It seems like artificial intelligence is replacing humans from the workforce and simply not to make the industry more efficient.
Robots are coming for your job. In to a report by McKinsey Global Institute, almost 375 million jobs in the world will completely vanish by the year 2030. In a recent study by Oxford in 2017, they predicted the job loss will go up to 47% within the span of 50 years. Additionally, the U.S. Bureau of Labor Statistics report states that almost 1.4 million jobs will be gone in the U.S. in just 8 years!
Here’s an infographic that shows how these raw data affects greatly affect the human workforce:
The above infographic shows that in the US alone, around 48 billion hours of work will soon be done by robots and artificial intelligence instead of humans. The equivalent of this is that around 300,000 of working lifetimes will be gone!
Researchers found out that a staggering 95% of jobs were more likely to be replaced by automation, together with the hours lost as well as the equivalent in working lifetimes. What’s more alarming is that these jobs aren’t the only ones in jeopardy but these jobs are just the ones whose future looks least promising.
With the above information, still some experts believed that the issue is just overblown for 3 basic reasons:
- The U.S. workforce system has succeeded well over the past years in terms of technology and automation adaptation. While going forward could pose a challenge, it will likely to increase its response time.
- Since the 1960s, almost all warnings about higher unemployment and automation have proved incorrect.
- Policies for entrepreneurs are rushing forward in advancing guaranteed income and “end of work” schemes.
On the other hand, the recent talks in World Economic Forum suspect that the exponential advances in the technology could be too swift for the human workforce to adapt to. Below are some of the occupations that have completely gone and under threat from robots:
- Switchboard operator
- Bowling alley pinsetter
- Lift operator
- Film projectionist
- Bridge toll operator
- Train station sales assistant
- Factory worker
What happens if robots take the jobs?
The recent technology trends pose differential impacts based on the age, gender, income, race and ethnicity of the working humans. There are particular groups of individuals who are at more risk than others when it comes to the emerging technologies and its ramifications for the workforce. What’s clear is that those jobs with fewer technical skills will face rough going in the future.
In terms of age, the young ones face particular risks compared to their more experienced especially at the beginning of their careers. Young people are the ones with jobs that will more likely to be affected by machine learning, robots and artificial intelligence. While young people may still have more time to acquire relevant expertise, only a few are getting training in Science and Technology, Engineering and Math (STEM) fields. The young workforce’s ability to withstand any employment alteration will more likely be limited.
In terms of race, technology will also have a great impact on how racial minorities will face dismal job opportunities. Poor people and minorities already have high unemployment rates due to discrimination, lack of training and prejudice. Additionally, without high skill training, minorities and poor people will have difficulty adapting to the new economy where advanced machines and technologies take their jobs.
Technology, robots and artificial intelligence are undoubtedly increasing the impact on how humans live, work and play. In the workplace, it will force humans to question each day of how, when and where to connect with people. The employers should need to find the perfect balance in the workplace by means of adapting to technologies that will help their business become more efficient and deliver faster service and better products.