The Digital Skills Gap and the Future of Jobs - The Fundamental Growth Mindset

Summary

The video script addresses the inevitable transformation of the future workplace due to advancements in technology such as AI, robotics, and biotechnology. It highlights the potential for job displacement and the necessity for a growth mindset to adapt. Emphasizing the importance of learning new skills and leveraging technology, the script urges individuals and employers to embrace lifelong learning and innovation to stay relevant in an exponentially evolving job market.

Takeaways

• 🔮 The future of work will be significantly different from the present, with emerging technologies deeply rooted in everyday life within a few years.
• 🤖 Automation and AI are not only replacing low-skilled jobs but are also impacting high-skilled professions, including Wall Street and insurance claim processing.
• 📈 There is a growing digital skills gap affecting both mid and high-skilled jobs, making it crucial for individuals to continually learn and adapt.
• 🧠 The importance of having a growth mindset is highlighted, suggesting that the desire and confidence to learn new skills can help individuals stay relevant.
• 📚 The script emphasizes self-education, suggesting that individuals should take charge of their learning, especially in areas like coding, psychology, and data analysis.
• 🏢 Established companies are also under threat from technological advancements and the rise of startups, indicating that no job is completely safe from automation.
• 💼 The World Economic Forum's estimate that 33% of jobs in 2020 didn't exist a few years prior underscores the rapid pace of job evolution.
• 📉 Automation on Wall Street reduced the workforce by one-third, illustrating the impact of technology on even the most established sectors.
• 📈 'Exponential organizations' leverage technology to grow rapidly with fewer employees, exemplified by companies like YouTube, Instagram, and WhatsApp.
• 🛠 The script encourages building a portfolio of work as proof of one's capabilities, suggesting that tangible output is a key credential in the new era of work.
• 🚀 There is an opportunity for individuals to leverage technology to enhance their work life, provided they understand and master the fundamentals of new technologies.

Q & A

What percentage of current tasks could be automated with present technology according to the McKinsey report mentioned in the script?

According to the McKinsey report cited in the script, 45% of all current tasks could be automated with present technology.

What does the World Economic Forum estimate about the jobs that didn't exist in 2020?

The World Economic Forum estimates that 33 percent of jobs in 2020 didn't exist previously.

How has automation impacted the number of humans working on Wall Street as mentioned in the script?

Automation has reduced the number of humans working on Wall Street from 150,000 in 2012 to 100,000, which is a one-third decrease.

What is the role of artificial intelligence in the insurance industry as illustrated by the script?

The script mentions that a Japanese insurance company, Fudo Mutual Life Insurance, is replacing all its human insurance claim workers with an AI system to handle customers more efficiently.

What is the significance of the term 'exponential organizations' in the context of the script?

Exponential organizations, as described in the script, are companies that grow at an exponentially fast pace by leveraging technology and require fewer employees who are more tech-savvy.

How does the script suggest one can stay relevant in a job market increasingly influenced by technology?

The script suggests that having a growth mindset, learning new technologies, and mastering fundamental skills are key to staying relevant in the job market.

What is the script's perspective on the impact of technology on jobs and job roles?

The script posits that technology will replace boring and repetitive jobs, but only if individuals understand the fundamentals and adapt to new technologies.

What is the script's view on the importance of having a digital skill set in the future job market?

The script emphasizes that having a digital skill set is crucial as a growing digital skill gap is emerging for both mid and high-skill level jobs.

How does the script describe the potential of technology to improve one's work life?

The script suggests that if individuals play their cards right, technology can make work life and life in general much better by removing repetitive tasks.

What advice does the script offer to individuals who want to adapt to the changing job market?

The script advises individuals to take control of their education, learn to code, understand behavioral psychology, automation tools, and play with data to stay curious and relevant.

What does the script suggest as the greatest credential in the new era of work?

The script suggests that the greatest credential in the new era of work is one's output, such as a website, blog, prototype, or data model, which serves as proof of one's capabilities.

Outlines

00:00

😲 The Future of Work and Automation

This paragraph discusses the rapid changes in the job landscape due to technological advancements. It highlights the fact that the future of work will be significantly different from the present, with technologies such as AI, robotics, machine learning, and biotechnology becoming integral parts of everyday life. The script points out that while some may feel secure in their current positions, reports from McKinsey and the World Economic Forum suggest that a large percentage of current tasks could be automated, and many jobs that exist today did not exist a few years ago. The paragraph also provides examples of how automation has already impacted various sectors, including Wall Street and the insurance industry, and emphasizes the importance of adapting to these changes.

