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Will Robots Create or Destroy jobs in the future?

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According to a World Economic Forum (WEF) report, the rise of the machine or rather the robot can lead to more than 133 million jobs in the next decade. This is in stark contrast to the number of potential jobs lost due to the introduction of robots.

1. Rise of the robot

According to the WEF study, approximately 133 million jobs could be created globally in the workplace, with the help of rapid technological advances. This is a massive jump in employment compared to the 75 million that could be displaced. 

2. Human fears – are they justified

Findings in the WEF report appease fears that the rise of the robot economy will cost millions of workers their jobs, with widespread ramifications for pay, living standards and inequality.

Findings, from a survey of company executives representing 15 million workers in 20 different nations by the organiser of the annual Davos gathering, does, however, warn of risks posed by automation.

3. Robots and job losses

Some companies are already beginning to shed jobs in favour of automation, including the online retailer Shop Direct, which earlier this year warned 2,000 jobs were at risk as it moves to a new distribution centre.

4. New technologies – their impact

The WEF report suggests new technologies have the capacity to both disrupt and create new ways of working, similar to previous periods of economic history such as the Industrial Revolution when the advent of steam power and then electricity helped spur the creation of new jobs and the development of the middle class.

5. Government support for displaced workers

Ideas previously floated for supporting workers have ranged from a universal basic income to help the unemployed to greater government spending on education and adult learning.

In closing

The next decade is going to be both exciting and challenging as robots are introduced into the workplace in greater numbers. Is your company preparing for the transition?

For more information contact Ryan Danvers of ABACON IT on 072 601 2858.