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- Contrary to popular fears about job losses, the World Economic Forum predicts that automation will result in a net increase of 58 million jobs.
- About two-thirds of the jobs transformed by automation will become higher-skilled, while the other third will be lower-skilled.
- We can learn from other historical transformations in the 1900s, including the mechanization of farming, when people switched to industry work.
- Although the nature of these jobs is uncertain, it’s essential our future workforce is appropriately educated, writes Amar Hanspal, CEO of Bright Machines.
The fear that machines will render large swaths of people unemployed is vastly overblown. By taking over the drudgery of repetitive tasks and the danger of more perilous ones, automation will free up humans to do more challenging work—interfacing with customers, developing better products, and yes, managing those robots themselves.
Far from eliminating them, most experts believe that automation is actually going to create massive numbers of jobs. The World Economic Forum predicts automation will result in a net increase of 58 million jobs. ARK Investment Management predicts automation will add five percent, or $1.2 trillion, to U.S. GDP in the next five years.
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