The Future of Work

In the past, manufacturing created jobs and increased productivity in developing countries. But technology is improving, trade is slowing, and industrial automation may mean fewer jobs in the future. The future of work is one of the hottest topics in 2017, with conflicting information from various experts leaving plenty of room for debate around what impact automation technology like artificial intelligence (AI) and robotics will have on jobs, skills, and wages.

Automation and AI will lift productivity and economic growth, but millions of people worldwide may need to switch occupations or upgrade skills. McKinsey Global Institute’s latest report, Jobs lost, jobs gained: Workforce transitions in a time of automation, assesses the number and types of jobs that might be created under different scenarios through 2030 and compares that to the jobs that could be lost to automation.

McKinsey estimates that as many as 375 million workers around the world may need to switch occupational categories and learn new skills. Automation technologies including artificial intelligence and robotics will generate significant benefits for users, businesses, and economies, lifting productivity and economic growth. Even with automation, the demand for work and workers could increase as economies grow,partly fueled by productivity growth enabled by technological progress.

Read the whole “Jobs lost, jobs gained” report at mckinsey.com