Demand for technological, social and emotional, and higher cognitive skills will rise by 2030. How will workers and organizations adapt?
Skill shifts have accompanied the introduction of new technologies in the workplace since at least the Industrial Revolution, but adoption of automation and artificial intelligence (AI) will mark an acceleration over the shifts of even the recent past. The need for some skills, such as technological as well as social and emotional skills, will rise, even as the demand for others, including physical and manual skills, will fall. These changes will require workers everywhere to deepen their existing skill sets or acquire new ones. Companies, too, will need to rethink how work is organized within their organizations.
This briefing, part of our ongoing research on the impact of technology on the economy, business, and society, quantifies time spent on 25 core workplace skills today and in the future for five European countries—France, Germany, Italy, Spain, and the United Kingdom—and the United States and examines the implications of those shifts.
- How will demand for workforce skills change with automation?
- Shifting skill requirements in five sectors
- How will organizations adapt?
- Building the workforce of the future
How will demand for workforce skills change with automation?
Over the next ten to 15 years, the adoption of automation and AI technologies will transform the workplace as people increasingly interact with ever-smarter machines. These technologies, and that human-machine interaction, will bring numerous benefits in the form of higher productivity, GDP growth, improved corporate performance, and new prosperity, but they will also change the skills required of human workers.
To measure skill shifts from automation and AI, we modeled skill shifts going forward to 2030—and found that they accelerated. While the demand for technological skills has been growing since 2002, it will gather pace in the 2016 to 2030 period. The increase in the need for social and emotional skills will similarly accelerate. By contrast, the need for both basic cognitive skills and physical and manual skills will decline .
Maximum allowable member in a fund is increased from 4 to 6.
From 1 July 2019, audit of superfund can be done once in three years for SMSFs with a history of good record keeping and compliance.
Individuals will be required to confirm in their income tax returns that they have complied with “notice of intent” requirements in relation to their personal superannuation contributions, effective from 1 July 2018.
Insurance arrangements for certain superannuation members will be changed from being a default framework to being offered on an opt-in basis
An exemption from the work test for voluntary contributions to superannuation will be introduced from 1 July 2019 for people aged 65-74 with superannuation balances below $300,000, in the first year that they do not meet the work test requirements.
From 1 July 2018, if an individual’s income exceeds $263,157, and he or she has multiple employers, then he or she can nominate that wages or salary from certain employer are not subject to superannuation guarantee from 1 July 2018.
3% annual cap on passive fees charges by superfunds for account balances below $6000 and exit fees on all superannuation accounts will be banned.
Data science: The next evolution for accountants?
Some of the hottest fields in business call for exactly the skills that the accounting profession offers, according to IBM’s Leon Katsnelson.
In a keynote address on artificial intelligence at CPA.com’s 2017 Digital CPA conference, held in San Francisco in early December, Katsnelson, who is director and chief technology officer for strategic partnership for data science at IBM, introduced the accountants in attendance to two of the newest professionals on the block: data scientists and data engineers. Both of those jobs are only about five years old, he said, but are already in the top ranks in terms of compensation.
“To be a data scientist, you need three things,” explained Katsnelson. First are programming skills – not necessarily full coding capabilities, but a familiarity with the field. Then comes a certain facility with statistics and math. “And you need domain experience – a deep knowledge of a business.”
it’s the last part that speaks most to the accounting profession, he explained: “Domain experience is the hardest thing to find – and that’s what accountants bring to the table. Without your skill and your knowledge, there is no data science.”
He reported that he’s seeing larger accounting firms build data science teams from the ground up, and while smaller firms may not be building their own teams, he suggested that they do need to start deepening their comprehension of the field. “You need to understand the technology to be able to select the right tools and to advise clients, because they’re struggling just like you are.” (more…)
I started working with your accounting firm when I was a graduate, wide eyed and fresh out of university. I spent the first 12 months of my career learning the basics of ‘tax’ which included how to complete a form on horribly clunky software, learning not to misspell my clients’ names and building a habitual practice to back up my work every 60minutes in case Citrix or whatever that virtual server was called crashed again, losing hours of work.
There’s a great scene in “The Silence of the Lambs” where Hannibal Lecter guides young FBI agent Clarice Starling in her pursuit of a serial killer by getting her to return to “first principles,” asking, in the manner of Roman philosopher-emperor Marcus Aurelius, “What is this thing in itself? What does he do, this man you seek?”