How to prepare for a post-coronavirus job market

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 Whether the economic impact of the coronavirus caused you to be furloughed or limited your income, you might wonder what you can do now to prepare for a post-coronavirus job market. Global pandemic aside and regardless of a recession, it’s always a good idea to build resiliency into your career to safeguard yourself when faced with disruptions in the job market. Here are ways you can prepare for a post-coronavirus market.

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The job market in year 2040

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As a futurist, I’m often asked about the future of jobs. It is a concern for policy-makers, employers and the general population alike. What I realized, however, is that no one cares about losing the job itself. What they are worried about is how they will make a living in a future where they have become obsolete.

And yes, the fear of artificial intelligence (AI) is real. The McKinsey Global Institute estimates AI can automate 50% of all paid tasks today. Our primitive machine learning AI can easily complete repetitive human tasks better than any human could, including recognizing speech, context, shapes, and images. These narrow AI can also complete tasks like navigating an unpredictable field of obstacles, play an instrument, analyze large amounts of unorganized data and more. In 2021, AI will safely complete repetitive tasks with random components, like driving vehicles on crowded streets better than any human driver.

The speed at which AI is improving is astounding. The smart software is improving at an exponential rate since our software engineers use older versions of AI to help them program AI software updates.

In fact, developments in AI is so impressive and there is so much money invested by major well-known multinationals right now that most AI experts expect a human-level AI to emerge before the year 2040.

What will happen to the job market between now and the year 2040?

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Why software is eating the job market

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The U.S. economy is in its strongest stretch in corporate hiring since 1997, according to the Labor Department.  It is important for employers, job seekers, and policy leaders to understand the dynamics behind some of the fastest growing professional roles in the job market, given the rapidly escalating competition for talent.   Continue reading… “Why software is eating the job market”

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Is this the end of the golden age for higher education?

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One way to improve life for the new student majority is to raise the quality of the education without raising the price.

Interest in using the internet to slash the price of higher education is being driven in part by hope for new methods of teaching, but also by frustration with the existing system. The biggest threat those of us working in colleges and universities face isn’t video lectures or online tests. It’s the fact that we live in institutions perfectly adapted to an environment that no longer exists.

 

 

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Significant Growth in India’s Job Market by 2015

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An employee works inside Maruti Suzuki’s petrol engine plant on the outskirts of New Delhi.

In the United States, there has been a glimmer of hope on the employment front: According to job placement firm Challenger, Gray & Christmas, layoffs in March 2010 fell 55% to 67,611, from 150,411 in March 2009. Overall, however, the situation remains fairly grim. “Many people are still jobless and many businesses are still shuttered,” the firm said in a statement. In early April, the U.S. Labor Department reported that the economy had added 162,000 jobs in March, while the unemployment rate continued at 9.7%. The nation’s jobless rate will be unacceptably high for a long time, U.S. Treasury Secretary Timothy Geithner told NBC News.

 

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