The dramatic acceleration in digitisation triggered by Covid-19 lockdowns and social distancing will make millions of job losses across the world permanent unless the global workforce rapidly acquires the skills needed to tackle new technologies.
Technology giant Microsoft has warned that the transition is essential to drive recovery from the worst global recession in at least eight decades, which may leave a quarter of a billion people unemployed this year. The pandemic has shone a “harsh light” on what was already a widening global skills gap, it says.
“Crises have a way of accelerating trends already in motion, and the Covid-19 pandemic has proven no exception. Our data shows that two years’ worth of digital transformation have been concentrated into the past two months,” it said on 30 June. The final weeks of March alone saw as much broadband traffic as could be expected in a full year, it added.
Technologies powered by artificial intelligence (AI) are ushering in an era of automation and disruption, which is now widely described as the fourth industrial revolution (4IR), incorporating cloud computing, robotics, advanced wireless technologies and the Internet of Things.
But even in developed countries, skills to address the transition are in short supply, partly because of a drop-off in corporate training investments over the past two decades.
In South Africa the problem is acute, given the lack of emphasis placed on technology in both public and private higher learning institutions.
Esta historia es de la edición 27 August 2020 de Finweek English.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición 27 August 2020 de Finweek English.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
THE HEALTH OF SA'S MEDICAL SCHEMES
As the Covid-19 pandemic abates, finweek takes a look at the financial performance of some of the largest players.
The effect of Gilbertson's departure
With Ntsimbintle Holdings now the major shareholder of Jupiter Mines, it could change SA’s manganese industry.
Making money from music
Why investors are increasingly drawn to the music industry.
Conviction is key
Sandy Rheeder plays a critical role in Mukuru’s mission to open up financial services to the emerging consumer market in Africa through tailor-made technology solutions and platforms.
The post-pandemic toolkit
How CFOs can use technology to support growth.
Big city living exodus
Mini cities like Waterfall City and Steyn City are redefining city-style apartment living.
Big compact, big value
Handsome, with a hefty level of standard specification, the roomy Haval Jolion compact crossover is a great value proposition.
On barriers to entry
There are various ways in which a company or sector can achieve competitive dominance. They usually make for good investments.
Fear and greed in one index
To buck the trend, when markets are hot or cold, is a tough thing to do. However, it can deliver solid returns.
Africa's largest data centre facility coming soon
Vantage Data Centers plans to invest over R15bn for its first African data centre facility in Attacq’s Waterfall City.