The Impact of Industry 4.0 on the Labor Market

Abstract

The Fourth Industrial Revolution has changed the nature of many jobs and created new ones. It has also opened new opportunities for employees with qualifications and skills related to new technologies, and created opportunities to redefine business costs and expenses. An investment in technology can mean success in the future; by leveraging financial resources to carry out a large-scale technological transformation, entrepreneurs can expect an increase in their business' efficiency. For employees, automation and robotization is an opportunity for more efficient and friendlier workplaces, and for employers, greater profits. The jobs of the future require both technological savvy and human skills. This article aims to highlight potential opportunities and issues for both employees and employers in the conditions of Industry 4.0.