The road to automation requires robots to collaborate with humans, rather than simply replacing them completely. Vast majority of jobs will still need human intervention to some degree.
The possibility of job automation is greatest in predictable, manual, and repetitive work environments and in industries with reduced regulations.
The danger of automation is lower in unstructured, dynamic, and unpredictable work environments and in industries involving high regulatory scrutiny.
U.S. investment bank Goldman Sachs, for example, employed over 600 stock traders at its peak. As a result of machine-learning algorithms capable of making complex trades, these 600 traders are reduced to just two. Instead, about one-fifth of its workforce is now employed as computer engineers.
Amazon, for instance, is using 45,000 robots in their warehouses. But at exactly the exact same time, it is creating thousands of new jobs for humans in its fulfillment centers.
We know that robots are bad at gripping, choosing, and managing items in unstructured environments.
Risk of job automation is greatest in predictable work environments and in industries with lower regulations. This includes tasks or jobs that are repetitive and manual.
It’s currently impacting over 10.5 million jobs in restaurants, janitorial roles, and warehouses.
In hospitality, the ease of automation is high for manual and repetitive jobs like making coffee or preparing specific dishes. This is especially true in environments with highly organized processes and menus.
Many startups are working on digital payment and tabletop-ordering applications to replace the tasks of cashiers and servers.
The fantastic news is that the danger of automation is lower in unstructured or unpredictable work environments.
In healthcare, dynamic decision making in unpredictable work surroundings makes these patient-facing jobs hard to automate, particularly when there is a high level of emotional intelligence required.
Although trucking is at high risk of automation, this is unlikely to happen widely in the next decade due to regulatory challenges. While technology has the potential to reduce manual labor, it faces regulatory challenges as it still takes a human driver for non-highway driving.
The construction industry, for example, is dynamic and unstructured.
Retraining and reskilling employees is going to be a recurring theme at the future of work. Future-proofing jobs will require constant re-skilling, re-learning, and obtaining updated skills and experience so that we can be constantly future-ready and job-ready and being protected from automation.