A new reality The rise of the robots continues

New graduates starting a business career have plenty of challenges: landing a job, finding a place to live, scrambling to make rent—all while trying to plot the next step in their career. Increasingly, it looks like they’ll need to add another worry to the list: competing with AI robots. Over the past several years, a growing chorus of experts, including economists, technologists, and management consultants, have begun warning of widespread job losses in coming decades as advances in artificial intelligence and automation enable machines to take on more and more complex tasks. For instance: Gartner, an information technology and research advisory firm, estimates a third of jobs will be replaced by software, robots, and smart machines by 2025. In a 2013 study, Oxford professors Carl Frey and Michael Osbourne found that machines could replace about 47 percent of our jobs over the next 20 years. The McKinsey Global Institute recently concluded that, just by implementing technologies that already exist, global businesses could automate 45 percent of the activities they now pay workers to perform. But some experts are less gloomy. J.P. Gownder, an analyst with the Boston-based tech research firm Forrester, argues that even as it wipes out some jobs, automation will create new ones, including some we haven’t even thought of yet. The existential fear The list of pessimists includes an imposing roster of science and technology heavyweights. The late Stephen Hawking worried robots â€Å"could spell the end of the human race.† Elon Musk, head of Tesla and SpaceX, calls artificial intelligence humanity’s â€Å"biggest existential threat† and has donated millions to efforts seeking ways to keep AI from turning on its creators. On the other hand, one of the techno-optimists’ favorite examples is agriculture. Two centuries ago, more than 80 percent of the U.S. labor force worked on farms. Today, thanks to advances in mechanization, farmers account for less than 2 percent of the U.S. workforce and we have more food at lower prices than ever. But Martin Ford, author of  Ã‚  Rise of the Robots: Technology and the Threat of a Jobless Future, argues the technologies driving the current transformation of the economy are different. These  brainy new bots are part of a host of other technological changes known as the â€Å"Fourth Industrial Revolution,† a brave new world in which â€Å"billions of people connected by mobile devices with unprecedented processing power† are conjoined with â€Å"emerging technology breakthroughs in fields such as artificial intelligence, robotics, the Internet of Things, autonomous vehicles, 3-D printing, materials science, and quantum computing.† These brainy new bots are part of a host of other technological changes known as the Fourth Industrial Revolution. Not as far-fetched as you think In 2016, the Davos World Economic Forum proclaimed the dawn of the Fourth Industrial Revolution and for those unfamiliar, the chronology is presented as follows: The First Industrial Revolution used water and steam to mechanize production The Second used electric power to create mass production The Third used electronics and information and technology to automate production Now, in the Fourth, we are experiencing a â€Å"fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.† An early milestone in the emergence of thinking machines was May 1997, when IBM’s Deep Blue supercomputer defeated Garry Kasparov, then the world chess champion. Then in 2011, IBM’s supercomputer, Watson, triumphed over Jeopardy superstars Ken Jennings and Brad Rutter. A year later, Boston-based Rethink Robots rolled out  Baxter, a friendly looking robot designed to work alongside humans on the factory floor. Built to human scale and priced at $25,000, Baxter doesn’t have to be programmed—it can learn from watching the movements of people. And, thanks to recent upgrades, Baxter’s grip is soft enough to cook an egg. More and better Baxters have since come. Amazon already has thousands of robots sorting items in its fulfillment centers and envisions replacing delivery workers with a fleet of aerial drones. Foxconn, China’s largest private employer and a primary supplier to Apple, announced that it had installed robots to eliminate 60,000 jobs in a single factory. Factory jobs aren’t the only jobs at risk. Any kind of office work that involves repetitive tasks such as reporting or preparing spreadsheets can be easily replaced with software. Whether it be a lawyer or an analyst, the Associated Press has shown that computers can generate error-free reports and even cover certain types of sporting events. And will we really need so many taxi drivers when ride-hailing platforms like Uber and Lyft can be paired with self-driving cars piloted by Google, Amazon, and Baidu? So, what jobs will be left? It isn’t clear. Optimists insist robots will free humans from drudgery and enable us to focus on the types of imaginative tasks in which humans excel. And of course, companies will still need engineers to design, program, oversee, and maintain all those computers. Ford and others fear that, while advances in technology may not eliminate human work completely, they are certain to polarize the labor market, creating higher demand for a smaller number of people with a limited set of professional and technical skills. How to survive this transformation? The best advice we can offer is to be flexible, keep learning, and prepare for the way you work to change far more rapidly than anything experienced by previous generations. Optimists insist robots will free humans from drudgery and enable us to focus on the types of imaginative tasks in which humans excel. Interested in disruptive innovation?  To learn more about Hult’s global business programs and our new Nano Courses in Disruptive Technologies,  download a brochure. Hult offers a range of highly skills-focused and employability-driven business school programs including a range of MBA options and a comprehensive one year Masters in International Business. To find out more, take a look at our blog â€Å"Are robots taking over?† and other questions we explored in Scenario Planning Class. Download a brochure or get in touch today to find out how Hult can help you to learn about the business world, the future, and yourself. Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. 📠¸: @jasminmanzano . Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. 📠¸: @jasminmanzano . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interests—students who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? 📠¸: @iambrunadiniz . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interests—students who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? 📠¸: @iambrunadiniz . We’re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, we’re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approach—Hult offers a student experience like no other. . We’re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, we’re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approach—Hult offers a student experience like no other. . â€Å"I’m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . â€Å"I’m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana âÅ" ¨ . â€Å"I’m excited for the future—especially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. We’re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.â€Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021 Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana âÅ" ¨ . â€Å"I’m excited for the future—especially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. We’re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.â€Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021"> During the final days of 2019, you probably reflected on what you’ve accomplished this year—and even this decade—and what you’d like to achieve in 2020. Let us know in the comments below. During the final days of 2019, you probably reflected on what you’ve accomplished this year—and even this decade—and what you’d like to achieve in 2020. Let us know in the comments below. â€Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. I’ve completely reversed my leadership style—the result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and I’ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources I’ll get there.† . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . â€Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. I’ve completely reversed my leadership style—the result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and I’ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources I’ll get there.† . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . â€Å"It was now or never. I knew that I’d have likely stayed in my neighborhood for years to come if I didn’t take this opportunity. I’d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. I’ve come back a more culturally aware, well-versed person. I’ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. I’m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the ‘right’ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.† . Dwayne Logan, Jnr. American MBA Class of 2019 . â€Å"It was now or never. I knew that I’d have likely stayed in my neighborhood for years to come if I didn’t take this opportunity. I’d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. I’ve come back a more culturally aware, well-versed person. I’ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. I’m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the ‘right’ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.† . Dwayne Logan, Jnr. American MBA Class of 2019 . Happy New Year, Hultians! . Happy New Year, Hultians! .