Thursday, December 7, 2017

AL DíA: Automation Impact on Jobs

Source: US Bureau of Labor Statistics, 2014; O*Net; McKinsey analysis.
Four Fundamentals of Workforce Automation

Pretty amazing. Automation is going to hurt the people least able to handle it. Teachers make an average of $27.28 per hour. It looks like about 25-50% teaching jobs are likely to be automated. Am I reading that graph right?
Up to 800 million people—including a third of the work force in the U.S. and Germany—will be made jobless by 2030, the study says...The economy of most countries will eventually replace the lost jobs, the study says, but many of the unemployed will need considerable help to shift to new work, and salaries could continue to flatline...half of those thrown out of work—375 million people, comprising 14% of the global work force—will have to find entirely new occupations. Source: AXIOS
Reading other information from the report, it's pretty tough stuff:
  • Capabilities such as creativity and sensing emotions are core to the human experience and also difficult to automate. 
  • The amount of time that workers spend on activities requiring these capabilities, though, appears to be surprisingly low. 
  • Just 4 percent of the work activities across the US economy require creativity at a median human level of performance. 
  • only 29 percent of work activities require a median human level of performance in sensing emotion.
  • Highly skilled workers working with technology will benefit. 
  • While low-skilled workers working with technology will be able to achieve more in terms of output and productivity, these workers may experience wage pressure, given the potentially larger supply of similarly low-skilled workers, unless demand for the occupation grows more than the expansion in labor supply. 
  • Our scenarios suggest that it may take at least two decades before automation reaches 50 percent of all of today’s work activities, taking into account regions where wages are relatively low.
  • The growing role of big data in the economy and business will create a significant need for statisticians and data analysts; we estimate a shortfall of up to 250,000 data scientists in the United States alone in a decade (Source)
  • the United States has captured only 18 percent of its potential from digital technologies, while Europe has captured only 12 percent. Emerging economies are even further behind, with countries in the Middle East and Brazil capturing less than 10 percent of their digital potential. 
  • Policy makers working with education providers (traditional and nontraditional) could do more to improve basic STEM skills through the school systems, put a new emphasis on creativity as well as critical and systems thinking, and foster adaptive and life-long learning. (Source)

Everything posted on Miguel Guhlin's blogs/wikis are his personal opinion and do not necessarily represent the views of his employer(s) or its clients. Read Full Disclosure

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