Published: Wed, November 29, 2017
Money | By Armando Alvarado

375mn jobs to be displaced by automation by 2030 - McKinsey

375mn jobs to be displaced by automation by 2030 - McKinsey

However, maintaining complete employment will require huge overhauls to the labor market and economy that rivals or surpasses the massive shifts in the nation from manufacturing- and agriculture-dominated societies over the last 165 years, says the report.

China faces the largest number of workers needing to change jobs, with up to 100 million individuals in danger of losing their current jobs if automation is readily adopted.

As a result, the firm's calculated scenarios suggest that anywhere between 75mn and 375mn workers (3% to 14% of the global workforce) will have to change occupation by 2030, with automated alternatives likely to either completely or partially displace many jobs.

According to consultancy group McKinsey, up to 375 million individuals - or 14 per cent of all workers globally - may need to learn new skills in a bid to offset the threat of unemployment posed by automation, particularly in advanced economies such as the USA and Germany.

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In the US, 39 million to 73 million jobs could be destroyed, but about 20 million of those displaced workers can be shifted fairly easily into similar occupations, though they may take on slightly different tasks, the report says. Advanced economies such as the USA that have higher wages are more vulnerable to the adoption of labor-saving technology. Physical jobs are the most at risk, including machinery workers or people who prepare fast food. That may be a little terrifying, but demographic shifts and an aging world population are likely to actually create jobs in the health-care industry, and the tech industry is expected to continue creating medium- and high-skill jobs, as well.

Jobs safest from the effects of automation involve managing people, high-level expertise and unpredictable environments.

It added that workers should not hold fears about the availability of work in the future, as technology creates new jobs - particularly in education, financial services and healthcare.

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