Ontario needs to rethink about its changing job market
Toronto, Dec 30 (IBNS): Ontario is going through a challenging phase with Canada seeing a change in the composition of its work force in the past decade, media reports said.
This difficult situation is largely being attributed to the disappearance of a large number of mid-level white-collar jobs as well as a manufacturing jobs.
People with careers in creative fields and those who can engage in jobs requiring physical labour, on the other hand, have relatively stable jobs.
Changes within companies, who have adopted new technologies with a need for fewer workers in their business processes, had reportedly a severe impact on Canada's economic output.
Although there has been a gradual polarization of jobs, reportedly the rise of new technologies, including digitization, robotic process automation and artificial intelligence (AI), have affected most industries, resulting in the disappearance of many jobs.
A study recently published in an American magazine, The Atlantic, indicated that in the United States, 55 percent of jobs on average could be at risk due to automation.
In Canada, 42 percent of the nation's jobs are considered at high risk of being affected by automation, according to the Canada-based Brookfield Institute for Innovation + Entrepreneurship.
The sectors which drive economy in Ontario, including the automotive sector and financial-services sector, are likely to see a significant disruption.
More than 125,000 people in the province, who are reportedly employed in the Automotive sector, are likely to see a decrease in the need for new cars into the ecosystem due to the rise of autonomous automotive utilization and a move to on-demand fleets.
Similarly, financial institutions are focusing on automation and the use of artificial intelligence to enhance the customer experience and to reduce costs in the back office.
Up to 30 percent of bank jobs could reportedly disappear in the next five years, which would affect the insurance sector as well.
According to official reports, auto-insurance premiums, in the United States, could fall by as much as 60 percent, as autonomous vehicles reduce the number of vehicles on the road and accident incidence falls dramatically.
While these factors have huge implications on how Ontario equips its youth to enter a very different work force, they have equally profound implications for current workers who run the risk being left behind in the new digital economy.
It is being said that the time has arrived for Ontario colleges and universities to rethink their curriculum.
Equally important for Ontario is to retain its current work force -- who will be displaced by automation and other technologies -- and the largest firms should continue to upgrade their employees' skills with a focus on current trend, including performance-management approaches to provide appropriate incentives.
In addition, greater co-operation between the Ontario's colleges and universities and the private sector is needed to update their curriculum and ensure accessibility with flexible programs.
Industry associations at the provincial and federal levels should help to identify new skills and developing accreditation, according to reports.
(Reporting by Asha Bajaj)
Images: Wikipedia
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