The changing nature of the graduate employment market

Abstract

This chapter discusses the various interpretations of the impact of the fourth industrial revolution from a macroeconomic level to an educational and employment level, which should prove useful to academics as well as practitioners. "Revolutions have occurred throughout history when new technologies and novel ways of perceiving the world trigger a profound change in economic systems and social structures". The social, economic and political consequences were significant with a large-scale reallocation of skills reflected in the employment exodus from farms to factories. The economic benefits of automation to business are clear: first, it permits the substitution of labour; second, it enhances performance through technology with more efficient robots. The increased use of automation is argued to be founded on financial reasoning but also because of its potential benefits to society as a whole. The fourth industrial revolution will require humans to develop their creative and emotional intelligence as well as their perceptual and manipulative thinking.