Guests are entertained by a robot at the Mohamed bin Zayed University of Artificial Intelligence. Robots could feature prominently in the future of work. Khushnum Bhandari / The National
Guests are entertained by a robot at the Mohamed bin Zayed University of Artificial Intelligence. Robots could feature prominently in the future of work. Khushnum Bhandari / The National
Guests are entertained by a robot at the Mohamed bin Zayed University of Artificial Intelligence. Robots could feature prominently in the future of work. Khushnum Bhandari / The National
Guests are entertained by a robot at the Mohamed bin Zayed University of Artificial Intelligence. Robots could feature prominently in the future of work. Khushnum Bhandari / The National

Future of work: Will monthly salaries exist in 2040?


Felicity Glover
  • English
  • Arabic

When you imagine the future of work, what do you see?

Many might be influenced by movies and TV shows depicting a dystopian future of the workplace, a world in which robots do everything and humans are left by the wayside, struggling to survive financially without jobs or a purpose in life.

For others, it could be akin to work-life purgatory in a job at Lumon Industries, the fictitious company at the centre of Apple TV’s Severance, where workers have undergone surgery to insert a microchip in their brains to separate home from work.

Known as “innies” at the office, Lumon’s employees have no memory of their home life and spend their days searching for “scary” numbers in the Macrodata Refinement division, where they are occasionally rewarded with waffles and music dance experiences.

Once they leave for the day, they become “outties” and have no recollection of work (perhaps thankfully after those waffle and dance employee bonding sessions).

Watch: Hungry for risotto? Just ask this robot chef

But back to the real world. The Covid-19 pandemic is often credited as the turning point for disruption in the workplace, as millions of employees switched to working from home during lockdowns and started understanding the importance of a better work-life balance – though, hopefully, not to the same degree as Severance.

While work-life balance may have been the main priority for workers from 2020 to 2023, many have shifted their concerns to job security and the role artificial intelligence will play in the future thanks to a surge in popularity of natural language processing tools such as ChatGPT, Google’s Bard (now known as Gemini) and others.

A survey by analytics advisory company Gallup last September found 22 per cent of Americans now fear that technology will make their jobs obsolete.

“Fear of becoming obsolete, or Fobo, remains uncommon among US workers, but it has grown more in the past two years than at any time in Gallup's trend since 2017,” Gallup said at the time.

“Twenty-two per cent now say they worry that technology will make their job obsolete, up seven percentage points from the prior reading in 2021.”

In the UAE, 72 per cent of employees believe that AI will significantly affect their work in the next five years, research conducted by professional network LinkedIn revealed last September.

Meanwhile, in a study published in December on the future of work, Virgin Media O2 Business found that 52 per cent of UK workers under the age of 50 are unsure what job they will be doing in 20 years’ time based on how quickly their industry is changing.

However, UK-based futurist Tracey Follows, who worked with Virgin Media Business O2 on its study, believes that large-scale job displacement should not be feared, as emerging technology is set to create new sectors and roles.

This includes new policies and initiatives in the safety sector that take into account changing workplaces, such as automation in factories, Ms Follows says.

“I think when any new technologies come along – we saw it with the car when it replaced horses – over time, you develop lots of new health and safety regulations, policies and initiatives,” Ms Follows said during The National’s Pocketful of Dirhams podcast on the future of work.

“With all of the robotics and automation that's coming into factories and services and products … I think there's going to be a whole new sector around training for safety, which happens in virtual reality and in very immersive simulated environments.”

Here, we look at four trends set to shape the world of work in the 2040s and beyond.

1. The end of the monthly salary transfer

It wasn’t so long ago that salaries were paid weekly in cash – although that’s more of a memory for older Generation X and baby boomer employees, when they’d line up at their company’s cashier office to sign for their pay packets.

These days, of course, the majority of workers worldwide receive their salaries through electronic transfers, either once a fortnight or (more likely) once a month, as the world moves towards a cashless society.

Fast forward to 2040 and that monthly salary transfer may no longer exist thanks to the widespread adoption of blockchain and cryptocurrencies, Ms Follows says in the Virgin Media O2 Business Future of Work study.

“Employees will be able to choose how they are paid, driven by their own politics and ethics, their purposeful life plan, their social and environmental values and their desires around work-life balance,” she says.

“Widespread adoption of cryptocurrencies and blockchain payroll will enable less centralised payment methods allowing for faster, secure payments. This will enable payments to be made on a daily or even hourly basis.”

Workers could also receive real-time bonuses rather than waiting an entire year, as they do today, Ms Follows says.

While instant payments exist on some platforms today, it will become more mainstream in about 20 years, she adds.

“Why shouldn't you receive a bonus payment in that moment, a kind of commission for doing your job particularly well?” she says.

“It might be that that's how we see some of the productivity come back into the economy and into the idea of work that actually people can be more productive when they're paid in the instant moment.”

2. Employees will have their own AI coaches

Within 10 years, the majority of employees will have an AI coach, Ms Follows says. But by 2040, more than half of workers in developed regions will be using AI agents in some capacity, she adds.

