Posted on : March 6, 2018
Views : 2
Category : Human Resources
Will there be enough jobs in the future? Research indicates a set of catalysts will be driving job growth to potentially offset the impact of automation. These catalysts include rising prosperity, technology spending, aging populations and healthcare, investments in real estate and infrastructure, energy transitions and efficiency, and the marketization of unpaid work. Michael Chui, partner at the McKinsey Global Institute explains why this is the case. Very few occupations—less than 5 percent—consist of activities that can be fully automated. However, in about 60 percent of occupations, at least one-third of the constituent activities could be automated, implying substantial workplace transformations and changes for all workers. While technical feasibility of automation is important, it is not the only factor that will influence the pace and extent of automation adoption. Other factors include the cost of developing and deploying automation solutions for specific uses in the workplace, the labor-market dynamics (including quality and quantity of labor and associated wages), the benefits of automation beyond labor substitution, and regulatory and social acceptance.