The overall effect of new technology on the number of jobs in the economy is a race between automation and invention of new complex tasks which creates new jobs. The research firms have also predicted that by 2020, 75 percent of all organisations will experience visible business disruptions owing to infrastructure and operational (I&O) skill gaps. However, automation and rapid technological changes also bring the promise of higher productivity, economic growth, increased efficiencies, safety, and convenience apart from the new jobs it has created.

Measures needed to improve employability:

1. Equipping the labor force with employable skills in the light of ever changing technology and associated skills set. This demands regular update in curriculum.
2. The collaboration between educational institutes and industry should be enhanced with programs like Apprenticeship.
3. A whole continuum of skill sets must be available for training unskilled labour and further upgrading their skills.

Measures needed to address the challenge of unemployment:

By the government

• Support the competitiveness-enhancing initiatives of corporates and facilitate the transition of workers in adapting to new technologies.
• Support labor-intensive industries such as apparel and leather, in order to drive job creation.
• Leverage the attractive size of the Indian consumer market to gain access to latest technologies through insistence of technology transfer during FDI deals in key sectors.
• Skilling and reskilling initiatives- Use the time window of 2 to 3 years to effect large-scale reforms in the general, technical and vocational education system to successfully meet the objectives of Skill India.
• Expand and upgrade the technology tools to enable the MSME sector to adopt exponential technologies.
• Formulate life-long learning strategies and drive behavioral change among citizens toward life- long learning, like setting-up career counseling centers, establish centers of excellence (CoEs) in emerging exponential technologies, etc.
• Encourage startups that help transform unorganized sectors to organized ones using technology.
• Drive job creation through Government investments in infrastructure and transform the public healthcare, education, tourism and hospitality and other development sectors through use of technology-assisted outreach workforce.

By the industries

• Create collaborative learning ecosystems and develop workforce re-training programs across organization levels.
• Work in close partnership with the Government to ensure success of its efforts to take advantage of Industry 4.0 technologies.

By the academia

• Focus on cognitive/judgment-driven skills- The rapid pace of change in jobs and skills is creating a growing demand for updated skills.
• Tailored courses with flexible completion timings to enhance students’ inclination towards learning.

By the Individuals

• Take responsibility for life-long learning- The current model of formal learning up to the age of 20 - 25 years and then working and experiential learning for the rest of our lives is outdated. People need to take advantage of the enabling ecosystem that the Government and the companies they work for are providing in terms of learning opportunities.
• Embrace the online economy- They need to understand the importance and evaluate the benefits of contractual labor/project-based work arrangements.

The irony with technology is that it threatens jobs we can see, but creates jobs that we can’t yet imagine. Traditional businesses have no choice but to ramp up digital and new technology talent to enhance productivity, ensure ease of business and adopt technology with open arms to stay ahead of the curve in the face of digital disruption.