Automation has begun disrupting the job market, but at the same time more jobs are being created, according to William ‘Bill’ Boulding, dean of Duke University’s Fuqua School of Business. In an interview with Prachi Verma Dadhwal, Boulding spoke about the skills that would be relevant in the coming decades, and the need for a stronger alliance between political and business leaders so that benefits of globalisation reach all sections of the society. Edited excerpts:How important is India for Duke University? India is one of the most important economies in the world. In the last few years we have created six advisory boards and one of them is in India. India would only grow in importance in the global economy. We need to be in places that matter in the world. These advisory boards help establish our identity, besides providing us an understanding of these markets. One of the interesting things in India is the importance of family businesses. It is a different model from other parts of the world.Are business leaders doing enough for society? Part of the issue we are seeing in various parts of world, including India, is the collision of business and politics. Unfortunately, there appears to be mistrust between the worlds of business and politics. This has been earned by the business community as they have engaged in actions that have not been in the best interest of society. The business community should understand that in the capitalist world, it is all right to make profits, but it is also equally important to give back to society.How can leaders—both political and business— improvise so that their decisions benefit the entire society? The key thing for either political or business leaders is whether they are trying to make people’s lives better or are they being selfish. Leadership is not about power; it is about serving others. People find such leaders more trustworthy. The global economy has not been beneficial to all segments of society. This is where business leaders should be responsible. We encourage innovation, but what happens to people who are now jobless? Technology is disrupting many jobs. The challenge is not to forget people who are left behind with the use of technology. We need a better a partnership between government and business to drive innovation to solve challenges, including those left behind by new technologies.Are jobs facing a threat with the rise of automation? Some people paint a scary picture of robots taking away jobs, and that artificial intelligence and machine learning will replace humans. The reality is that many existing jobs will be replaced. But at the same time, many jobs will come into existence. New classes of jobs that need human interface with machines will come into existence. One has to focus on how humans would interact with technology and make people comfortable with these new technologies. We need to train people from an early age on such technologies.What are the relevant skills for the next decade or so? Silicon Valley companies say their problem in innovation is not underlying technology, but it is the people. The real innovation driver is people. Leaders need to get people together and take them to the next level, serving a common purpose. It is a leadership challenge to work effectively with people who are different and build a level of trust, respect and credibility. This kind of leadership talent is, and will be, in short supply. The second skill is related to the technology dimension, as technology itself will not shape our future, but human-machine interface will. We do not want to outsource human judgment to machines. Business leaders need intellectual quotient to be able to navigate the world, emotional quotient to drive innovation by bringing people together and, thirdly, decency quotient as decency is profoundly gaining importance as people need to believe that they are valued. In addition to people skills, new analytic skills would also be a requisite among future leaders.
from The Economic Times https://ift.tt/2LEhz9L
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