Panel, Conference Presentation, Keynote
Jobs of 2037: Preparing for the Future
Milken InstituteMichael Milken, Josephine Teo, Joseph C. Tsai, Igor Tulchinsky, Jaime Augusto Zóbel de Ayala, Michael Clouden
- The global population is projected to rise by up to one billion people by 2037, with an expectation that over 50% of the world's population will experience the "best day in history" due to advances in healthcare and mobile connectivity.
- Advanced economies face a marginal decline in the working-age population share, with Singapore specifically facing a drop from 72% to below 60%, driven by smaller cohorts aging and reduced foreign manpower inflows.
- Without adequate access to new opportunities in developing nations, demographic growth could result in rising unemployment and underutilized business potential.
- Artificial intelligence and machine learning are expected to increase task-level workplace automation, yet the consensus suggests humans will remain necessary for the vast majority of roles, evolving into "tech and touch" positions.
- Historical trends indicate technology creates net job additions, though current estimates suggest 50 to 70 million unfilled jobs in the US may result from workforce preparation and education gaps.
- Singapore faces risks of stagnating productivity and wage growth in domestic-oriented sectors, prompting the development of industry transformation maps to predict sector needs in transportation, maritime, finance, and healthcare over five to ten years.
- In the Philippines, the demographic dividend of a young population risks becoming a liability if skillsets are not aligned with industry needs, though high urban density could foster innovation through cross-current learning between youth and academic institutions.
- Strategic shifts in the Philippines include potential transitions from rigid semiconductor manufacturing skills to urban agriculture to reduce vegetable transportation costs, alongside an expectation that Millennial workers will prioritize flexible, project-based work over traditional capital returns.
- Research indicates the highest returns on education investment occur at age five or younger, while adult job training yields low returns if not directly tied to specific workplace tasks.
- The number of trading signals generated by WorldQuant is projected to reach 10 million by the end of the current year, reflecting significant growth from one signal in 1995.
- Third-party hailing applications face initial regulatory pushback from incumbent workers, though governments are expected to adjust regulations after recognizing associated economic benefits.
- Successful future outcomes require businesses and individuals to adopt a "win together" approach, necessitating government-led efforts to cultivate solidarity and strengthen partnerships between the business and people sectors.