The Real Picture Of Technological Unemployment

With many studies projecting a pessimistic future where technology would automate most human jobs, a recent World Bank report paints a clearer picture of the complicated nature of technological unemployment.

- Dhruv Mukerjee

The advancement of technology and the restructuring of human lives around technology has been one of the constant drivers of change across history. But it wasn’t until the Industrial Revolution (the first of its kind according to many) that the concept of jobs found its roots and since then has become a relevant part of the modern-day societies. However, today, jobs are increasingly becoming dependent on technology, and this technological impact on jobs has many speculating on what the future holds.

Much like the Luddite movement which took over parts of Britain in the 19th century—a revolt against the increased mechanization of cotton mills and the fear of mass job loss—the current global workforce faces similar dilemmas, although without the violent disposition. But the threat to jobs is not completely unfounded. A recent World Economic Forum report1 highlighted the concern that leading up to 2025, almost half of the current jobs will be replaced by machines, with Saadia Zahidi, the head of the WEF’s Center for the New Economy and Society, adding that companies had "a moral and economic imperative" to invest in retraining and continuing education of their employees. Reports have projected major job displacement and restructuring of the labor markets across many of skill preferences are adapting to such changes quite rapidly. But will it all lead to the point where eventually human talent is replaced across portfolios? The World Bank report in return is less of a direct challenge to many such projections but rather attempts to paint a much clearer picture.

How are job markets evolving?