Rapidly increasing automation and digitalisation represent another significant challenge to further job creation.
From car manufacturing to medicine, automation seems to have made its way into every type of industry. Threats to jobs commonly performed by humans, for example, come in the form of self-driving cars and trucks.
Estimations of the possibility to substitute workers for technology vary greatly from 9% to 47% of the total number of jobs. And that’s because the decision to replace human workers with machines is actually never simple. In many situations, expensive robots just can’t compete — in terms of costs — with a cheap human workforce.
Sci-fi movies may be foreseeing a gloomy and daunting future for us. But by the time the era of cheap robots arrives, the job market is likely to be ready for the change and respond accordingly.
Apart from these forces, the job market is also likely to be shaped by factors such as the growing sharing economy, the rise of freelance work, the introduction of blockchain technology for economic transactions and an unprecedented increase in data collection in virtually all areas of our lives.
So actually, there’s no need to fear a dramatic shortage of jobs anytime soon. Even if the machines come and steal our mundane jobs, there’ll be other tasks that require skills unique to humans. Like inventiveness and empathy, for example.