How Will Technology Affect the Job Market?

Pros and Cons of Technology on The Job Market
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Pros and Cons of Technology on The Job Market
Many jobs got replaced, lost, or evolved as technology advanced throughout history, and the civilization evolved with them. Conversely, in today's society, where populations are increasingly rising and innovation has taken over much of the job market, technology is poised for another revolution. When robotics and artificial intelligence (AI) technologies develop, several activities will be taken away from humans and performed by computers and machines. And, since companies will rely on computer productivity to survive, there will be mass layoffs in a short period. The number of robots in the USA rose from 1993 to 2007, reaching one robot per thousand employees in 2007. There are currently 1.5–1.75 million robots in use, with the number projected to rise to 4–6 million by 2025 (Acemoglu and Restrepo, 2019). The automobile, electronics, metal goods, and plastic and chemical industries are the industries that use many robots.
Computers and machines, on the other hand, will still have setbacks and limitations. Commentators are increasingly discussing the global effect of technology such as automation, artificial intelligence (AI), and robotics on jobs and the workplace, but in wildly differing ways that only human action can address, generating employment opportunities.
How Will Technology Affect the Job Market?
Negative Effects
* Robots and machines will take over many valuable jobs. Anything that requires necessary knowledge and cognitive thinking would get included in this work. Data entry jobs, different factory jobs, and some white-collar jobs are examples of opportunities that will get wiped out.
* Artificial intelligence (AI) may or not affect recruiting trends. For one thing, it may classify people based on data and behavior tracking, which is problematic for infrequent users. Such situations can lead to prejudices and inefficient recruitment.
* Firms that do not adapt to technologies have a high risk of failing or falling behind. It could lead to more prejudices and disruptions in the use of technology before it becomes more cost-effective. Small and medium-sized companies hire the bulk of workers who will face challenging working conditions in the future.
* Because of the confusion surrounding these innovations' introduction, existing professionals are unaware of how their profiles or jobs would need to adjust. Furthermore, the essence of career evolution, new job market requirements, the rate of change, and so on are all more unpredictable.
* Automation has not resulted in increased efficiency. Productivity rose by 2.1 percent per year on average during the second half of the last century. The rise was just 1.8 percent from 2000 to 2016 (Aaranson et al., 2017).
* Changes in education systems...