Page 98 - FDI Alliance International Magazine. Spring 2021 Digital Interactive Issue

THE FUTURE OF WORK AND ITS IMPACTS ON

CITIES, SOCIETY AND THE WORKFORCE

■ CURRENT STATUS OF THE WORKFORCE job opportunities require such access, over time, an increasing proportion
of the job market will become inaccessible to those without adequate
Historically, the world's workforce evolved primarily in response to internet access. Consequently, career opportunities will be delayed at best
technological advancement and innovation. As a result, industry and and, in some instances, greatly reduced. An extrapolation of impacts has
workers alike evolved to meet the needs of the times. However, in recent the potential to create significant headwinds for industries across the globe
decades, industry has largely not kept pace with the need for workforce via fewer experienced and/or qualified workers for available jobs. Related,
development and training. This is partially attributed to heightened corporate cumulative effects will reverberate through the workforce for years to come.
focus on redirection of a greater proportion of profits to executives and
boards of directors. Coupled with efforts to drive efficiencies via automation Additionally, the global pandemic has created immense pressures to divert
and other technological advancements, ever larger swaths of the workforce public resources away from educational expenditures to the health sector
are pushed out of traditional employment. Contemporaneously, reduced (http://www.oecd.org/education/the-impact-of-covid-19-on-education-
investment in human capital through workforce development and training insights-education-at-a-glance-2020.pdf).
results in diminished skill sets, lack of preparation for the continuously
evolving economy and, ironically, perceived disconnects between industry
and under or unemployed workers. Added to this already monumental ■ ACCELERATED AUTOMATION
challenge, remote education of secondary and post-secondary students
has both negative and positive consequences. The emergence of the Accelerated automation of work continues to impact industry. The global
COVID-19 global pandemic not only forced economies into a tailspin, but pandemic has forced many industries to reconsider operational models,
has greatly impacted, and most likely, forever altered educational the value of the worker and expedite the adoption of technological
advancement, industry and the workforce. advancements, thereby, reducing reliance on human resources (https://
www.uschamber.com/co/good-company/launch-pad/warehouse-robotic-
automation-coronavirus-pandemic). These variables have combined to
■ EDUCATION reduce the number of workers while, in some instances, significantly
enhancing profits. This phenomenon has also impacted the knowledge-
The global pandemic has escalated trends in education that were already based economy as artificial intelligence and advancements in software
afoot. In recent years, long distance and remote learning has become more programming further erode the need for human resources. In the future,
prevalent as educational institutions, industry, a broad range of students as these variables will continue to contribute to forces pushing more people
well as workers have become more able and equipped to take advantage into entrepreneurial endeavors resulting in transformational change to both
of this new and accessible medium. However, some people are not able corporations, people and society.
to afford internet access and many communities have limited access to
internet service. This has resulted in significant impacts to students and the
workforce. ■ EXPANDED LOGISTICS

Students that have not been able to secure adequate access to the internet The pace of expansion in the logistics industry exploded due to the global
are falling behind in their educational pursuits. As an increasing share of pandemic. The shift to operational models focused on remote work (temporary

98. FDI ALLIANCE INTERNATIONAL