Published on : Nov 29, 2017
Worried over the swift pace at which robotics is going mainstream in various end-use sectors such as manufacturing, healthcare, retail, ecommerce, etc., many top honchos in the tech world have sounded the warning bell about massive job cuts.
Robots are usually deployed to work in difficult conditions such as in oil and gas drilling stations and wells, to carry out repetitive tasks in industrial units, shop floors, warehouses, etc. and also to conduct complicated procedures accurately minus human errors. Because of their efficiency and accuracy, they are fast supplanting humans who are much more costly to hire and maintain.
This is cause for serious concern!
Forecasts by various research organizations bear this out.
Both Developed and Developing Economies to Take Hit
The most recent study about the impact of robots on our jobs is by that of the research arm of consulting company McKinsey & Co. In a report published by it, the company says that a staggering 800 million workers across the world may find themselves jobless by 2030 on account of the rise of robots and automation. This number is equivalent to over a fifth of the total global labor force present today.
The report covers 46 nations and over 800 occupations. It states that emerging as well as developing nations will be impacted by it and fast-food workers, machine operators, and back-office employees are expected to take maximum hit.
The study by McKinsey Global Institute found that even if robots do not gain rapid traction, at least 400 million jobs could still be lost.
The good news: There will still be jobs for displaced workers to transition into, although it might require acquiring new skills.