In the eighth episode of our “In Conversation with…” podcast series for 2023, Lucy Lewis, partner at Lewis Silkin LLP is joined by fellow partner James Davies.
What if these optimists have been seriously underestimating the pace and scale at which automation will replace and change the jobs of today in the second quarter of the century? What if the insipid productivity growth we have experienced over the last 10 years or so continues into the second quarter of the century? And what if we have too few workers with the skills needed for the occupations of tomorrow?
Lucy and James discuss James’ upcoming report for the Future of Work Hub, and consider whether, despite current skills shortages, the future world of work in 2050 could feature too few jobs.
Key takeaways from the conversation:
- We could see a future with too few jobs: there is a significant risk that the future of work could be characterised by too few jobs for the number of workers. Employers, policymakers and individuals must take steps now to prepare.
- Skills shortages will persist: employers, policymakers and educators must invest in developing the skills of the future. If workers do not have the skills needed for the occupations of tomorrow, we could see a future where high unemployment co-exists with significant skills shortages in some areas.
- The current tax regime is becoming untenable: as companies decide whether to automate jobs, we should reconsider how we tax employment so that there is less of a cost disparity between employing people and automation.
- Cross border competition for key skills will become more intense: employers will need to deliver on the values and priorities of workers, particularly younger generations, to attract and retain the best people.
- Technology and AI are not the only drivers of change: other drivers, such as demographics and geopolitics, could significantly impact the jobs market of the future.
