Nowadays, the world we live in is constantly changing and interconnected. Consequently, the structural changes happening in the economy (of which we have no control over) have a induce a great effect on smaller segments of the economy. To give you an example of such a situation, the recent changes in economic policies in France influenced the greater development of the technology sector.
Job opportunities will be created and wealth produced. In effect, politics influence economic activities. So what are the greatest changes to be expected in the years to come? Generally, the digital revolution is believed to change the way we live our lives, at least for the majority of the world’s population.
In fact, the digitalization of the world will simplify our consumption habits, work and live. We should be prepared to adapt quickly to the new digital economy by learning to live with it.In this article, we will look into which sectors of the economy are changing and how are things working so you can anticipate before anyone else can.
For that, we will have a closer look at:
- The Economics policies- Political decision
- The Future Business objective: Sustainable economic growth
- The workplace changes
- Education: Make the best decision
The Economics policies- Political decision
In May of 2017, France and the Macron presidency started to shift political priorities. Moving from a social-rights oriented country to a more inclined investment-oriented paradise. According to the New York Times article, Germany vote for the right party on the right side states that the status quo of Germany for being recognized as a hub for employment and economic stability is challenged by a weaker German cohesion and a fairly dynamic French president. The unpredictability of the future of the European Union will most certainly change the dynamics of where the power and wealth are.
To conclude, a change in the presidency with a different economic approach can influence the change in dynamics of where wealth is created in a region (during the industrial revolution in Europe, the automotive industry became the main industry as opposed to agriculture). Anyone should be aware and knowledgeable about the transition of wealth and be able to anticipate the changes in an economy.
What is going to be the future profitable industry?
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The Future Business objective: Sustainable economic growth
So we now know that politics have the power to influence the development of an industry over another. In Europe, the question of sustainable development is an increasing concern but I also believe it to be a source of business opportunities for any young professional entering the workplace. According to Ernesto Sirolli TED speech in 2012, sustainable activities have a dual objective: Ensure a source of growth and prosperity for all. Most importantly, avoid compromising the resources of future generations.
However, the practices used so far are ineffective because of how we approach the concept. I am of course referring to international aid and support development in African societies. We fail to provide sustainable tools to truly grow an economic prosperity because we want to control growth and not let the locals work on it by themselves. This means there is definitely room for improvement for creative individuals to step in and rethink the process of international aid and particularly, wealth distribution.
Now going back to the definition of sustainable development, I would argue that not compromising the resources of future generations is an understatement and should be about favourably increasing the resources for future generations. Interestingly, the term sustainable development has been official since the 1970’s but it started to truly be known in 2015 when the UN released its sustainable development strategic goals.
It is recognized as absolute necessity to move conventional economic growth and social mentalities towards a low-carbon economic growth coupled with an environmental efficiency management policies and inclusive social development. Then again, the development of such practices will impact our professional and personal lives in the near future so it is a topic worth keeping in mind.
To give you an example of my own case, I recently engaged in ecological and economic sustainable development projects in Colombia. My goal is to take a closer look at the early adoption of sustainable practices in a recently emerging economy. One day, I want to be able to play an active role in finding more effective ways to ensure global prosperity and end poverty.
The workplace changes
We now have an almost complete draft of our economy is shaping up! Looking at how powerful government policies are in the development and creation of new industries. The case of the development of sustainable practices has had and will continue to create structural changes in the workplace. Let’s have a look at a study revealing 4 simple anticipated evolutions in the workplace in the years to come.
First of all, according to a McKinsey’s study, Mobile operators have the opportunity to disrupt the industry, thinking about the future of the collective rather than only about your own career should be the new way to envision life and success. The workplace of the future is employee-growth centred rather than customer-based.
Second of all, artificial intelligence and robotics should be seen as team members rather than competitors. In fact, technology will create non-existing jobs related to the use of robotics, so might as well adapt to working complementarity. Finally, workers and teams work remotely in different places in the world.
The management of such a team needs to adapt to the new organization and anticipate the risks. Indeed, there are social costs to remote work (keep people engaged and motivated). For example, some coworking places are very popular already. I had the chance to visit one in Paris, Numa, and recently saw the opening of one in Toulouse, France.
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Education: Make the best decision
All those changes have an effect down the economic ladder all the way down to the classrooms. However, just like a boomerang, structural changes also come from the bottom and swing back up as other forces are involved. In this situation, education comes as the most powerful factor of transitioning from the conventional economy to the new digital economy and ensures the success of young professionals. According to the same previous study, McKinsey’s reports on the topic of the importance of long-life learning skills. It states that it is of high importance to continuously educate oneself and learn new skills, particularly complex skills. As a matter of fact, robotics and intelligent machines will be in charge of repetitive and pattern-oriented jobs. The reason is that robots are now endowed with cognitive intelligence and memory capability allowing them to have basic and simple interactions.
Moreover, as part-time workers and freelancers become commonplace, the *gig economy will change the way people work and therefore the way you will learn the skills of becoming a professional. Despite scary radical changes in education, more flexibility and career mobility are positive externalities of the new era ahead of us.
As a general conclusion, in order to make the best study choices, you need to know what kind of education and training you need to get to thrive in the new era. Adaptability, diversification, complementarity with robotics, interest in the collective and sustainable economic development are concerns you should care about.
As a student, you have the chance to be directly trained to transition as you are still a student. My point is, in a forever changing environment: starting your life and professional activity, you need to know what is happening, observe the changes and compare back to who you are and who you want to be in life even if politicians and public administration have a major role to play. Have faith and keep going!