Study Expects Up to 800M Workers Displaced by Automation in 2030
A recent study by the McKinsey Global Institute expects 400 to 800 million to workers to be displaced by automation by 2030, equal to upwards of 30 percent of global hours worked, according to an article by Quartz.
The report shows 32 percent of the US workforce’s 54 million is expected 2030 workers will need to move into new career areas to avoid job loss, although work-hour demand actually will increase due to automation.
While income and consumption are expected to rise due to automation, there is reason to believe automation also will grow the income gap as it creates more high-wage jobs and reduces the need for low- and medium-wage jobs.
The article points to the need for retraining in the present and moving forward to avoid job displacement and economic challenges. Governments and private companies must take steps to help the U.S. workforce obtain the skills needed to reap the benefits of automation, or the workers will face the same fate as many during past shifts in workforce needs.
So, while jobs will disappear due to automation, more jobs will be created, resulting in a trading of jobs, rather than workers without jobs, as long as we are prepared for the shift.
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February 21, 2023