June 21, 2024
Technological advancements such as automation and AI have greatly impacted the labor market and the future outlook. The report by the McKinsey Global Institute shows that these technological advancements are likely to transform the workforce across the world.
It leaves one in a rather alarming position that as intelligent and capable as these machines get, more jobs are going to be given to them instead of being done by human beings.
Such a movement is set to continue in the future with various industries facing automation; manufacturing, transport, health, and banking, among others.Of the existing issues, the most prevalent is the possibility of the automation effect that may lead to the dismissal of employees.
Because of the increased use of technology and automation, many occupations may become automated, causing high levels of unemployment; mainly people holding routine jobs with little skills.
More Read
On the positive side, the report also reveals that automation can lead to new jobs because people will be released to do more creative, innovative, and big-picture work.Another question of interest is the relation between automation and wages and the level of inequality.
The process results in the degradation of high-paid jobs to machines, leaving the worker with less-paid jobs or no job at all, thereby deepening the gap between skilled and unskilled workers.
In this regard, several recommendations have been made in the report inclusive of the need for upstream interventions, including the promotion of education and training, innovations in social protection strategies, and policies that will seek to enhance social inclusion in the benefits of automation.
These measures can help policymakers and the enterprises to ensure that automation assists in overcoming some of the challenges that are negative towards employees.
