As the curtain falls on yet another World Economic Forum, discussion naturally goes to the future of the world economy and its concomitant risks. A crucial risk that wasn’t discussed in Davos this year was the future of work.
According to a landmark McKinsey report on the future of work published in 2017, automation could displace as much as 30% of work globally by 2030. Activities most susceptible to automation include physical ones that rely heavily on routinized behavior, such as operating machinery and preparing fast food, as well as collecting and processing data in professions such as accounting and paralegal work.
How all of this ultimately plays out in terms of employment is still unclear. Some jobs will disappear. Some new positions will emerge. And rather than lose their jobs, some workers will simply re-tool. But three important trends are already identifiable.
Read the rest of this post over on Clearwater Advisers…
Image: Communication skills training via publicdomainpictures.net
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