05:02

📚 Embracing a Growth Mindset in the Digital Age

The second paragraph emphasizes the importance of personal development and continuous learning in the face of technological disruption. It suggests that individuals should take charge of their education and learn about coding, behavioral psychology, automation tools, and data analysis to stay relevant. The paragraph also encourages curiosity and the creation of tangible outputs, such as websites, blogs, prototypes, or data models, as a way to demonstrate one's skills and adaptability. The message is clear: to thrive in the new era of work, one must be proactive in learning and showcasing their capabilities.

Keywords

💡Future of Work

The 'Future of Work' refers to the evolving nature of employment and job roles due to technological advancements. In the video, it is central to the theme, illustrating how technology will reshape the workplace, making some jobs obsolete while creating new opportunities. The script mentions self-driving cars, smart speakers, and AI, suggesting a future where technology is deeply integrated into everyday work life.

💡Artificial Intelligence (AI)

AI is the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. The video discusses AI's role in automating tasks, with examples such as an AI system replacing insurance claim workers and algorithm-written articles that are indistinguishable from human-written content, indicating AI's growing influence in job automation.

💡Robotics

Robotics involves the design, construction, operation, and use of robots, which can be employed in various sectors to perform tasks. The script hints at robotics as part of the technological wave that will transform the future of work, suggesting that robots will take on roles traditionally done by humans, thus altering the job landscape.

💡Machine Learning

Machine Learning is a subset of AI that allows systems to learn and improve from experience without being explicitly programmed. The video implies that machine learning will be a key driver in job transformation, as it enables systems to become more efficient over time, which could lead to the automation of certain job functions.

💡Biotechnology

Biotechnology is the application of biological processes or organisms to create or modify products for specific use. In the context of the video, biotechnology is one of the technologies that will be deeply rooted in everyday life, suggesting its potential to create new job roles and industries in the future.

💡3D Printing

3D Printing, also known as additive manufacturing, is a process of creating three-dimensional objects from digital models. The script positions 3D printing as a technology that will be commonplace in the future, potentially revolutionizing manufacturing and production processes.

💡Virtual Reality (VR)

VR is a computer-generated simulation of a three-dimensional environment that users can interact with. The video suggests that VR will be integrated into everyday life, possibly creating new job roles and changing how we work and interact with digital spaces.

💡Augmented Reality (AR)

AR is an interactive experience that overlays digital information onto the real world. The script mentions AR as a technology that will be part of our daily lives, indicating its potential to enhance job performance and create new opportunities in various industries.

💡Smart Objects

Smart Objects refer to devices or objects that are equipped with computing capabilities and can connect to the internet. The video includes smart objects as part of the future landscape, implying that they will contribute to the automation and efficiency of various tasks, thus impacting job roles.

💡Digital Skill Gap

The 'Digital Skill Gap' is the disparity between the digital skills required for certain job roles and the skills that the workforce possesses. The video highlights the growing digital skill gap as a challenge, emphasizing the need for continuous learning and adaptation to remain relevant in the job market.

💡Growth Mindset

A 'Growth Mindset' is the belief that abilities and intelligence can be developed through dedication and hard work. The script encourages viewers to adopt a growth mindset to embrace learning and adapt to technological changes, which is crucial for personal and professional development in the face of an evolving job market.

Highlights

The future of work will be significantly different due to advancements in technology.

Theory will recognize voice commands even from a distance of five meters.

Chatbots are becoming more realistic, and self-driving cars are now a reality.

DNA analysis and drone technology are becoming more accessible to the general public.

Smart speakers are simplifying everyday life with AI integration.

Artificial intelligence, robotics, machine learning, and biotechnology will be deeply rooted in daily life within a few years.

McKinsey reports that 45% of current tasks could be automated with existing technology.

The World Economic Forum estimates that 33% of jobs in 2020 didn't exist a few years prior.

Automation has already impacted jobs across various skill levels, including on Wall Street.

A Japanese insurance company is replacing human insurance claim workers with an AI system for efficiency.

Algorithms are now capable of writing articles indistinguishable from human-written content.

Technology is impacting a wide range of jobs, including journalists, tax consultants, and lawyers.

There are 10 million developers creating new products and services with increasingly accessible technology.

Startups are challenging established companies and impacting job roles across industries.

Exponential organizations leverage technology to grow rapidly with fewer employees.

Technology has enabled companies like YouTube and Instagram to be worth billions with very few employees.

A digital skills gap is growing, making it crucial to adapt and learn new skills to stay relevant.

Having a growth mindset is essential for adapting to technological changes and staying relevant in the job market.

Learning about technology, such as APIs, data, and user experiences, is crucial for personal and professional development.

Employers should encourage continuous learning and skill development to stay ahead in the evolving job market.

Building a portfolio of work, such as websites or prototypes, is a testament to one's skills and adaptability.

