Technology will replace over 40 per cent of jobs in 10 years
Technology that is driving the world today will take over 40 per cent of the existing jobs in another 10 years, an industry expert has said. Queensland University of Technology, Head of School of Management Prof. Rowena Barrett, speaking at the CEO’s Forum organised by the Chartered Accountants (CA) of Sri Lanka in Colombo on Tuesday on ‘Innovation and Entrepreneurship’, said that: “Innovation can go from radical to incremental. It’s about scientific advancement and can roll out in government policies.”
Innovation is not just technical but goes deep into the subject. Sensing, seizing and transforming are stages of innovation, she added. She also mentioned that entrepreneurship is transforming innovation into economic activities and organisations come into existence. Digital disruption is continuing to grow through various devices while disruptive technologies reduce transaction cost, generate data, underpin the automation of tasks and enable new business world. Data becomes a big source for businesses to survive, stressed Prof. Barrett.
She stated that Sri Lanka shows strong signs of competitiveness and widespread usage of the technology while access to internet is limited to certain areas in the country. “It doesn’t have to be technology to drive a business,” she noted.
Pointing out the ‘Cultural Dimensions of Hofstede’ and their impact on organisational performance in Sri Lanka, Prof. Barrett explained that power distance is high so that all individuals in societies are not considered equal. With a high score of 80, Sri Lanka is a relatively hierarchical society. Sri Lanka stands low in individualism with a score of 35 which means it’s a collectivistic society. In terms of masculinity the country has a very low score of 10, and thus considered a feminine society. The country scores an intermediate of 45 for uncertainty avoidance and long term orientation directs that Sri Lanka does not indicate a strong preference. Sri Lanka has no score on indulgence according to the Hofstede report.
She also noted that Sri Lanka’s entrepreneurship is culturally constructed and it’s a motivation based on social power. “For entrepreneurship you not only need technical skills but also creativity and management skills,” she added.
CA Sri Lanka President, Jagath Perera in his opening remarks, stated that innovation is a specific instrument for entrepreneurship. “Sri Lanka’s economy survives because of the private sector while all small businesses are an integral part of it. Entrepreneurship produces financial gain and entrepreneurs are the innovators of economy. Businesses and entrepreneurship begins with a need and all entrepreneurs look for the current needs and demand.” Innovators look for not just one solution but keep innovating till they obtain multiple solutions, he added.