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Industrial Revolution 4.0 marks an industrial awakening that the world is about to experience, one that has never been seen or realised before. With the coming up of automation and machine learning, the progress towards this revolution seems to catch speed quicker than the previous three revolutions. Therefore, currently, success in the job market depends on one’s understanding of the top Skills needed to succeed in the fourth industrial revolution
The four Industrial Revolutions and their connection to the Job Market
Industrial revolution came to us as a movement from Great Britain during the late 18th century in the form of mechanisation of labour work, growth in chemical industries, population growth, and a high decline in the employment rate of manual labour, which machines had now replaced. Since then, the industrial revolution has had a lot to do with the job market. As we progress towards Industrial Revolution 4.0, it becomes essential to understand which skills are considered as the fuel of the 4th industrial revolution.
The first industrial revolution started in the 1760s and went on to last till about 1820-1840.
The second industrial revolution started in the late 1850s and went on to last till the late 1960s.
The third industrial revolution started in 1969. While some people say that it ended as we entered the second decade of the 21st century, others say the current period we are living in is a stretch between industrial revolution 3.0 and industrial revolution 4.0.
Industrial Revolution 1.0 to Industrial Revolution 4.0
Now that we have understood when each of the four industrial revolutions took place, let us take a closer look at how the features of this progression looked like changing the structure of the Job Market.
1. The First Industrial Revolution (the 1760s-1840)
Mechanisation of Industries like Textiles
Development of power and energy through Water, Coal, and Steam
Population Growth
Higher usage of electricity over natural resources
Changes in the automobile usage from horse-powered to steam-powered transport
Expansion of Railroads
Migrants moving from Rural Areas to Industrial Regions in search of Jobs
2. The Second Industrial Revolution (the 1850s-1960s)
Electrification and thus mass production assembly lines were put into place
Development of Combustion Engines
Electricity, Oil, and Gas became primary energy sources
Large Factories and jobs based on organisational models
3. The Third Industrial Revolution (1969-the 2010s)
The Digital Revolution
Automation and Digitization Models
Usage of Computers and Electronic Technological Systems
Internet was discovered
Nuclear Energy was discovered
Globalised Telecommunication advancements
Offshore production and low-cost economies were developed
The Skill Set required for success in the job market took a complete turn
4. The Fourth Industrial Revolution
The era we live in is marked by many as the fourth industrial revolution, but many also say that we are presently progressing towards it. The below-mentioned features highlight the achievements that have already taken place until this point, continuing forward from the end of the third industrial revolution.
Large scale digitization of all systems
Artificial Intelligence
Virtual Reality Systems
Big Data Analytics
Industrial IoT
Smart Devices, Homes, and Management Systems
Thus, understanding which skills are considered as the fuel of the 4th industrial revolution stands as the gateway to being successful in the current job market.
Skill Development for Industry 4.0
As we progress towards a more developed state of the industry, specifically concerning the job market, it becomes essential to understand which skills are considered as the fuel of the 4th industrial revolution. Thus, Skill Development for Industry 4.0 can easily be one of the most sure-shot areas of focus for all business agencies, start-ups, and MNCs.
1. Entrepreneurship
Working in an industry as an employee requires you to learn a certain set of core skills pertaining specifically to your job role and context. However, the skill and journey of entrepreneurship teach you every skill there is needed to not just develop but run a company or business and make it into an international phenomenon. It is, therefore, the top skill among the skills which are considered as the fuel of the 4th industrial revolution.
2. Technology-driven skills
Artificial Intelligence, Machine Learning and Big Data stand among the most prioritised skills in tech at the moment.
3. Social Media and Digital Marketing
The era that we live in is controlled by social media and digital agencies. Social Media skills are thus an inevitable feature that one must have to climb that ladder of success in the current Job Market. Digital Marketing becomes a cherry on the cake for both your position and your salary at that point.
Conclusion
Thus, it can be concluded that not just being and following an employee-driven mindset, but going beyond that and developing an entrepreneurial mindset, along with the will to improve, upskill, reskill, and evolve, stand to be at the core of the top Skills Needed to Succeed in the Fourth Industrial revolution.
