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By 2030, companies investing in Industry 4.0 technology will transform entirely... and so will the labour market
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More than buzzwords: AI, 5G, IoT, blockchain and automation are next generation technology concepts on the horizon ready to spark a new industrial revolution. Technology has resulted in widespread transition in the past as well, but unlike after the advent of the steam engine, electricity, and computers, Industry 4.0 will combine cyber physical systems. That means it will need an array of sophisticated skills to be able to operate.
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Where are all the pros?: Unfortunately, next-generation technology adoption will outpace the growth of skilled labour shortage. The gap will be so large in fact, that by 2030, labour consultancy Korn Ferry estimates every country in the world will experience a skilled talent deficit except India. The UAE is also predicted to face a shortage – 63,000 in 2020, and nearly doubling to 110,000 by 2030, at an opportunity cost exceeding $50bn.
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The war for talent: To keep pace with others, corporations will hike wage rates as they bid to attract tech-savvy talent. In Saudi Arabia, that wage rate premium will exceed $10,000 per professional by 2030; in Hong Kong by $40,500. But Korn Ferry warns that a wage war will prove to be an unsustainable solution to the global skilled shortage. What is needed is a concerted drive to enact policies across the world to upskill available talent.