When seeking appropriate measures and policies to address these challenges, we should not seek to roll back or slow down the spread of technology. Companies and governments should benefit from enhanced performance, productivity contributions, and social benefits through automation and artificial intelligence. These technologies will create economic surpluses and help society manage the transformation of the workforce. And the focus should be on methods that ensure the smooth transfer of labor as much as possible. This may require actionable and scalable solutions in several key areas:
Ensure strong economic and productivity growth. Strong growth is not a magical answer to all the challenges brought by automation, but it is a prerequisite for job growth and increasing prosperity. Productivity growth is a key factor in economic growth. Therefore, unlocking investment and demand, as well as automating productivity contributions, are crucial.
Cultivate business vitality. Entrepreneurial spirit and faster formation of new businesses can not only improve productivity, but also drive job creation. A dynamic environment suitable for small businesses and a competitive environment for large enterprises can stimulate business vitality and promote employment growth in this way. Accelerating the formation of new businesses and the growth and competitiveness of small and large enterprises requires simpler and constantly evolving regulations, taxes, and other incentive measures.
The constantly evolving education system and workplace of learning transformation. Policy makers who collaborate with education providers (traditional and non-traditional) and employers can enhance basic STEM skills through school systems and improved on-the-job training. We need to focus on creativity, critical and systematic thinking, as well as adaptability and lifelong learning. This will require a large-scale solution.
Invest in human capital. It is crucial to reverse the trend of low tide and reduce public investment in worker training in some countries. Through tax incentives and other incentives, policymakers can encourage businesses to invest in human capital, including job creation, learning and capacity building, and wage growth, similar to incentives for the private sector to invest in other types of capital, including research and development.
Improve the vitality of the labor market. The information signals that can match workers with their jobs and qualifications can play a better role in most economies. Digital platforms can also help people find jobs and restore the vitality of the labor market. When more people change jobs, even within the company, evidence shows that wages have increased. As more jobs and income generating opportunities emerge (including the performance economy), we need to address issues such as portability of benefits, worker classification, and wage changes.
Redesign the work. Workflow design and workspace design need to adapt to the new era of closer collaboration between people and machines. In creating a safe and productive environment, this is both an opportunity and a challenge. Organizations are also undergoing changes as work becomes more collaborative and companies seek to become more flexible and non hierarchical.
Rethinking income. If automation (in whole or in part) does lead to a significant decrease in employment and/or enormous wage pressures, then some ideas such as conditional transfers, mobility support, universal basic income, and adaptive social safety nets can be considered and tested. The key is to find economically viable solutions and integrate multiple roles in the workplace, including providing not only income but also meaning, purpose, and dignity.
Rethink the transitional support and safety net for affected workers. As the rate of change between different departments, locations, activities, and skill requirements increases, many workers will need assistance in adjusting. There are many best practices for converting safety nets that can be used and should be adopted and adjusted, while considering and testing new methods.
The driving factors for investing in job demands. The government needs to consider increasing investment that benefits itself and contributes to the demand for work (such as infrastructure, climate change adaptation). These types of jobs, from building to rewiring buildings and installing solar panels, are often mid wage jobs that are most affected by automation.
Safely apply artificial intelligence and automation. Even if we capture the productivity advantages of these rapidly developing technologies, we still need to actively prevent risks and mitigate any dangers. The use of data must always take into account data security, privacy, malicious use, and potential bias issues, which policy makers, technology and other companies, as well as individuals, need to find effective solutions to.
Today everyone has a job, tomorrow will work for everyone, even in the field of automation in the future. However, this job will be different, requiring new skills, and the adaptability of the workforce far exceeds what we have seen. For the upcoming challenges, training and retraining intermediate vocational workers and the new generation will be the top priority. Government, private sector leaders, and innovators all need to work together to better coordinate public and private initiatives, including creating appropriate incentives to invest more in human capital. The future of automation and artificial intelligence will be challenging, but if we fully utilize technology and mitigate negative impacts, we will benefit greatly from it.
