Robots will create millions more jobs than they displace, claims WEF

Robots will create millions more jobs than they displace, claims WEF

Respondents predicted a decline of 984,000 jobs and a gain of 1.74 million jobs between now and 2022.

The World Economic Forum also predicts the loss of some 75 million jobs worldwide by 2022, but also says 133 million new jobs will be created.

New skill sets for employees will be needed as labour between machines and humans continue to evolve, the report pointed out.

"By 2025 more than half of all current workplace tasks will be performed by machines as opposed to 29 per cent today", a statement by the Swiss non-profit organisation said.

According to the report, "if the welfare changes (if they are wisely managed) can lead to good employment, good jobs and improved quality of life, but if changes are poorly managed, then there is a risk that the" gap "of skills, greater inequality and wider polarization". Jobs that involve design or programming tasks, critical thinking, and social intelligence will be more resistant to automation, the report claims. Whilst the future of work will see more organisations adopt technologies such as these, their fundamental role will be to remove repetitive tasks and admin work, making way for employees to focus on more meaningful and creative work. Something similar should therefore be expected for the ongoing Fourth Industrial Revolution.

Trump says N. Korean leader agrees to nuclear inspections
As a preliminary measure, all guard posts that are closer than 1 kilometer from each other will be withdrawn. Kim pledged to visit the South Korean capital, Seoul, in what would be a first for a North Korean leader.

"A lot of these new jobs will be centred around understanding and managing the technology, as the limitations of machine learning means it needs human wisdom to guide it".

A McKinsey report in December produced one of the rosier assessments, forecasting jobs lost and created by new technology might be about equal by 2030. "Without proactive approaches, businesses and workers may lose out", she said.

It is estimated that by 2022, 54% of all workers will need substantial retraining (lasting at least six months) to acquire additional technological and other skills.

The changes are already being felt in some sectors, with the likes of software engineering, user experience designers and data analysts on the up across western Europe between 2013 and 2017 while sales, journalism and admin work experienced a drop.

Related Articles

  • Oil prices fall as US-China trade war clouds demand outlook

    Oil prices fall as US-China trade war clouds demand outlook

    Riyadh boosted production significantly in June, pumping 10.42 million barrels a day, up from 9.9 million barrels a day in April.
    Kim, Moon join hands on peak of sacred North Korean volcano

    Kim, Moon join hands on peak of sacred North Korean volcano

    Many South Koreans still harbor deep anger over the North's 1950 sneak attack that started a war that killed and injured millions. The United States, South Korea and Japan also have set their own economic restrictions on North Korea.
    Antonio Brown missed meetings, film on Monday

    Antonio Brown missed meetings, film on Monday

    Tomlin downplayed Brown's sideline behavior, calling "negative exchanges" the byproduct of not playing well as a whole. Brown leads the league with 33 targets, but none of his 18 catches has gone for more than 22 yards.
  • Samsung announces Galaxy A7 with triple lens camera

    The company's new Galaxy A7 handset comes with something we have never seen on a Galaxy phone before: a triple camera setup. The device will be available in 4GB and 6GB RAM variants with 64GB and 128GB of internal storage.
    Roseanne: My character gets killed off 'The Conners' by opioid overdose

    Roseanne: My character gets killed off 'The Conners' by opioid overdose

    Despite her stated intent for the tweet to be purely political, Barr was criticized for being racist. Goodman also defended his Roseanne co-star and said he knows for a fact that Barr is not a racist.
    Smartphone maker OnePlus forms new division to develop a Smart TV

    Smartphone maker OnePlus forms new division to develop a Smart TV

    Pete Lau , the OnePlus CEO and founder, told Business Insider that his company is now also planning a OnePlus TV . This means we could possibly see casting, voice assistant and other smart home features built right into the TV.
  • Suge Knight sentenced to 28 years for 2015 fatal hit-and-run

    Suge Knight sentenced to 28 years for 2015 fatal hit-and-run

    He had been granted early release in 2001, but was sent back to prison in 2003 after assaulting a parking attendant. Had Knight been found guilty of murder as originally charged, he would have faced life in prison, prosecutors said.
    Prince Harry sneaks samosas from Meghan's cookbook launch

    Prince Harry sneaks samosas from Meghan's cookbook launch

    And Al-Manaar for the support and seeing this through for us, our team at Kensington Palace and the Royal Foundation . Meghan can be heard saying "sorry" to Harry, the pair having a laugh at the situation.
    India Bans Traditional Muslim 'Instant' Divorce

    India Bans Traditional Muslim 'Instant' Divorce

    The legislation stymied in parliament sought to make the practice a non-bailable offence, with up to three years in jail.
  • Gazidis Swaps Gunners For Milan

    Gazidis Swaps Gunners For Milan

    Meanwhile Arsenal's chief commercial officer Vinai Venkatesham will take over the role of managing director at the same point. Emery was left in the dark over Gazidis' future, as shown in a press conference before Arsenal's 0-2 win over Newcastle .
    Cleveland Browns Instant Reactions: Baker Mayfield era begins

    Cleveland Browns Instant Reactions: Baker Mayfield era begins

    It started out looking incredibly bleak, but the Cleveland Browns found life when Baker Mayfield took over under center. The Jets (1-2) grabbed a 14-0 lead on a pair of touchdowns by former Browns running back Isaiah Crowell.
    Trump Urged Spain to Build Wall Across Sahara

    Trump Urged Spain to Build Wall Across Sahara

    Borrell's anecdote didn't specify when and in what context Trump voiced his suggestion, which may have been intended as a joke. It would be similar to Trump's planned wall across the US-Mexico border to stop illegal immigration.