Nowadays ATM has become very common to withdraw cash.
It's through curiosity and looking at opportunities in new ways! We've always mapped our path.
Robots, Automation will snatch the moment in upcoming years.
Nowadays everyone is in the search of Job opportunities. But our Jobs is on the verge of purloin.
Wondering How?
In today's world, everyone is looking to automate things for precision, accuracy, comfort, and affordability.
Machines and computation encountered the work task of mankind.
Examples:
- Smart Watch
- Gestures Recognition
- Voice Recognition
- AR, VR, MR: Tourist break down and many more...
- Automatic Cleaning of home (robots)
- Internet of Things
- Artificial Intelligence
Every company is investing to automate their task to reduce the laborious efforts.
Eventually, they are investing in reducing the work cost to cheap, affordable, and accurate machinery to complete the daily streaks.
A report by OECD published in March 2018, considers the impact across 32 countries.
While it claims one in two jobs will be influenced by automation, the risk of replacement varies, with only 14% of jobs (66 million workers) being highly (70%+) automatable.
32%, on the other hand, have a 50%-70% risk of changing due to automation.
The median job within the study has a 48% chance of being partly automated.
The 2o17 McKinsey study also assesses degrees of automation and revealed a now well-documented statistic.
60% of occupations have at least 30% of constituent work activities that can be automated.
However, over 200 million global workers will need to switch occupational categories by 2030 and most likely re-train because of role changes.
How employability affected in the last 40 decades?
Automation and programming have affected the employment of the last 40 years in many ways as follows:
1. Telecom, Banking, Financial Services, Insurance: These sectors are adopting the robotic process within no time at all.
7th September 1999 – World's first ATM was installed by Barclays bank in London. Nowadays ATM has become very common to withdraw cash.
A few years back these machines were not familiar to the people who lived abroad but now everyone knows about them and used them every day for their needs.
It affected the employability of thousands of people,
Who operated these machines and thus affected their job opportunities greatly.
2. Retail Sector: Big retail shops like Tesco, Asda, and Sainsbury have adopted automatic checkouts.
Employment in UK Retail sector is now facing a huge loss.
3. Telecommunication Sector: Companies are investing in Automation to reduce the cost.
Also to reduce the error rate to provide accurate answers, information, and work process.
4. Manufacturing Industries: Companies are switching from conventional manufacturing into automation processes.
Reducing employability due to a decline in demand for the labor force.
5. Healthcare Services: Eventually, building automated technologies for medical purposes to understand the diseased body cells and provide an accurate response for effective treatment.
6. Logistics and Warehousing Sector: Companies are using robotics technology to automate the process of load and unload.
7. Transportation Sector: Adopting automation technology in shipping companies to track all the ships in real-time with accuracy to reduce human errors, thus reducing costs.
Transport companies use this technology improvising their services at low cost with high efficiency.
8. Agriculture Sector: Use of Automatic Farming System to grow all the products without any manual work.
It sends the seeds directly to the ground, sprays, and automatically checks on the growth of the product.
9. Manufacturing, Construction, and Real Estate Sectors: Companies are investing in automation technology to increase their production capacity with efficiency and accuracy.
Impact of Automation on Future employability in India:
- Automation is a driving force for many developing countries and India will not be able to stay immune to it.
Experts predict that India will need 20 million new job opportunities by 2020.
- The governmental digitization drive can lead to disruptive technologies like Artificial Intelligence, Robotics, and Automation.
In all likelihood, this would create a situation where the roles of employees could change drastically to adjust to the new realities. - The effects of automation on employability are fraught with uncertainty.
Because it depends on how society reacts in response to these changes that are taking place at an unprecedented rate and scale, as well as the speed with which they happen. - While the magnitude of such changes is hard to predict, it is important to understand that they will alter work patterns and employment.
For instance, jobs could be automated and then re-allocated, resulting in automation may find their jobs eliminated.
In other places, workers are being re-allocated from manual jobs to higher-skilled occupations as a result of automation. - Several notable companies have been applying artificial intelligence to their business operations.
For some time now, but it has not been used in India for long due to not knowing exactly how it will affect us. - To tackle any uncertainty associated with the changes caused by automation, the government should take steps to educate employees.
Build supportive policies for individuals who do not know how to respond to the changes that are coming up.
It must create a seamless transition for government employees to change their working environment accordingly. - If India can make necessary changes at its institutions, then there could be a strong positive effect on industries across the value chain.
For instance, if India raises its productivity levels to compete globally then automation may see it gain more than just a handful of new jobs. - Many organizations in India have already started exploring new ideas and the results are already evident, like Indian Railways, which have automated many workloads.
