December 2, 2020

World Economic Forum Study on new way of working : Robots could snatch 8.50 crore jobs in next five years

According to a study, robots will take away 8.50 crore jobs in the medium to large business houses in the next five years as a result of sweeping changes in working methods and workplaces due to Corona. In a survey of about 300 companies worldwide, four out of five executives said they plan to accelerate digital operations and use new technologies.

A survey conducted by the World Economic Forum found that Corona has developed a new way of working for the future. If employees are to maintain their employment, they must learn new skills by 2025. The owners will also share the work equally between the machine and the manpower.

As companies increase their use of new technologies for data entry, accounting and administrative operations, new job creation has slowed and the pace of job elimination has accelerated. However, on the positive side, more than 9.70 crore jobs are expected to be created in sectors like health care, technology and content creation.  Employments in which employees will be able to maintain their work include management, advice, decision-making, interacting, etc., the survey report said.

New roles will be created in engineering, cloud computing and product development. Of the business houses surveyed, 43 per cent said the workforce would be reduced due to the use of technology, while 34 per cent said the workforce would need to be increased due to the implementation of the technology.

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