One third of working aged men could have their jobs stolen by ROBOTS by the year 2050, think tank study claims
Phoebe Weston | The Daily Mail | Source URL
Jobs that don’t require advanced education will be the first to be replaced by automation, say the Brookings Institution.
‘Schools need to change their curriculum so that students have the skills needed in the 21st century economy’, Darrell West, vice president of the think tank and author of ‘The Future of Work: Robots, AI and Automation’ told Market Watch.
Already 12 per cent of US working aged men are unemployed and that number could triple in the next 30 years.
‘That, my friends, is a catastrophe,’ Mr West added.
In his new book, Mr West quotes Andrew Puzder, former CEO of Hardee’s parent company CKE.
He comments that digital devices are ‘always polite, they always upsell, they never take a vacation, they never show up late, there’s never a slip-and-fall, or an age, sex or race discrimination case.’
Just last week a report revealed that five robots had replaced seven employees at a Swiss bank in order to speed up workflow.
The robots were able to do the same work as a human employee but could work 24/7 without a break, making them overall more effective.
The pilot project at St. Galler Kantonalbank (SGKB) went so well the bank has decided to take on more robots at the end of this month.
Managing director of Nuremberg-based IT consultant Roboyo GmbH said the question of automation is currently a ‘huge topic’ in financial services.
He said his company is working with banks, insurers and leasing companies who want to save time and money.
A study by GFT Technologies SE in 2017 found that technologies and artificial intelligence could revolutionise the financial sector.
Researchers carried out a survey of 285 professionals from retail banks in eight countries.
They found 94 per cent of participants said artificial intelligence directly added value to their company.
WILL YOUR JOB BE TAKEN BY A ROBOT?
A report in November 2017 suggested that physical jobs in predictable environments, including machine-operators and fast-food workers, are the most likely to be replaced by robots.
Management consultancy firm McKinsey, based in New York, focused on the amount of jobs that would be lost to automation, and what professions were most at risk.
The report said collecting and processing data are two other categories of activities that increasingly can be done better and faster with machines.
This could displace large amounts of labour – for instance, in mortgages, paralegal work, accounting, and back-office transaction processing.
Conversely, jobs in unpredictable environments are least are risk.
The report added: ‘Occupations such as gardeners, plumbers, or providers of child- and eldercare – will also generally see less automation by 2030, because they are technically difficult to automate and often command relatively lower wages, which makes automation a less attractive business proposition.’