Robots Are Coming For Your Job! 85 Million Jobs To Be Lost As Pandemic Shifts Labour Demand

Robots will destroy 85 million jobs with the coronavirus pandemic bringing a major shift in the ways workplace function.

As per a study conducted by the World Economic Forum (WEF), mid-sized to large companies have set their eyes on automating processes over the next five years as COVID-19 accelerates changes in the workplace.

The study revealed that at least 300 global companies were planning to digitise work and deploy new technologies as the "COVID-19 accelerates the arrival of the future of work".

It further added that in order to stay afloat, the workers/ employees need to invest in learning new skills. The report gains significance at a time when companies had to resort to cutting millions of jobs due to the pandemic even when employees worked from home, reported WION.

US Labour Department's data pointed out that new applications for US jobless benefits rose to a seven-week high of 898,000 last week, an increase of 53,000 amid the pandemic. Reportedly, it was the sharpest rise in two months as the country attempts to recover from mass layoffs amid the virus.

The report highlighted that job creation has been stagnating and job destruction, accelerating, as companies use technology rather than people for data entry work.

However, it also said that the silver lining is that 97 million jobs will emerge across industries like artificial intelligence (AI).

"The tasks where humans are set to retain their comparative advantage include managing, advising, decision-making, reasoning, communicating and interacting," it said.

The study said that mid-sized employees were at most risk with at least 43 per cent of businesses surveyed set to reduce their workforce due to technology integration.

Also Read: This 26-Yr-Old's Digital Paathshaala Is Helping Elderly Become Tech-Savvy Amid COVID-19 Pandemic