The road to automation requires robots to collaborate with humans, rather than simply replacing them altogether. Majority of jobs will still need human intervention to some degree.
The risk of job automation is highest in predictable, manual, and repetitive work environments and in industries with lower regulations.
The danger of automation is lower in unstructured, dynamic, and unpredictable work environments and in businesses involving large regulatory scrutiny.
U.S. investment bank Goldman Sachs, for instance, employed over 600 stock dealers at its peak. Thanks to machine-learning algorithms capable of making complex trades, these 600 traders have been reduced to just two. Instead, about one-third of its workforce is now employed as engineers.
Amazon, for example, is using 45,000 robots in their warehouses. But at exactly the exact same time, it is creating thousands of new jobs for people in its fulfillment centers.
We know that robots are bad at gripping, choosing, and handling items in unstructured environments.
Risk of job automation is greatest in predictable work environments and in industries with reduced regulations. This includes tasks or jobs that are repetitive and manual.
It is now impacting over 10.5 million jobs in pubs, 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 electronic payment and tabletop-ordering software to replace the activities of cashiers and servers.
The good news is that the risk of automation is lower in unstructured or unpredictable work environments. Including industries involving high regulatory scrutiny.
In health care, dynamic decision making in unpredictable work surroundings makes these patient-facing jobs hard to automate, especially if there’s a high level of emotional intelligence required.
Although trucking is at high risk of automation, this is not likely to happen widely within the next decade as a result of regulatory challenges. While technology has the potential to reduce manual labour, it faces regulatory challenges as it still takes an individual driver for non-highway driving.
The construction industry, as an example, is dynamic and unstructured.
Retraining and reskilling employees is going to be a recurring motif in the future of work. Future-proofing jobs will require constant re-skilling, re-learning, and obtaining of or updated skills and expertise so that we could be constantly future-ready and job-ready and being protected from automation.