AI coaches will keep employees on their “path to purpose” as they integrate the technology into learning and the goals they want to achieve, she says in the report.

“In this way, the AI [coach] will continuously monitor and assess their performance against their life-work purpose and suggest any blind spots or areas that might need attention.”

“[This will] help improve any weaknesses in their skill sets and build on their inherent talents and traits, so they can fulfil their purpose in a way that is personalised to them.”

The AI [coach] will continuously monitor and assess their performance against their life-work purpose and suggest any blind spots or areas that might need attention
Tracey Follows,
futurist

3. Emerging sectors in the 2040s

As already mentioned, safety will emerge as a key sector of the future, as many of the current warehousing and logistics roles that exist today will be replaced by AI, Ms Follows says.

Before you start worrying about your job, Ms Follows adds that many employees currently working in these roles are expected to transition to safety maintenance roles.

Meanwhile, five to 10 per cent of jobs in industries such as manufacturing, health care, retail and transport are likely to be transitioned to bespoke professional safety, mental health safety and regulatory training roles.

“Much of this will be done in immersive virtual and augmented reality training environments – purpose-built 3D spaces where digital technologies alter the environment and create any simulated environment possible,” she says.

“This could be a nightclub, a factory warehouse, medical centre or a hotel kitchen.”

4. New jobs of the future

The world of work is constantly evolving as technology continues to disrupt many sectors, say the authors of the 100 Jobs of the Future report, published by Australia’s Deakin University.

However, some jobs will not change much in the future, particularly for employees working in skilled manual roles that machines will be unable to duplicate or jobs that make economic sense to continue as they are, the report authors say.

“Some of the 100 jobs of the future are variations of those that already exist, possibly with more technology enablement that delivers instantaneous outcomes where currently processes are protracted, or more personalisation that modifies the role to become mainstream in a different form,” they add.

UAE jobs in the metaverse – in pictures

  • Visitors test VR headsets at the Dubai Metaverse Assembly at Museum of Future. Khushnum Bhandari / The National
    Visitors test VR headsets at the Dubai Metaverse Assembly at Museum of Future. Khushnum Bhandari / The National
  • Inside Metatut, the first Egyptian city in the Metaverse
    Inside Metatut, the first Egyptian city in the Metaverse
  • Istituto Marangoni opened its own space in the metaverse, called The Talent District. Photo: Istituto Marangoni
    Istituto Marangoni opened its own space in the metaverse, called The Talent District. Photo: Istituto Marangoni
  • The UAE's first Metaverse wedding, in Dubai
    The UAE's first Metaverse wedding, in Dubai
  • For meta or worse, the 'couple' are virtually married
    For meta or worse, the 'couple' are virtually married

However, future job roles include a future nostalgist – a person who recreates remembered experiences for the elderly – and a 100-year counsellor, who helps “centurions enjoy a third age” as medical advances extend the lifespan of humans, the Deakin University study found.

Then there is a health shaper (basically tech-savvy wellness consultants or nutritionists), a biomimicry innovator (apparently a person who will “seek sustainable solutions to human challenges by emulating nature's engineering processes”) and the cool sounding child assistant bot programmer, whose job it will be to design humanoid robots, known as “kiddobots”, that will support children to play safely.

Perhaps becoming a robot ethicist is more in line with your interests, or if you are interested in protecting the environment and helping to solve crimes, you could aim to become a smart dust wrangler.

Unsurprisingly, the space sector features in the list, including a role as an offworld habitat designer, otherwise known as somebody who can design liveable buildings for colonies on other planets.

However, it is worth noting that the authors of the report say the aim of their research was to “interrogate these work futures … that go beyond generalities of trends and skills and offer a grounded, but complex and imaginative projection of future work”.

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Company%20profile
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THE SPECS

Cadillac XT6 2020 Premium Luxury

Engine:  3.6L V-6

Transmission: nine-speed automatic

Power: 310hp

Torque: 367Nm

Price: Dh280,000

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

UAE currency: the story behind the money in your pockets

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

Recent winners

2002 Giselle Khoury (Colombia)

2004 Nathalie Nasralla (France)

2005 Catherine Abboud (Oceania)

2007 Grace Bijjani  (Mexico)

2008 Carina El-Keddissi (Brazil)

2009 Sara Mansour (Brazil)

2010 Daniella Rahme (Australia)

2011 Maria Farah (Canada)

2012 Cynthia Moukarzel (Kuwait)

2013 Layla Yarak (Australia)              

2014 Lia Saad  (UAE)

2015 Cynthia Farah (Australia)

2016 Yosmely Massaad (Venezuela)

2017 Dima Safi (Ivory Coast)

2018 Rachel Younan (Australia)

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

How to vote

Canadians living in the UAE can register to vote online and be added to the International Register of Electors.

They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi

Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday) 

ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

UAE currency: the story behind the money in your pockets
Updated: February 15, 2024, 5:00 AM