Earn
The 85 million jobs predicted to go to robots
The COVID-19 pandemic has seen an acceleration of technology, with 85 million people likely to lose their jobs to robots in the next five years, research has found.
The 85 million jobs predicted to go to robots
The COVID-19 pandemic has seen an acceleration of technology, with 85 million people likely to lose their jobs to robots in the next five years, research has found.
A report commissioned by the World Economic Forum (WEF) which interviewed chief executives, chief strategy officers and chief human resources found that 15 per cent of the workforce is likely to be disrupted, with 6 per cent displaced.
“The COVID-19 pandemic-induced lockdowns and related global recession of 2020 have created a highly uncertain outlook for the labour market and accelerated the arrival of the future of work,” the report found.
“Automation, in tandem with the COVID-19 recession, is creating a ‘double disruption’ scenario for workers. In addition to the current disruption from the pandemic-induced lockdowns and economic contraction, technological adoption by companies will transform tasks, jobs and skills by 2025.”
To remain in the workforce over the next five years, people will need to learn new skills, or by 2025 employers will divide work between machine and human.
The report found that algorithms and machines will be primarily focused on the tasks of information and data processing and retrieval, administrative tasks and some aspects of traditional manual labour.
The tasks where humans are expected to retain their comparative advantage include managing, advising, decision making, reasoning, communicating and interacting.
However, unlike the last financial downturn, the jobs creation is slowing while the job destruction is accelerating as companies around the world look to use big data instead of hiring humans for admin and accountant duties.
Despite this, the WEF estimates that 97 more jobs will emerge across the economy, in technologies in eluding artificial intelligence and in content creation which are roles humans specialise in over robotics.
“Algorithms and machines will be primarily focused on the tasks of information and data processing and retrieval, administrative tasks and some aspects of traditional manual labour,” the report said.
“The tasks where humans are expected to retain their comparative advantage include managing, advising, decision making, reasoning, communicating and interacting.”
To help cope with the changes coming, businesses need to be supported by governments.
“The public sector needs to provide stronger support for reskilling and upskilling for at-risk or displaced workers.
Currently, only 21 per cent of businesses report being able to make use of public funds to support their employees through reskilling and upskilling,” the report concluded.
RELATED ARTICLES
About the author
About the author
Salary
The financial benefits of a diversified income stream
In today’s volatile economic environment, relying solely on a single source of income can be risky. Diversifying your income streams can provide financial stability, reduce the risk of financial ...Read more
Salary
Despite losing top spot, Elon Musk rakes in $400,000 hourly
Elon Musk, the entrepreneur known for his involvement in a wide range of innovative and technological businesses, has recently been dethroned as the wealthiest individual in the world, with Bernard ...Read more
Salary
Rising unemployment and skill shortages prompt Australian businesses to look globally for talent
Australia has witnessed its unemployment rate surging above 4% for the first time in two years, revealed by the latest Labour Force data. Read more
Salary
New findings link job mobility hurdles to stagnant wage growth
Recent research from the e61 Institute has unearthed significant links between slow wage growth in Australia and obstacles to job mobility, including non-compete clauses, complicated occupational ...Read more
Salary
Employers scrambling to prevent workplace brain drain
As workplace managers face a swiftly evolving employment market that’s increasingly favouring the demands of white-collar employees and jobseekers, bosses are falling under mounting pressure to ...Read more
Salary
Unions back Albanese’s pledge to close gender pay gap
An electoral promise from Labor to make gender pay equity an objective of the Fair Work Act has been hailed as a “watershed moment” from industry peak bodies who have traditionally advocated for ...Read more
Salary
Coles asked to disprove $115m in alleged wage theft
One of Australia’s biggest supermarkets faces allegations that it underpaid more than 7,500 employees a total of $115 million. Read more
Salary
Gen Z left behind in progress to gender equality
Women under 25 may emerge from the pandemic in a worse financial position than when it began, new research has shown. Read more
Salary
The financial benefits of a diversified income stream
In today’s volatile economic environment, relying solely on a single source of income can be risky. Diversifying your income streams can provide financial stability, reduce the risk of financial ...Read more
Salary
Despite losing top spot, Elon Musk rakes in $400,000 hourly
Elon Musk, the entrepreneur known for his involvement in a wide range of innovative and technological businesses, has recently been dethroned as the wealthiest individual in the world, with Bernard ...Read more
Salary
Rising unemployment and skill shortages prompt Australian businesses to look globally for talent
Australia has witnessed its unemployment rate surging above 4% for the first time in two years, revealed by the latest Labour Force data. Read more
Salary
New findings link job mobility hurdles to stagnant wage growth
Recent research from the e61 Institute has unearthed significant links between slow wage growth in Australia and obstacles to job mobility, including non-compete clauses, complicated occupational ...Read more
Salary
Employers scrambling to prevent workplace brain drain
As workplace managers face a swiftly evolving employment market that’s increasingly favouring the demands of white-collar employees and jobseekers, bosses are falling under mounting pressure to ...Read more
Salary
Unions back Albanese’s pledge to close gender pay gap
An electoral promise from Labor to make gender pay equity an objective of the Fair Work Act has been hailed as a “watershed moment” from industry peak bodies who have traditionally advocated for ...Read more
Salary
Coles asked to disprove $115m in alleged wage theft
One of Australia’s biggest supermarkets faces allegations that it underpaid more than 7,500 employees a total of $115 million. Read more
Salary
Gen Z left behind in progress to gender equality
Women under 25 may emerge from the pandemic in a worse financial position than when it began, new research has shown. Read more
