Recent expeditious advances in automation technologies, including artificial intelligence, autonomous systems, and robotics are now raising the fears anew and with new urgency.
The Fourth Industrial Revolution is reforming the demographic change, industrial transitions and changing consumer needs are creating demand for millions of new jobs, with vast new opportunities for fulfilling people’s potential and aspirations; yet the threat of unequal opportunity, job displacement, and widening income inequality seem ever more present.
Researchers at Oxford University estimate that 47 percent of U.S. jobs could be replaced by robots, automated technology, and automated intelligence (AI) within the next 20 years.
Elon Musk stated that,
There certainly will be job disruption. Because what’s going to happen is robots will be able to do everything better than us.
When people think about automation and work, they often imagine robots operating within a manufacturing environment, however, automation and robotics are two distinctly different things.
Automation is the term used when describing a process or task performed by a software or a machine, usually undertaken by a human. However, Robotics, on the other hand, is a branch of engineering focused on designing and building robots. While robots may automate some tasks, in the main, they have little to do with automation outside of industrial settings.
Therefore, businesses are finding the solutions to fill in the technological gap in employees
With a $25 million commitment over the next five years, JP Morgan will help support skills and education investments that align with the business needs of India’s growing economy.
By understanding and anticipating the future needs and educating them with extra resources in the company, these will help the employees who are eager, talented, and able to develop the skills they need to succeed in jobs
This lack of attention to upskilling will lead to an urgent disparity between workers and jobs.
History of automation disparity in Manufacturing:
Manufacturing, for all its technical potential, is only the second most readily automatable sector in the US economy. A service sector occupies the top spot: accommodations and food service, where almost half of all labor time involves predictable physical activities and the operation of machinery
Human warehouse workers were afraid of their jobs because of automated machines giving quality, fast-paced, and intelligent features.
Within manufacturing, 90 percent of what welders, cutters, solderers, and brazers do, for example, has the technical potential for automation, but for customer-service representatives, that feasibility is below 30 percent.
Middle range changes by automation :
One-third of the time spent in the workplace involves collecting and processing data. Both activities have a technical potential for automation exceeding 60 percent.
The world of finance relies on professional expertise: stock traders and investment bankers live off their wits. Yet about 50 percent of the overall time of the workforce in finance and insurance is devoted to collecting and processing data, where the technical potential for automation is high up to 43 percent.
Deteriorating Effects on the workforce by AI :
Machine systems are transforming our lives for a comforting lifestyle and smart work-life, but it is evolving every day making everyone stressed about risking their jobs in the future.
Havoc of Unemployment :
AI is getting more intelligent and has mostly converted the labor jobs to automation by creating a complex room for employees to be more efficient and intelligent in jobs to not get laid off by some technology.
AI, Robotics, and the Future of Jobs | Reskilling and Retraining Workforce for the Future age of Automation
For eg., Tesla’s Elon Musk promised self-driving trucks in the next decade; but truck driver's jobs would be in jeopardy. Technology brings the ethical choice by creating a safe and productive environment; but thinking from mankind, it is creating insecurity, precariousness, and anxiety.
Inequality. How do we distribute the wealth created by machines?
Today, the majority of companies are still dependent on hourly work when it comes to products and services. But the companies using artificial intelligence, they can drastically cut down on depending on the human workforce, and this means that revenues will go to fewer people. Consequently, individuals who have ownership in AI-driven companies will make all the money.
In the US, for example, the expected life spans of the poor and the wealthy have diverged significantly in recent decades, because of unequal access to healthcare and ever more costly new technologies that are only available to those who can pay,
The disparity of wealth between the rich and the poor is a global issue and AI has to augment it more. The intersection of technology, community, and sustainability offers a plethora of opportunities to innovate. We still live in an era where millions of people are in extreme poverty, lacking access to clean water, basic sanitation, electricity, internet, quality education, and healthcare.
AI bias & error:
AI systems are created by humans who can be racist, judgemental, or biased creating deleterious technology. If used for positive change in society, it can be a catalyst for great humanity.
Google and its parent company Alphabet are one of the leaders when it comes to artificial intelligence, as seen in Google’s Photos service, where AI is used to identify people, objects, and scenes.
But it missed some errors, such as when a camera missed the mark on racial sensitivity, or when a software used to predict future criminals showed bias against black people.
as we have seen the dark side of automation and technology undertaking the jobs of employees and risking the future of laborers. But observing the innovation from hindsight, technology is also making people's lives productive, smart, and life-saving. We cannot eliminate the crises right now we are facing in our country and we can be eliminated from technology. It can bring affordable education, food, and lifestyle to the people, and also technology can be treated as college instead of competition.