Sep 26, 2017, 2:29 PM ETPanel, Conference Presentation, Keynote

Jobs of 2037: Preparing for the Future

The Milken Institute Global Conference (Asia Summit) theme is "Jobs of 2037: Preparing for the Future, Looking Forward 20 Years," focused on building meaningful lives for a global population expected to increase by one billion.
Speaker Michael Clouden acknowledged the staff, specifically the Milken Institute Asia Center and Vision Matrix, for the event organization.
Moderator Mike Milken highlighted John Nesbitt's 1982 concept of "high-tech, high-touch," emphasizing the need to balance technological deployment with human connection to combat the "disease of isolation."
A historical comparison was drawn between Singapore and Jamaica: starting with similar per capita incomes in the 1960s, Singapore invested in human capital (education and attracting talent), resulting in an income 10 times higher than Jamaica, which relied on tourism and agriculture.

Improved longevity is driving global population growth, but the working-age share is expected to fall, dropping from 72% to below 60% in Singapore's resident population.
In advanced economies, shrinking workforces will drag on economic growth, contrasting with developing nations that may benefit from a demographic dividend.
A study by the OECD indicates that while AI will automate routine tasks, complete job automation is unlikely; instead, jobs will evolve via "tech and touch."
Historical data shows a shift in job composition: unskilled jobs fell from 60% in 1950 to 12% today, while skilled jobs rose from 20% to 70%.
Disruptive technologies often create net new jobs; for example, cybersecurity and e-commerce supply chain roles have emerged, offsetting losses in brick-and-mortar retail.
A critical challenge remains the "skills mismatch," where unemployed workers cannot access new opportunities, leading to stagnating business growth despite potential job creation.

Singapore's approach involves businesses leading transformation while governments facilitate citizen adaptation through targeted training and social security adjustments.
The government has initiated "Industry Transformation Maps" for sectors like healthcare, maritime, and retail to chart future productivity needs and skill requirements over 5–10 years.
Singapore's strategy prioritizes early childhood education, citing Nobel laureate Jim Heckman's research that investment in children under age 5 yields the highest rate of return.
The cost of education in Singapore is prioritized for the very young to ensure workforce readiness, contrasting with the diminishing returns of retraining adults later in life.
Minister Teo emphasized that training must be tied directly to specific industry transformation plans to ensure skills translate into employability.

The Philippines possesses one of Asia's youngest populations (median age ~24), offering a demographic dividend if matched with proper skill development in digital and service sectors.
The Philippine outsourcing (BPO) industry has evolved from simple call centers to complex roles in equity analysis, CAD-CAM design, and healthcare.
Speaker Jaime highlighted the need for closer collaboration between educational institutions and industry to align curricula with rapidly changing technological demands.
In the Philippines, there is a proposal to leverage existing semiconductor manufacturing skills (clean rooms, low bacteria) to pivot into urban agriculture for controlled-environment farming.
Micro-loans and payment platforms (e.g., via Alipay partnerships) are being utilized to bring unbanked populations into the formal economy and support entrepreneurship.
China's e-commerce growth (e.g., Alibaba) created more jobs than it destroyed by enabling manufacturers to pivot from exports to domestic consumption and by generating millions of logistics roles.
Alibaba's ecosystem supports approximately 2 million delivery workers and generates 55 million packages daily, absorbing workers displaced from manufacturing sectors.

WorldQuant CEO Igor Tulchinsky noted that the firm's headcount has grown continuously since inception, with the number of trading signals ("alphas") increasing from 1 in 1995 to 6 million today, aiming for 10 million.
WorldQuant operates on a location-agnostic model, hiring the highest IQ talent globally (including Moscow and Beijing) and using a "Keystone Forum" for weekly global collaboration.
WorldQuant measures employee output and productivity rather than hours worked, adopting a self-governing incentive system.
Walmart is adapting to e-commerce disruption by acquiring Jet.com and experimenting with drone delivery and floating blimp-like warehouses to compete with Amazon.
Modern logistics in China are shifting toward "dark stores" (stores doubling as fulfillment centers) to enable 30-minute delivery within a three-mile radius, disrupting the traditional model of large, distant wholesale warehouses.
The transition to automated grocery warehouses reduces human labor to only 5–6 associates per shift for monitoring and troubleshooting, as robots handle pallet breaking, sorting, and order assembly.

Governments must re-examine regulatory frameworks to be "facilitative" rather than protective, allowing innovation (e.g., ride-sharing) to occur while mitigating disruption.
State responsibility includes providing accessible training pathways and ensuring social security systems support citizens transitioning between industries.
A sense of "solidarity" is essential for future stability, ensuring that technological wins for businesses do not come at the expense of worker livelihoods.
Panelists noted that protectionism against change (e.g., taxi drivers blocking ride-sharing apps) often hinders the creation of better-paying jobs and economic efficiency.
Mike Milken concluded that for the majority of the global population, particularly in developing regions, the current era represents the "best day of their life" due to advances in healthcare, disease reduction, and mobile connectivity.
The consensus is that technology will not replace the need for human intelligence but will amplify it, creating a future where 40% of the world's children in China, India, and Indonesia will thrive on new opportunities.