Machines will replace plenty of jobs soon, foresees ‘The World Economic Forum.’ They believe that some half of all jobs will be carried out by modern machinery by the year 2025.
The Robot Revolution is pretty near too, and the experts say it will create around 97 million new jobs worldwide. However, it won’t be priceless, as it will take away nearly the same amount of jobs from multiple other sectors.
The revolution will bring numerous opportunities and will cause a lot of ease for humankind in general. However, the most alarming part is it will increase the income gap, Resulting in huge stress for a lot belonging to low and middle-income groups.
Change In Job Market Trends
The think tank carried out surveys for the study involving 300 counties from across the globe. As based on the job market trends, they gathered data from some of the biggest employers, which employ a population of approximately 8 million.
Most employers said that they expect to cut down fifty percent of human-based operations shortly, replacing them with future means of automation. Companies think this will immensely improve the speed of operations and improve overall productivity.
Although it will affect every field and every sector in some way or the other, some of the sectors which will be affected at large are Administration and Data Processing, according to the think tank, World Economic Forum.
The new jobs expected to be produced after the revolution are mostly in the Big Data and the Green Economic sectors.
Lowest Paid Workers Affected At Large
According to the forum, Covid 19 has played a vital part in appreciating technology-based and cost-effective methods for most operations.
Cutting costs and bringing big ease is one thing; increasing the class difference is another. The think tank estimates that existing inequalities across the job market will deepen in no time. This will light up another global financial crisis and will increase the vulnerability amongst the masses.
World Economic Forum states it as a double disruption scenario, which shows another obstacle for workers in these hard times. It is a quick change, and the window for opportunity is not enough. They emphasized that demand for workers for the green economy will increase at large. Choosing your profession wisely might help in the future. Experts say more and more engineering and cloud computing jobs will be created.
According to the think tank, millions of the lowest paid and lowest skilled workers would have to be re-skilled to survive the change.