mean for the economy. When you combine weak jobs growth with some of the low inflation and sluggish retail sales data seen recently, it appeared to send signals about possible underlying consumer weakness. The stock market struggled in early March as investors wrestled with the February jobs data.

Since then, economic data have improved, but that ominous February jobs reading wasn’t far from many investors’ minds. Today’s report could mean one less worry.

China, Strong Data Also in Focus

The market has seemed a bit like an eager dog straining on a leash this week. Excitement about the potential completion of a trade deal between the United States and China has helped provide forward momentum to continue the enthusiasm from Monday’s strong manufacturing data.

But there does seem to be a leash keeping the market from really going gangbusters. One part of that could be some less-than-stellar economic data this week on U.S. durable goods orders, domestic private-sector payrolls, and German industrial orders.

But it’s also possible that investors and traders have kept their optimism in check given the uncertainty ahead of today’s jobs report. And the fact of the S&P 500 nearing an all-time high could be acting as a weight of its own, as the market doesn’t have a huge catalyst to move dramatically higher.

Of the two main causes for worry about global economic growth—the U.S.-China trade war and Britain’s exit from the European Union—it’s a trade deal that seems to be the closest to becoming a catalyst for a rise in stocks. However, it’s also arguable that much of the optimism for a deal has already been priced into the market, as expectations of a resolution have been one of the key drivers for this year’s solid comeback after the market tanked late last year.

Onward and Upward

On Thursday, investors continued to look for developments on the trade front, as President Trump was scheduled to meet with China’s top trade negotiator after the market closed. With sentiment leaning bullish, the S&P 500 continued advancing toward its record Thursday, posting its best close so far this year. The trade meeting ended without too many new details, but stocks moved mostly higher overnight in Europe and Asia.

The Dow Jones Industrial Average also gained yesterday, led by a nearly 2.9% rise in shares of Boeing despite Ethiopia’s transport minister saying the crew in the deadly crash last month of a 737 Max jet made by Boeing had repeatedly performed procedures provided by the company but still couldn’t control the plane. The company’s shares appeared to get some lift after Barron’s highlighted a tweet by Boeing’s CEO about a software update performing safely in a demo flight. Bloomberg reported that the company’s shares gained ground as optimism about a trade deal helped shares shrug off the latest developments on the crash.

In other corporate news, Tesla’s shares fell more than 8% Thursday after the automaker disappointed investors by reporting a bigger-than-expected drop in auto sales. The roughly 63,000 deliveries fell short of what analysts had been expecting.

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Figure 1: Eye on the Greenback: The U.S. dollar (candlestick) has been climbing vs. other currencies, though it leveled off this week. It’s not far from its 2019 highs thanks in part to some strong U.S. data and concerns about Brexit. Meanwhile, gold (purple line) has been descending, which often happens when the dollar gains ground. Data Sources: ICE, CME Group. Chart source: The thinkorswim® platform from TD Ameritrade. For illustrative purposes only. Past performance does not guarantee future results.

Data Sources: ICE, CME Group. Chart source: The thinkorswim® platform from TD Ameritrade.

Consumers Keeping Their Jobs: In U.S. economic news, initial jobless claims fell to their lowest level since 1969, according to the latest Labor Department numbers. In the seven days ended March 30, initial claims for state unemployment benefits, a rough gauge of layoffs, fell by 10,000 to about 202,000, the third consecutive decline. “The key takeaway from the report is that it suggests employers are reluctant to let go of employees,” Briefing.com said. “That is a positive consideration in terms of the economic outlook since feelings of job security help fuel increased consumer spending activity.”

Sentiment Data on Tap: Speaking of the U.S. consumer, which drives a huge portion of the domestic and global economies, investors are scheduled to get a reading on consumer sentiment for April from the University of Michigan next week. The last reading, for March, increased from February’s number. “Rising incomes were accompanied by lower expected year-ahead inflation rates, resulting in more favorable real income expectations,” the university said then. “Moreover, all income groups voiced more favorable growth prospects for the overall economy.” It could be interesting to see if consumer sentiment for April continues to improve.

Cain on Rise? On Thursday, President Trump said he had recommended former Republican presidential candidate and pizza chain chief executive Herman Cain for a Fed board seat. The news comes after Trump has expressed displeasure with Fed Chairman Jerome Powell after a series of interest rate hikes. But as CNBC points out, Cain may not end up being as dovish as the president might wish, noting a 2014 tweet where Cain said the central bank “can’t keep the economy running on the fumes of artificially low interest rates forever.” For now, though, the Fed seems committed to a dovish policy as inflation remains muted.

TD Ameritrade® commentary for educational purposes only. Member SIPC.

I am Chief Market Strategist for TD Ameritrade and began my career as a Chicago Board Options Exchange market maker, trading primarily in the S&P 100 and S&P 500…

Source: Jobs Growth Recovers In March After A Disappointing February

6 Secrets of Great Resumes Backed By Psychology – Jon Youshaei

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The day I landed my job at Google was the day I decided to pay forward all the help I received on reworking my resume. After going through many resumes, I want to share what I learned in hopes that it helps more people get their dream jobs. My biggest realization? We don’t think like psychologists. And in doing so, we sell ourselves short. Here are six ways to change that: Show your accomplishments in numbers, not just words. It’s such an easy way to standout since few people do this. Answer questions such as: how much money did you manage? How many people attended your last event? How many views did your promotional video have……

Read more: https://www.forbes.com/sites/jonyoushaei/2014/08/27/resumes/#6efb83ce3f21

 

 

 

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