Category: Automation Impact on Jobs

Artificial Intelligence Will Kill These Jobs (And #5 Has Nobody Else To Blame)

Artificial Intelligence Will Kill These Jobs (And #5 Has Nobody Else To Blame)

The fourth industrial revolution is upon us and the machines are coming to take your job: but which industries are going to get hit hardest when Artificial Intelligence comes of age?

Nobody knows, is the truthful answer. We know that machine learning will change the world and automation will kill anywhere between 20% and two-thirds of the jobs on the open market.

Blockchain technology is accelerating AI research, to the extent that there are even companies like DeepBrain Chain that specialize in nothing but providing computing resources to AI developers.Former Bank of England chief executive Antony Jenkins suggests half of customer […]

RUTH SUNDERLAND: History tells us automation does not take away human work, but it shifts people from one type of work to another

RUTH SUNDERLAND: History tells us automation does not take away human work, but it shifts people from one type of work to another

We shouldn’t be surprised the TUC is waxing lyrical about how robots and new technology will liberate us all to work less for the same money.

After all, no less an authority than Karl Marx claimed automation would help free the miserable proletariat from their drudgery.

John Maynard Keynes predicted in his 1930 essay, Economic Possibilities For Our Grandchildren, that technology would allow people to work no more than 15 hours a week. ‘Three hours a day is quite enough,’ he opined. Keynes didn’t have any grandchildren, but if he had, it’s highly unlikely they would be basking in hours of […]

Robots in workplace ‘could create double the jobs they destroy’

Robots in workplace 'could create double the jobs they destroy'

The rise of machines, robots and algorithms in the workplace stands to create almost double the number of jobs for the global economy by the middle of the next decade than it puts at risk of being replaced.

According to the World Economic Forum (WEF), about 133m jobs globally could be created with the help of rapid technological advances in the workplace over the next decade, compared with 75m that could be displaced.

The findings will go some way towards assuaging fears that the rise of the robot economy could cost millions of workers their jobs, with widespread ramifications for pay, […]

New industrial revolution means workers may never retire, warns Mark Carney

New industrial revolution means workers may never retire, warns Mark Carney

File photo dated 24/05/18 of Bank of England Governor Mark Carney. PRESS ASSOCIATION Photo. Issue date: Tuesday August 28, 2018. Victoria Jones/PA Wire. A new industrial revolution could mean many workers will never have enough money to retire, Bank of England governor Mark Carney has warned.

He said automation, artificial intelligence, biotechnology and 3D printing will lead to higher unemployment and rising inequality.

The predicted changes, which Carney described as a fourth industrial revolution, could lead to a “substantial skills mismatch”.He said about ten per cent of jobs in the UK will disappear, while the “threat of robot substitutes” will weaken […]

Longer working lives could end retirement hopes, claims Carney

Longer working lives could end retirement hopes, claims Carney

Warnings: Mark Carney People may not have the option of retiring because of longer working lives, the Bank of England governor has warned.

Rapid and seismic change is likely to lead in the interim to unemployment, dislocation and rising inequality, Mark Carney added.

Increasing automation of jobs represents a Fourth Industrial Revolution which threatens a tenth of UK posts and 15% in Ireland, Mr Carney told an audience at the Republic’s Central Bank in Dublin.He said: "Unlike in the previous industrial revolutions, the more rapid pace of adjustment and longer working lives means workers may not have the option of retiring."This […]

Will Robotic Process Automation Bring Down The Curtain On Outsourcing?

Will Robotic Process Automation Bring Down The Curtain On Outsourcing?

If there is one area that Robotics Process Outsourcing affected widely is near and offshore jobs. Robotic process automation (RPA) is applied to a variety of business processes by automating rule-based monotonous tasks and bridging temporary gaps. Basically, the RPA engines are loaded with highly-specific process knowledge which enables rules-based automation. Today, robotics lifecycle is automating almost half the traditional back-office functions which are being augmented with automation and are offsetting the cost of locations, noted a Deloitte Financial Services paper. So far, the early stages of adoption have shown businesses great benefits. According to recent statistics, robotic automation […]

Does the rise of AI mean the decline of employment?

Does the rise of AI mean the decline of employment?

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 […]

Carney: People may not be able to retire because of longer working lives

Carney: People may not be able to retire because of longer working lives

People may not have the option of retiring because of longer working lives, the Bank of England governor has warned.

Rapid and seismic change is likely to lead in the interim to unemployment, dislocation and rising inequality, Mark Carney added.

Increasing automation of jobs represents a Fourth Industrial Revolution which threatens a 10th of UK posts and 15% in Ireland, Mr Carney told an audience at the Central Bank in Dublin. Mark Carney addressed an audience at the Central Bank in Dublin (Niall Carson/PA) He said: “Unlike in the previous industrial revolutions, the more rapid pace of adjustment and longer working […]

5 Big Lessons From the Lehman, Global Economy Meltdown

5 Big Lessons From the Lehman, Global Economy Meltdown

It’s been a decade since Lehman Brothers went bust and the global economy was gobsmacked. What have we learned? The most obvious lesson is that greed is not good.

Everyone from home flippers in Florida to high-powered Wall Street traders hawking crappy mortgage securities were in on this avarice avalanche. I know because I had a front-row seat starting in 2007 when I was writing a column for Bloomberg News. My book Cul-de-Sac Syndrome summarized some of the debacle.

The worldwide wreckage that came after the Lehman bankruptcy is still haunting us. Some 6.5 million jobs were lost (including mine). Trillions […]

Tech to cost SE Asia millions of jobs – WEF

Tech to cost SE Asia millions of jobs – WEF

HANOI: Automation will soon make millions of low-skilled jobs—from cashiers and machine operators to waiters and drivers—redundant across Southeast Asia, experts said on Wednesday, warning the region to upskill fast or face huge employment problems.

The topic was center stage at the World Economic Forum (WEF) in Hanoi, where warnings abounded that countries including Vietnam, Indonesia and Thailand where manufacturing has driven GDP and employed millions would be among the worst affected.

In stark comments, Vietnam’s Prime Minister Nguyen Xuan Phuc told the forum technology could spell doom for the “Asian factory model” of growth that has driven his country for […]