Tag: productivity

McKinsey: Massive Govt Investment Will Be Needed After Automation Wipes Out Jobs

McKinsey: Massive Govt Investment Will Be Needed After Automation Wipes Out Jobs

Humanoid robots work side by side with employees on the assembly line at a factory of Glory Ltd., a manufacturer of automatic change dispensers, in Kazo, north of Tokyo, Japan, in this July 1, 2015 file photo. REUTERS/Issei Kato/Files A new report from the international consulting firm McKinsey and Co. says heavy government investment in job training, education and unemployment assistance will be needed to mitigate automation’s costs to labor.

The international workforce must be more dynamic and flexible in transitioning from increasingly automated industries to emerging and expanding ones, according to the study .

As many as 800 million jobs […]

Robots coming for 800 million jobs worldwide

Robots coming for 800 million jobs worldwide

But McKinsey warns that efforts must be made by policy makers and business leaders to adapt to changes, in particular mid-career job training in the United Kingdom, with "a focus on robust economic growth and large-scale retraining and re-employment of workers in the coming decade", said James Manyika, chairman and director of the McKinsey Global Institute.

To remain viable, workers must embrace retraining in different fields.

Regardless of whether the ascent of robots is less quick, around 400 million workers could still find themselves displaced by automation and would need to find new jobs over the next 13 years, the McKinsey […]

Up to 700 million jobs to be automated by 2030

Consulting firm McKinsey’s latest jobs report found that up to one-third of work activities could be displaced by 2030, with advanced companies mostly like to be the worst affected due to their higher wage rates and economic incentives to automate as a result.

The firm said that up to 375 million workers would have to switch occupational categories and learn new skills to find employment.

Moreover, it warned that all workers will need to adapt in the future, in order to develop higher educational attainment and spend more time on activities requiring social and emotional skills, creativity, high-level cognitive capabilities and […]

Automation could kill 73 million USA jobs by 2030

Automation could kill 73 million USA jobs by 2030

The good news for those displaced is that there will be jobs for them to transition into, although in many cases they’re going to have to learn new skills to do the work. As a result, the firm’s calculated scenarios suggest that anywhere between 75mn and 375mn workers (3% to 14% of the global workforce) will have to change occupation by 2030, with automated alternatives likely to either completely or partially displace many jobs.

The worst hit will be machine operators, fast-food workers and back-office employees if automation were to spread quickly through the workplace. "Yes, work will be automated, […]

By 2030 Automation Could Eliminate 73 Million Jobs in U.S.

By 2030 Automation Could Eliminate 73 Million Jobs in U.S.

Automation might kill up to 73 million jobs in the United States by 2030, but rising productivity, economic growth, and other forces could offset those losses shows a new report the McKinsey Global Institute released this week.

The director of research for the group and the study’s co-author Susan Lund said the dire prediction robots will take human jobs is overstated, as there will be a sufficient number of jobs for workers in the majority of sectors.

However, maintaining complete employment will require huge overhauls to the labor market and economy that rivals or surpasses the massive shifts in the nation […]

One-third of US workers could be jobless by 2030 due to automation: McKinsey

One-third of US workers could be jobless by 2030 due to automation: McKinsey

As much as one-third of the United States workforce could be out of a job by 2030 thanks to automation, according to new research from McKinsey. The consulting firm now estimates that between 400 million and 800 million individuals globally could be displaced by automation and need to find new work.

"Even if there is enough work to ensure full employment by 2030, major transitions lie ahead that could match or even exceed the scale of historical shifts out of agriculture and manufacturing," according to a report by the McKinsey Global Institute published this month. "Even as it causes declines […]

Automation may require as many as 375 million people to find new jobs by 2030

Automation may require as many as 375 million people to find new jobs by 2030

Fears that automation and machine learning will cause massive job losses and make people obsolete are starting to wane (well, unless you ask Stephen Hawking ). Instead, there’s a more optimistic prediction taking hold: that the new technology could actually lead to job gains. But the transition won’t be easy.

By 2030, up to 30% of the hours worked globally could be automated, according to a new report by the McKinsey Global Institute . Analysts in the consultancy’s research arm estimate that between 400 million and 800 million people could find themselves displaced by automation and in need of new […]

It’s not human versus robot

It’s not human versus robot

Technology is ushering in a new age of automation. Every day, across industries, smarter machines are deployed to manage the growing scale of work.

Computer technology has eliminated some tasks and lowered the demand for some workers. A recent study by McKinsey & Company estimates that almost half of all current tasks are subject to automation, providing fodder for the argument that widespread technology-induced unemployment is impending. However, computers can play an oversized role only in five percent of occupations, eliminating all tasks currently performed by humans. In the remaining 95 percent of the occupations, there will still be plenty […]

IN BRIEF

JOBS LOST, JOBS GAINED: WORKFORCE TRANSITIONS IN A TIME OF AUTOMATION In our latest research on automation, we examine work that can be automated through 2030 and jobs that may be created in the same period. We draw from lessons from history and develop various scenarios for the future. While it is hard to predict how all this will play out, our research provides some insights into the likely workforce transitions that should be expected and their implications. Our key findings:

ƒ Automation technologies including artificial intelligence and robotics will generate significant benefits for users, businesses, and economies, lifting productivity […]

Automation could kill 73 million U.S. jobs by 2030

Automation could kill 73 million U.S. jobs by 2030

A new report from Paysa suggests automation jobs will put 10,000 people to work, and big companies will spend $650 million on annual salaries to make it happen. Sean Dowling (@seandowlingtv) has more. Buzz60 Automation could destroy as many as 73 million U.S. jobs by 2030, but economic growth, rising productivity and other forces could more than offset the losses, according to a new report by McKinsey Global Institute.

“The dire predictions that robots are going to take our jobs are overstated,” says Susan Lund, the group’s director of research and co-author of the study. “There will be enough jobs […]