According to a report by the McKinsey Global Institute, between 39 and 73 million jobs will have been displaced by advances in robotics, artificial intelligence, and automation by as early as 20301.
McKinsey2 further showed how more than half of the jobs available today can be theoretically automated using technologies that are in existence.
Of course, just because jobs can feasibly be automated, does not mean that they will all be automated.
There are several other factors that influence whether automation will be adopted and the pace and extent of this, such as labour-market dynamics, the costs of developing and implementing automated solutions, the benefits of automation, governmental regulations, as well as social acceptance.
However, it is still anticipated that automation will take away a significant number of jobs in coming years.
THE NATURAL EVOLUTION OF THINGS
History shows us that over time, industries evolve. Mechanisation in agriculture and manufacturing reduced headcount from 50-60% down to 5-10%.
Over the years, all major technological advancement has displaced millions of jobs, yet there has never been a long-term increase in unemployment. Fundamentally mechanisation does not mean LOWER employment, it means DIFFERENT employment.
Physical jobs were replaced so the workforce shifted to cognitive. In the same manner, AI and robotics will eventually replace the bulk of cognitive work i.e. drivers, doctors, bankers and financial analysts, lawyers, and a variety of other jobs that require mental skills are facing the threat of automation.
The trend is apparent, we can see the signs. But what might the future then look like?
Future of work is the Imagination Age
Machines are expected to take up the routine and repetitive tasks. In doing so, machines will free up people to explore, experiment and engage in other interesting activities that require creativity and imagination, ushering in the imagination age and the imagination economy.
Forecasting exactly what the jobs of the future may be is a difficult endeavour, in fact a report by the World Economic Forum3 indicates that more than half of the jobs that will be done by students who are currently in elementary school have not been invented yet. This challenges us to look critically at the supporting skill sets that better equip us to navigate this uncertain future.
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