How serious is the impact of automation on human jobs? Which jobs will be affected first? How is the automation revolution different from the industrial revolution? Business Today’s Rajeev Dubey posed these and other such questions to Paul Raleigh, Global Leader, Growth and Advisory Services, Grant Thornton. Excerpts from the interview:
Q. Where all is automation hurting?
It’s hurting people. It’s going to hurt jobs. There are some big shocks coming which we can see. Automation will provide a shock. It will provide a shock to the middle class, the professional class, which were unscathed by the previous automation in manufacturing. The changes are going to go deeper, affect more people. The real challenge at the domestic level and at the corporate level is the new skill sets, moving people from older skills to newer skills. We’ve been hearing about automation ever since we started working. Are we working less? Are we doing anything less today? Technology has always managed to bring new opportunities, but they are going to be different opportunities. The big challenge for businesses is to move people from old opportunities to the new. In that transition, there will be some big shocks. That’s the rise of nationalism and populism you see. People are nervous – what does this mean for me, for my family?
Do you see automation leading to large-scale shrinking of jobs?
I do think that we will see large job losses. Employment will shrink in certain industries. Automation will impact services in particular — legal, audit, tax. Anything that can be automated will be automated. In that way, it is a race to the bottom, and the bottom is a ROBOT. I believe there will be significant job losses. I think it will take longer to happen than is being predicted. It’s more of an 8-10 year cycle.
Any sectors where the impact will be more?
Denne historien er fra June 18, 2017-utgaven av Business Today.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra June 18, 2017-utgaven av Business Today.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Pension Scheme - Safety Net
The move to introduce the UPS has evoked mixed reactions. Analysts believe its funding will have limited impact on the fiscal math
The Reit Choice?
Real Estate Investment Trusts (Reits) Are Gaining Traction As Interest Rates Stabilise. But Returns Could Be Affected By Adverse Economic Conditions And Market Volatility
CORPORATE - Calling to Account
The sudden exit of Byju's auditor BDO marks the latest in a long series of setbacks for the edtech firm
EMPLOYMENT: Skills Push
The skill development ministry plans to partner with the UGC to improve the employability of undergraduates
Building on a Vision
L&T'S CHAIRMAN EMERITUS A. M. NAIK HAS BUILT A MAMMOTH ENTERPRISE THAT IS BUILDING A NEW INDIA, FROM ITS METRO RAIL SYSTEMS TO THE RAM TEMPLE
"KYS more important than KYC"
Vijay Kedia is a renowned equity investor; the value of his listed portfolio stands at around ₹1,750 crore
ROXX STAR
THE THAR ROXX COMBINES LUXURY WITH PERFORMANCE TO MAKE A STRONG STATEMENT IN THE MID-SIZE SUV SEGMENT
HIT THE GROUND RUNNING
Smartwatches have become indispensable tools for runners, offering real-time insights into pace, distance, heart rate, and more. Here are a few you can consider
TURNING THE TABLES
INDIA'S FURNITURE MARKET IS POISED FOR A GLOBAL TAKE-OFF. ALREADY, A HOST OF GLOBAL BRANDS HAVE MADE THE COUNTRY THEIR HOME, BUT INDIAN COMPANIES ARE NOT TOO FAR BEHIND
THE EVOLUTION OF ATHERA
IDENTIFYING OPPORTUNITIES IN ADVANCE HAS STOOD THIS BENGALURU-BASED VC FUND IN GOOD STEAD. NOW, WITH A HEIGHTENED FOCUS ON TECHNOLOGY, IT WANTS TO SUSTAIN THE SUCCESS