While Australia’s workforce is continually changing, the current period in history is characterised by a combination of forces likely to be associated with greater, faster and different transitions than previously experienced. There are several factors creating unique conditions – a ‘perfect storm’ – at this point in history:
- The full impact of exponential and/or steep growth in computing power, device connectivity, data volumes and artificial intelligence is yet to be felt within Australia’s labour market. We will reach the steeper sections of the exponential growth curves some time beyond 2020. Many existing jobs are likely to be automated and many new jobs to be created.
- The recent ascendancy of the peer-to-peer (P2P) marketplace (Upwork, Freelancer, Kaggle, Task Rabbit etc.) and the rise of platform economics in a globalised labour market characterised by entrepreneurial activity is likely to change traditional employment models. Many P2P models and employment platforms are in the early phases of development and showing signs of rapid growth.