Artificial intelligence, robotics and the fourth industrial revolution are setting the stage for a massive, global expansion in job creation, according to a new report released by the World Economic Forum .
Entitled “ The Future of Jobs ”, the report predicts that although the new technology will wipe out 75 million jobs worldwide by 2022, 133 million new jobs will be created in their place. The Swiss organization behind the annual agenda-setting Davos summit claims that on the whole, the robot revolution will by far deliver a net positive contribution to employment. Smooth Sailing or Storms Ahead?
Robots are common in car production: VW production line in Puebla, Mexico. © Lossie/picture-alliance/dpa
Evermore industrial robots are being used in Mexico, where the potential for automation is great. To what extent robots will really replace low-wage labour remains to be seen however.
Mexico has historically been a low-wage economy. In the past, the USA’s southern neighbour mostly attracted foreign investors with low production costs which basically resulted from cheap labour. Among the members of the OECD (Organisation for Economic Co-operation and Development), a club of advanced economies, Mexico has the lowest minimum wage. It is a mere 88.36 pesos per […]
An influx of artificial intelligence is helping address this deficiency – but don’t think robots behind the counter stealing jobs (although ANZ’s own Jamie is pretty cool , even if we do say ourselves). Think simpler – it’s likely, particularly in financial services, AI use will appear largely in the form of things like digital assistants , tools to manage personal finances and automated decisions and offers.
"Jobs will be created which do not exist today as work moves up the value chain.”
Indeed, what goes unreported is the kind of skills workplaces will need when the changes wrought […]
Mechanical engineering trainees We’ve all heard that robots are going to take our jobs, but research from the World Economic Forum has some good news: they’re going to create more jobs than they displace.
The Swiss non-profit foundation, which is best known for holding an annual meeting of political and business leaders at Davos, predicts the rapid evolution of machines and algorithms in the workplace will lead to the loss of millions of jobs.
Within seven years, by 2025, machines will perform more current work tasks than humans, compared to 71 per cent being performed by humans today.Between now and 2022, […]
From Harvard Business Review: As technology transforms our economy, one trend is getting more and more attention: the prospect that it will increasingly automate the work that we human beings do. And it’s not just low skilled, manual labor that’s at risk — “knowledge” work like operational analytics and marketing is also being taken over by sophisticated artificial intelligence algorithms.
But other changes are also afoot, changes that could allow the human dimension of work to become more important. While it’s true that technology is taking over routine tasks from many workers, it is also reshaping many supply and demand […]
BERLIN, Sept. 17 (Xinhua) — The Confederation of German Trade Unions (DGB) has urged German policymakers and businesses on Monday to ramp up investments to equip the national labor force with the skills needed in an increasingly digitalized workplace.
"The consequences (of digitalization) will only be accepted by people, be they workers or consumers, if the technology in question serves them rather than vice-versa", DGB president Reiner Hoffmann told the newspaper "WELT". As a consequence, it was urgently necessary for "much more to be invested" in the training and retraining of staff in Germany with view to innovations such as […]
LONDON (Bloomberg) — Machines and automated software will be handling fully half of all workplace tasks within seven years, a new report from the World Economic Forum forecasts. But the group said technologies such as artificial intelligence, robotics, and precision medicine, could create more jobs than they threaten.
In a study of executives and specialists across 12 industries, published Monday, the WEF concluded that this so-called Fourth Industrial Revolution could create 133 million jobs globally, while 75 million workers may be displaced.
Saadia Zahidi, head of the WEF’s Center for the New Economy and Society, said companies had “a moral and […]
The American futurist Ray Kurzweil predicted a “singularity” by 2030: an exponential increase in technologies, robotics and nanotechnology that would see AI overtake human intelligence in a sort of biotechnical convergence of man and machine.
While the singularity may still be far off, the impact of technology on the world of work can hardly be disputed. But is it a good thing?
The jury’s out, says Daron Acemoglu, Professor of Economics at MIT. On one side are the technology optimists who see a bright future immeasurably enhanced by technology. On the other side are those who see AI as a threat […]
PETALUMA, Calif., Sept. 13, 2018 /PRNewswire/ — Every so often, a technological advancement comes about that is so earth-shattering that it changes the way entire industries work. These disruptive innovations can change not only how businesses are run, but also how people live and work. One such technology that promises to be a complete game-changer is artificial intelligence (AI). Once a mere science fiction fantasy, AI is quickly being developed to the point that it has very real-world applications. As this technology moves from the realm of fiction to reality and companies increase their use of it, the question […]
A few years ago, a couple of economists made a big splash by predicting almost half of occupations in the country had a big chance of being replaced by automation and technology in coming decades.
Unemployment rates would soar to double digits and stay there. The economists’ forecast revived fears of “technological unemployment” posing a bigger threat to jobs than any future recession.
How out-of-touch those forecasts now look today. Companies are hungry for workers. Many are hiring unqualified people and then training them. Unemployment rates are reaching historic lows among many groups and in many regions.The job situation and facts […]