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Tuesday, July 23, 2019

56 million Indians could lose their jobs to automation by 2030

India’s engines of job creation are likely to sputter in the coming yearsResearch from TeamLease shows key employment-generating sectors such as e-commerce, BSFI and BPO-ITeS could create 37% fewer jobs over 2019-23 than previously estimated, partly due to automation. Sectors such as healthcare, telecom, IT and media are already seeing jobs dry up. TeamLease’s Rituparna Chakraborty feels long-term job creation for most sectors will fall unless steps are taken to “counter the impending effects of AI.” Earlier, a McKinsey study found that 56 million Indians could lose their jobs to automation by 2030.

How much digital technologies such as artificial intelligence and robots will create jobs versus destroy jobs is an ongoing debate among experts and quite frankly is something that I continue to struggle with. (And I read on this topic constantly.) Although the job risk estimates vary widely, this much we do know -- automation and artificial intelligence technologies will continue to transform the nature of work. Some workers will lose their jobs to automation, others will get new jobs, and many will need to acquire new skills to transition across occupations. I believe the coming automation-fueled job losses and changes will reverberate far beyond — and eventually reach seemingly safe workers in Silicon Valley and on Wall Street. Per a recent report from Brookings, around 40 percent of the tasks done by computer programmers and web developers are susceptible to automation. For information security analysts, the number is 65 percent. For computer network architects, it's 52 percent. Jobs outside of tech, like radiologists, financial analysts and lawyers, are also at risk. "Everyone is going to have to learn new skills — even the most sophisticated technologists themselves," says Susan Lund of the McKinsey Global Institute.

Enterprise Automation via Software Robots is mainstream. In recent survey of 502 enterprises across India, SG, Japan, UK, France, Japan, US & Canada by hashtagTheEconomist indicated: - 51% of enterprises are extensively using automation, with another 40% using it moderately - While India number stands at 40% for extensive use among enterprises, Indian enterprise ranked highest at 86% in terms value realisation - CXO 84% of enterprises have Automation as their key strategic priority - Top 3 benefits: Increased productivity | Reduced human error | Improved process & output consistency Tsunami of automation is going to have deep impact on future workforce and phsycological safety of workers. Survey showed that a 5th of worker worry getting displaced by Robots. While the fact of the matter is, historically, new technologies have always added more jobs than they displaced. e.g computers helped create 19M jobs in US vs 3M it displaced in last 45yrs. Automation will add 65M net new. Being ready to create, train and work side by side with Robot is not a prevalent skillset among current workforce. we at hashtaguipath fully acknowledge this fact, hence significantly focus on skilling employees at clients & partners via targeted and generic community programs.

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