They have done this to maintain their focus on operations and to enhance safety throughout the rail system.
- If India were to fully embrace automation, there are several reasons why it could be beneficial for employees.
Automation would create new jobs only for those who can do the new tasks that need to be automated.It can also lead to dramatic changes in job security as it is part of a wider change in society.
Comparative Study of Employment before & after Automation in India:
India is one of the largest manufacturing economies in the world with more than half of its workforce engaged in manufacturing-related jobs.
This has led to a shift in focus towards automation and robotics, particularly over the past 10 years.
Much discussion has centered on "How automation will affect employment levels within India" and what opportunities this shift might create for creating new jobs.
Despite the region’s rapid economic progress over the past decades, 79.1 million workers in Asia and the Pacific, or 4.2%, remained in extreme poverty in 2019, and 277 million workers, or 14.6%, were still living in moderate poverty.
This study looks at this question by conducting a case-study comparative analysis between employment before automation (i.e., 2008) and after automation (i.e., 2017).
This study uses data from an economic survey of India in 2016.
The survey was carried out by the Indian Council of Research in Economics and commissioned by the Prime Minister's Office.
The analysis found that 69% of jobs in formal employment would be automated with additional job losses in informal employment.
However, there were several types of jobs that would not be affected.
For example, factory/non-factory jobs and skilled versus unskilled jobs due to different levels of skills required.
The study also found that the average growth rate of employment from 2010 to 2016 had declined (by almost 2 percentage points).
The data also shows that the growth rate of employment in females is higher than males.
Female workers account for 40% of total workers on average in India.
Finally, the research found a negative relationship between skill levels and wages.
However, skilled workers experience higher wages at all skill levels and have better job prospects than unskilled workers.
This suggests that skilled labor has a comparative advantage over unskilled labor and can be more useful for finding employment opportunities when automation occurs.
Future prediction and aspects of automation and reduce employability:
Almost half the activities people are paid almost $16 trillion in wages to do in the global economy have the potential to be automated by adapting currently demonstrated technology.
According to our analysis of more than 2,000 work activities across 800 occupations.
And which jobs will be most affected?
We find that the most automatable activities are repetitive, predictable, and structured.
This means that the jobs which are most susceptible to computerization are those that comprise low-skill and low-wage occupations in sectors such as manufacturing, food services, and retail trade.
Estimation says that 49 percent of the activities that people are paid to do in the global economy have the potential to be automated by adapting currently demonstrated technology.
Manual tasks are those that involve physical exertion or the manipulation of objects are about 14% of job characteristics like level and occupations of workers).
Death & Suicide Cases due to unemployability in past 50 years:
The death and suicide cases due to unemployability in the past 5 years in India because of the increase of automation in Technology.
In the last 5 years, there have been many cases where people have died or committed suicides for being unable to find a job.
A person committed suicide because he was unable to get work after data entry jobs were automated by the New India Assurance Company company.
New technology has resulted in new methods for advertising and marketing campaigns.
As a result, there are lesser time-consuming ways for companies to advertise such as through video games and apps.
Job Opportunity after automation of Indian Industry:
Automation of Indian Industry and what can be done to prevent it!
There is a pretty alarming future awaiting the jobless, as automation is in its nascent stages for the Indian workforce.
Because of this, there has been a surge in demand for people with skills that automation cannot replicate.
You need not fret about losing your job; there are top ten jobs that also offer guaranteed salary packages!
- Machine Learning Engineer: Well-versed in algorithms and statistical calculations, machine learning engineers are not only essential but will always remain relevant to automation due to new technological advances that come now and then.
- Data Analyst: The data industry consists of strategic experts who not only generate and analyze data but also utilize it to determine the best means of doing so.
- Product Designer: Because businesses have a lot to gain from product design, the demand for this role is high.
- Business Intelligence Developer: Businesses will always need to stay ahead in terms of intelligence by utilizing their analytical resources.
- Software Engineer: When companies know how to apply the right software technology solutions, they know how to keep their businesses afloat.
- Business Analyst: This role would keep the company running smoothly as they strategize its operations.
- Information Security Analyst: Those who are proficient enough in cybersecurity will always be sought after because they know how to protect the sensitive data of the organization.
- UX/UI Designer: This job entails a lot of creativity and innovation and puts into use all those skills that are needed to utilize technology in a better way.
- Product Manager: The product manager's job entails the creation of products that are efficient and perform well at any given time.
- Information Technology Analyst: This kind of job is where the art and the science of technology meet. A lot of analysis and valuable insight are offered to the decision-making process by this role.
These Jobs are, indeed, a good set of opportunities for anyone with a bright future ahead.
Conclusion:
We use an empirical framework with the standard property.
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