- Job Creation:
- Shift in employment will be gradual but profound.
- Existing jobs will require transformation with virtual and augmented reality.
- Lifetime or permanent employment will more or less cease to exist.
- Large manufacturing companies are not creating jobs as they replace people with machines.
- Gig economy and MSMEs are creating more jobs.
- Skill Requirements:
- Existing workforce will require large scale re-skilling.
- There is a fundamental incompatibility of Industry 4.0 and current labor standards.
- Massive upskilling is needed as digital labor becomes integral.
- Workers will continuously retool themselves based on market demands.
- Maximum impact on IT services and BPO workers.