Automation and digitalisation represent a paradigm shift where machines begin to replace humans in an ever-increasing number of roles. Automation and digitalisation have already begun to displace workers, affecting the job market on both sides: those whose jobs are displaced and those who are newly employed in positions that didn’t exist before. As per a recent source, it is predicted that more than 35% of the worldwide workforce will lose their jobs due to the relentless pace of technological advancements over the next 10-20 years. This article summarizes how automation and digitalisation affect the job market.
What are automation and digitalisation?
Automation is the replacement of human tasks or works with machines, processes, robots, or automated systems. Automation also encompasses the integration of computer-controlled equipment into a business’s operation. As more companies automate various aspects of their processes, the risk for employment disruption increases. The digitalisation of information is being accelerated on an exponential scale with emerging technologies like artificial intelligence (AI) and machine learning (ML). As we digitize everything from data storage to communication to manufacturing to transportation – jobs will become obsolete as humans become increasingly non-essential to certain industries.
Increased automation is causing companies to rethink their hiring needs
Automation and digitalisation are the two monsters of this era that have taken over human jobs. There’s no doubt about it, the pace of technological growth has never been this fast. A recent study found that 60% of companies digitized tasks to replace 41% of their workforce. Just like many other companies, you might be thinking about reducing your workforce for the same reasons. This wave of technological change is displacing more and more white-collar workers from their jobs, but automation can also affect the blue-collar workforce. From marketing managers to business analysis and financial experts, automation technology is causing employers to rethink their hiring needs.
The job market is evolving rapidly. Many people believe that automation, digitalisation, and outsourcing will take over more jobs soon. While employment rates will likely fluctuate from year to year and sector to sector, it does not seem wise to disregard job security altogether. If you analyze various factors such as projected job growth, employment trends, and education required for a particular occupation, you can have a pretty good idea of whether or not your chosen field will be safe for the time being.
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