The ever on-going technological evolution is fast replacing humans in every aspect of work. Virtually every sector and industry in the global economy is now completely dependent on technology. Thousands of labor workers have been permanently laid off and their workforce have shrunk, restructured or disappeared completely. The amount of economic value created by automated robots and efficient technology for a given unit of input (say labor hours per day), is far greater than what humans can do manually. Technology has evolved so much that performing tasks typically reserved for human creativity.
Technology is moving forward at the speed of light. Jobs that were once considered secure no longer exist. Agriculture accounted for around 60% of the working population a century and half ago. Now, it accounts for only 3% of working population. Robot workers are currently ruling all the manufacturing companies, even agricultural business worldwide.
Banking sector has very little hum interaction. Everything has gone up the internet. One can set up bank account online, transfer money, apply for a loan, make investments and even block a cheque without waiting for your turn in the line.
Many of us would have probably noticed self-checkout counter at some of the departmental/retail stores. It is a growing innovation in recent years. Customers can tag the barcode, make the payment, collect the bill and go home. Soon cashier’s job wouldn’t even exist anymore.
Within past decade, most companies have turned to automated telephone operator until absolutely necessary for the executive to answer it. The cost effective technological transformation has forced call centers to downsize their employee strength.
Medical industry has jumped in leaps and bounds in terms of technology. As medical research improves, doctors will be better at tackling complex health problems in a cost effective way. Doctors won’t even need supporting staff during a surgery.
This sector has been hit by technology big time, in terms of employment. Technologies like internet, A.I., big data and decision sciences have made it possible to program almost any repetitive tasks.
Computers can have been capable of solving problems from simple transactions to sophisticated algorithms. These are repetitive tasks that can be running to infinity. However, humans learn in different ways, at different rates and numerous variables can affect their progress of learning. What we are seeing is that, technology is able to provide end number information we choose to search but it cannot replace the art of teaching humans.
The types of jobs being offered today are very different from those offered two decades back. Tasks like accounting, clerical work, administrative job; monotonous production jobs in manufacturing have been replaced by tasks involving creativity and problem solving skills often aided by computers. Even if technologies are holding down job opportunities, history has witnessed that this is phase is temporary, until workforce improvise their skills and entrepreneurs create prospects based on new technologies. In the race against the machines, some are likely to win some falter and perish.