Transcripts

if you're watching this you're among the

three percent of people that understand

that the future of work is going to look

very different from what it is now so

keep watching let's see where we're

heading it's also exciting right

theory will recognize your voice even if

you're five meters away from your phone

that new chatbox feels totally real

self-driving cars are no longer fiction

you can analyze your DNA you tried

flying that drone for the first time and

you're thinking of buying a smart

speaker to make your life so much easier

a few years from now and that's

something like three years not 30

artificial intelligent robotics machine

learning masked 3d print biotechnology

at BOTS virtual reality planning drones

augmented reality smart objects will all

be deeply in rooted in our everyday life

just like computers phones or

electricity are for us today oh well is

this really going to happen and if it

does you'll adapt when the time comes

right life is good you love your job

you've been working for this established

company for a few years you're

comfortable in your position you know

what you're good at people like you and

that last presentation you gave got you

some amazing reactions you're safe with

your company in the mean time you see an

article or two speculating on the future

of jobs McKinsey published a report

stating that 45% of all current tasks

could be automated with present

technology the World Economic Forum

estimates the 33 percent of jobs in 2020

don't even exist yet but what's they

know right you've got time oh look the

supermarket just introduced self cashier

machine you're at the airport checking

in luggage what the heck happened to all

the real people at the check-in day gone

replaced by machines but it's only the

low-skilled job right nope think again

in 2012 there were 150,000 humans

working on Wall Street three years later

automation has cut that number down to

100,000 that's one third gone but it's

only the mathematical and scientific

jobs right nope thanks again this

Japanese insurance company for Koko

mutual life insurance is already

replacing all its human insurance claim

workers with an AI system that will

handle customers more efficiently see

these articles they're written by

algorithm and we can't tell the

difference with human written content

thinking of converting yourself to being

an online poker player to lay

there's an AI that can already beat

humans of it most journalists tax

consult marketeer technicians knowledge

workers lawyers even the person editing

this video right now well to some extent

have been impacted or automated by

technology in a couple of years and what

have you been doing probably watching

Netflix and the problem is the machines

don't wait and the machines they don't

watch Netflix so what are the forces at

play here basically there's 10 million

developers out there using increasingly

simple and cheap technology to build new

products and services some as young as

12 are already coding the future even

that safe company you work for is

increasingly under outside trick and

it's not just the Google Amazon Facebook

Sand apples of the world that I'm

talking about there are now tens of

thousands of startups out there eating

away at all sorts of jobs now are they

creating many jobs in the process let's

look at some stats travel a bunch of

years back to encode that ruled the

world of photography they were worth 38

billion and employed 140,000 people

that's approximately 270,000 dollars per

employee our people work with pride to

make Kodak creative and innovative

company fast forward to recent times

YouTube so for 1.65 billion with a mere

65 employees that's 25 million dollars

per employee Instagram which has 13

employees and was sold for 1 billion

dollars that's 77 million dollars for

employee whatsapp so for 19 billion with

55 employees that's a staggering 345

million per employee so how is this all

possible technology has allowed the

emergence of what we call exponential

organizations these are exponentially

fast growing companies that leverage

technology and require less employees

but more tech-savvy ones you will find

that we are technology optimist we

believe that technology they major

driver of change in the world and the

software continues to eat up the world

more companies are trying to replicate

these exponential communities hire less

people but grow exponentially through

technology as this happens job roles are

slowly disappearing and being replaced

by skill sets employers require you to

know an ever-growing number of new and

ever-changing fundamental skills in

order to use the technologies they've

implemented master the fundamentals

you can master the rest a digital skill

gap is growing for both mid skill and

high skill level jobs before you know it

you've become irrelevant but wait what's

this doomsday message there's actually a

way to leverage technology before it

leverages you and in fact it's never

been easier to do so this might sound

kind of corny but it starts with the

right stay of mind it starts with having

a growth mindset where you have the

desire and the confidence that you can

learn anything shift your thinking on

how these technologies will rattle and

mutate but enrich your work life because

yes if you play your cards right

technology will make your work life and

your life in general much much better

the fact is that technology will

actually remove boring repetitive jobs

from your way but only if you understand

the fundamentals and you have no excuse

not to do so how can you stay relevant

if you can't talk the lingo how can you

stay relevant

if you can't execute you talk tech can

you talk API and you topcoat and you

talk data while slow educational

institutions are struggling to keep up

that's not an excuse train yourself take

your education in your own hands learn

to code learn about behavioral

psychology automation tools playing with

data user experiences be curious and if

you're an employer train your people

online and offline courses have never

been more readily available or rich in

content it's time to build something

your greatest credential in this new era

is your output of stuff proof of your

awesomeness a website a blog a prototype

a simple data model it's time to build

cool stuff and showcase it it's time to

start learning it's time to get

done it's time for your growth

[Music]