Workers with soft skills will be important in future as automation and artificial intelligence (AI) increasingly are used in future workplaces, since these skillsets are unlikely to be easily replaced.
Some 42 percent of tasks in the workplace were projected to be done by machines and AI by 2022, compared to the current 29 percent. In addition, 75 million jobs worldwide could be displaced by 2022, as a result of automation and AI, according to projections by World Economic Forum. At the same time, though, 133 million new roles might be created due to this shift.
The CEO explained that DBS itself had be assessing the use of automation and AI to take over “grunt work” and eliminate “failure demand”, in which it aimed to identify and resolve inefficiencies.
The Singapore bank then realised this could result in 15,000 jobs that would not be needed because machines could perform the same tasks, he said. It drove the need to reskill its employees so they would remain employable.