Adapting to Technological Disruption: Challenges and Opportunities for Employment | IEEE Conference Publication | IEEE Xplore

Adapting to Technological Disruption: Challenges and Opportunities for Employment


Abstract:

The paper examines the impact of technology on employment and its transformative effects on the modern workforce. Since the 1980s, a phenomenon has been observed in the l...Show More

Abstract:

The paper examines the impact of technology on employment and its transformative effects on the modern workforce. Since the 1980s, a phenomenon has been observed in the labour markets of US & European countries which is called Job Polarization. To put it more clearly, the trend known as “job polarization,” is the change in job opportunities from middle-skill jobs to high- and low-skill jobs. As a consequence, middle-skilled workers' share of the labor force has decreased compared with high- and low-skilled workers. Most manual and routine jobs are done by middle-skilled individuals. As an outcome, technologies and robots can readily replace this sector of the labor force. Some jobs shall become obsolete as robots and algorithms become more proficient in performing tasks that humans used to accomplish. Significant changes have taken place in a number of industries, notably manufacturing, logistics, and customer service, which has resulted in employment losses in certain areas. Since 1980, there exists a discernible increase in salary disparity in the United States as a result of the job polarization phenomena. With rapid advancements in automation, artificial intelligence, and digitalization, traditional job roles are being redefined, replaced, or augmented by technological innovations. The paper highlights the various dimensions of this technological disruption, including the displacement of workers, job polarization and wage inequalities. It explores the potential benefits and challenges that arise from this transformative process, such as increased productivity, and income inequality, and the importance of proactive policies to navigate this evolving landscape. This study offers insightful information about the intricate connection involving technology and employment by examining current trends and consulting pertinent research studies. It also gives readers a thorough grasp of the potential and difficulties that the digital era will present.
Date of Conference: 03-04 November 2023
Date Added to IEEE Xplore: 15 February 2024
ISBN Information:
Conference Location: Greater Noida, India

I. Introduction

The previous few decades have seen a tremendous upheaval of the global economy due to technological advancements, which has resulted in job displacement. When businesses embrace new technology, they frequently try to automate processes that human workers previously handled, which results in job losses in certain industries and the emergence of new employment possibilities in others. Technological advancements like digitalization, robotics, machine learning, artificial intelligence, and advanced computing have the ability to lower risks or automate hazardous tasks. Even though these innovations are usually seen positively and may contribute to productivity and economic growth, there are instances when they have unfavorable effects as well, including the loss of jobs as a result of technology replacing human labor. Strong examples of new automation include self-driving automobiles, X-ray interpreting gadgets, and algorithm that can respond to customer service inquiries. Many people are concerned that these technologies will replace some of the jobs that people already perform, even though they could improve the way we live and increase productivity. For people, businesses, and society as a whole, this process of technological development and employment displacement has profound ramifications. Many observers are concerned about the possibility that advances in automation and AI could result in significant job losses or polarization in the workforce, which would ultimately fuel widening income and wealth gaps [1], [2]. According to the findings, technology may eliminate a sizable percentage of human employment over the course of twenty years from now, specifically 35% in the United Kingdom and 47% in the USA [3]. In an analysis published in 2018, the World Economic Forum, for example, predicted that by 2025, over 50% of current jobs would be automated [4]. Compared to Anglo-Saxon and Nordic countries, jobs in Germany, Chile, the nation of Japan, and Eastern and Southern Europe are more automatable [5]. Though some research questions concern the effect technological advances on loss of employment in established economies, there is consensus regarding the effects of technological advances on job decline in emerging economies, that depend heavily on manufacturing and face robot-driven reshoring [6], [7]. Poor countries are more probable than those with advanced economies to face job losses, in accordance to the World Bank [8]: 72 percent in the nation of Thailand, 77 percent in China, 69 percent in India, and an astounding 85 percent in Ethiopia.

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References

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