Robots are taking over the world and if you don't start getting some serious digital skills, they will be taking your job for sure. According to a new report from McKinsey, around 800 million global workers are expected to lose their jobs by 2030 to robotic automation. That comes out to one-fifth of the workforce.
The jobs that will really see this will be with mortgage brokers, paralegals, accountants, back-office staff roles and jobs that involve physical labor. More cognitive and creative jobs such as doctors and lawyers will not see as much of an impact. Richer economies like the U.S. and Germany are also going to see a lot of jobs lost because they have invested more money in Artificial Intelligence.
However, it isn't all bad news as there will actually be more work (especially in healthcare and 20 million of those displaced workers will be able to easily transfer to other industries) as automation expands, but people will need to be well-equipped with digital skills and the more digital skills, the higher the wages. According to a new report from Brookings, the average annual wage for workers in high-level digital occupations was $72,896 in 2016. For middle-level digital jobs it was $48,274 on average, and for low-level digital occupations, it was $30,393 on average.
The report's authors believe that the government needs to inject more money into educating people on technology skills. Similar to what the U.S. did with the Marshall Plan to make sure people were educated and equipped with the skills they needed to create an active labor force. The robots may not all be bad.
(Photo By D J Shin/Wikimedia Commons)