The June jobs report, boasting an unemployment rate of 6.1 percent, shows positive signs of economic growth. But the snapshot is not as sunny for young adults. Those between the ages of 18 to 34 have an unemployment rate of 9 percent (higher if you count those who have given up looking).
Some experts point to the quickly evolving nature of jobs due to Effects of Automation as evidence robots will replace human workers.
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Some experts point to the quickly evolving nature of jobs due to Effects of Automation as evidence robots will replace human workers.
In large parts of Africa, it is likely that technology could fundamentally disrupt this pattern. Research based on World Bank data has predicted that the proportion of
"jobs threatened in India by automation is 69 per cent, in China it is 77 per cent and in Ethiopia, the percentage of jobs threatened by automation is 85 per cent"
the fact that as automation adoption increases, 70 per cent of the workload can be handled by machines, without the need for humans to intervene.
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It is bound to accelerate faster in the next year as companies look to enhance performance and garner insights from run-of-the-mill tasks.
Overseas clients of the software services industry are asking their Indian offshore vendors to invest on automation tools.
In some cases, clients are willing to fund as they seek a 5-10 per cent cost reduction on a yearly basis.
Forrester says Artificial Intelligence and Robotic Process Automation will take over low-value repetitive tasks and rote work.
Analysts are also taking their cues from the World Bank, which said last year that automation threatens 69 per cent of the jobs in India. All this is bound to impact hiring going forward.
According to a survey by Experis IT ManpowerGroup India, the collective number of layoffs that the IT giants are contemplating is way higher than what the Indian IT industry has ever witnessed, and this trend is likely to continue for the next 6-12 months.
The $155-billion IT sector employs around 3.9 million people in the country, and McKinsey estimates that half of the existing workforce will be irrelevant as they are not skilled to stay tuned to the changing market needs.
Some industry watchers like Nasscom Chairman Raman Roy belief that despite rising automation, hiring will not come to a standstill. “The skillsets that the industry requires will change and it will intensify in the coming years,”.
Automation is com-modifying older technologies, which formed the backbone of the Indian IT sector. Gartner expects costs of commodity services to decline by 15-25 per cent annually, which would negatively impact margins of outsourcing firms, which on an average get 60 per cent of their revenues from legacy business.
In what could pose serious challenges to Indian policymakers in the coming years, the growing use of technology in economic activities, threatens to kill thousands of jobs. What is more, India’s information technology (IT) sector, which has been providing jobs to millions, is projected to face huge job cuts as companies deploy robots to do low-skilled work.
Not only in the IT industries, but also in the manufacturing, food sector and now banking; robots are there to stay. In August, 2016 HDFC announced that it would soon have a robot to begin with, in one of its branch. It will work as security as well as receptionist. According to a report by Citi Bank, “Around 30% of all jobs inside banks would be terminated due to increased automation in various banking services.”
Artificial intelligence is taking over fast and with effect that is hard to ignore. The day when schools and teachers will be replaced by a machine is not far. There are digital nannies on the go. There will be digital drivers and plumbers soon too.
Small part resourced by, https://www.forrester.com/Robots+AI+Will+Replace+7+Of+US+Jobs+By+2025/-/E-PRE9246#
before also I explained the facts over Unemployment 👇
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