With progress comes change and change brings adjustments. As technology progresses, it is unclear whether people are ready to embrace the changes that come with it or are merely feeling threatened by them. In most cases, these technological advancements are inevitable and, for the most part, are created to enhance efficacy and timely delivery. But there’s more. Here’s how technology affects the job market, both positively and negatively.
Positive Effects of Technology on the Job Market
#1: Increased Efficacy
In the manufacturing and production industries, a considerable number of tasks are menial and repetitive. These can be both physically and mentally draining, causing fatigue. Artificial intelligence technology adaptations increase productivity. Automation frees up workers’ time to focus more on vital duties such as data interpretation, product design, and problem-solving. Ultimately, this also allows more employees to work remotely and send updates using online methodologies.
#2: More Demand for Skilled Workers
Automation does not always imply future unemployment because the advancement, adaptation, and ubiquitous use of emerging technologies will be dependent on a variety of factors, including cost-effectiveness and viability. Additionally, the regulatory and legal framework in specific countries and general populace adoption of innovative technology will also be a significant factor.
#3: Less Fatigue Equals Happier Employees
Skilled work doesn’t necessarily require physical presence. Remote working has crossed all boundaries as new communication tools enable organizations to collaborate across borders. Increased opportunities to work remotely means an elimination of time wasted in transit from home to office. As such, employees have more time to rest and refresh, keeping fatigue at bay. This helps them remain more alert and attentive during productive hours. Additionally, employees can now spend more time with their families, making them happier.
#4: Cost Reduction for Companies
With fewer employees in the office, this means a significant cost reduction for companies in terms of office space, utility bills, and insurance costs, to name a few. Furthermore, remote employment allows businesses to recruit people from any country. They can recruit talented IT specialists who want cheaper pay and perks. In other words, working remotely helps firms to achieve their objectives at a lower cost.
Additionally, companies have been able to lessen their reliance on physical infrastructure by implementing remote working and cloud computing. Businesses once required enormous rooms to house their database centers years ago. Technology has now made it possible for organizations to eliminate their physical database infrastructure owing to cloud storage.
Negative Effects of Technology on the Job Market
According to an Office for National Statistics (ONS) estimate in 2019, around 1.5 million occupations in England are at high risk of having part of their activities and functions automated in the future. Automation is using technology to replace jobs now performed by employees, which might include algorithms, computer programs, and even robots.
Most of the jobs that will be impacted negatively include, but are not limited to, data entry, word processing, typing, postmasters and mail attendants, machine assemblers, electronic assemblers, legal secretaries, among others.
But it’s not all doom. While certain functions are being automated, jobs are being created. For instance, while automation mostly takes over the less complex and more routine skills, creativity and innovation fields begin to create more job opportunities. This shows that the labor market is shifting towards jobs requiring more complicated and less routine abilities. Employers will, in the future, look for employees who can constantly learn new skills.
If your current job is likely to get automated, you may want to consider seeking expertise to make you more sought-after in emerging markets. Checking out the space careers will guide you to what knowledge and skills you can acquire in preparation for the future.
Future automation is expected to be disruptive for employees whose skills will become outdated, putting them in danger of job loss and the need to transfer activities and employment. In contrast, there will be continued demand for skilled workers, driving the need to upgrade skills within the job market, pushing employees to self-development to remain relevant. If you’re adaptable and enjoy learning something new, you’ll be likely to participate in the world’s emerging workforce.