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Dec 13 - Why workers shouldn't panic about robots taking their jobs


 
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 2 years ago '13        #1
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misterethoughts 370 heat pts370
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Dec 13 - Why workers shouldn't panic about robots taking their jobs
 

 
We’ve heard it many times before: Beware of robots and how technology will impact your job. One of the sectors that’s been hit the hardest is manufacturing. According to the Bureau of Labor Statistics, the US economy lost 4,000 manufacturing jobs in the month of November alone, bringing the total number of jobs lost in the sector to 60,000 this year.

And it’s not just the manufacturing sector that’s taking a hit. Three months ago, Wal-Mart (WMT) announced it was slashing 7,000 back-office and accounting jobs, saying the positions were no longer needed due to advances in automation or centralization.

But automation may not be a bad thing after all, and here’s why: It may simultaneously trigger the growth of many new jobs by creating new categories of work. In fact, EY US chairman and Americas Managing Partner Stephen Howe told Yahoo Finance’s Seana Smith in the video above that he thinks it will help free employees from mundane tasks and provide an opportunity for workers to focus on more interesting work.

“I think jobs get more exciting for people,” said Howe. “What we’re doing for robotics is going to routinize those compliance functions that people are less interested in. [Robots] are going to be able to get involved in analytics and the world of data. So I like to tell millennials, who by the way are 60% of our employees at EY, that this is actually going to be more fun. It’s going to be great.”

According to a study by EY, the next phase of the innovation we’re facing, robotic process automation (RPA), which is software that imitates human execution of tasks by using existing user interface, can cut costs for companies by 50%-70% while simultaneously shortening the time it takes to complete those tasks. This will force employees across all industries to adapt to a new environment.

“Every sector is going through change right now,” said Howe. “There’s the impact of technology, and there’s disruption and innovation… and we again see a lot of opportunity.”

This isn’t the first time America has been spooked by advances in technology. But as history proves, technological advances have been a net creator of jobs. Think back to more than 25 years ago when the internet was first invented. There was concern that the web would eliminate jobs across many industries, including retail and telecom, but according to McKinsey and Company, the internet has created 2.6 news jobs for every one eliminated since its creation. So is there reason to think otherwise in this case? For now, only time will tell.


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3 comments for "Dec 13 - Why workers shouldn't panic about robots taking their jobs"

 2 years ago '09        #2
NastyNate825 21 heat pts21
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 2 years ago '05        #3
kronzsw 59 heat pts59
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cant wait till westworld opens up here in cali

 2 years ago '04        #4
pocketchange 172 heat pts172
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There will just be more people competing for online attention and a social following

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