Technology’s mutiny over jobs

The inherent economic problem of any country is unemployment. Furthermore, the rise of machines has made the existing jobs even more vulnerable. The fear of machines taking over jobs i.e., automation has now become a reality. The significant rise in the need and development of smart software and artificial intelligence (AI) has created a severe threat of replacement of present jobs of employees in the Information Technology sectors (IT).  Presently, the top 7 IT companies in India estimate a layoff of nearly 4.5 per cent of 1.24 million people employed and in the US an Oxford University study shows that 45 per cent of the jobs would be automated within one to two decades.  This huge cutback shows evidence of the massive coup of machines over humans for employment.

The bigger picture

In actuality, humans develop these new technologies and smart software in order improve efficiency and reduce expenses and time. It is the road ahead in the process of development. This new technological revolution will in fact, bring in more employment opportunities. Thus, poor growth journeys have increased the need for usage of these technologies. The key advantage of automation is the efficiency achieved in performing of routine and repetitive operations that were previously performed by humans. 

How to solve the problem?

There exists no simple solution to job takeover. Yet, the gravity of the issue creates for new and old solutions that can be applied to tackle the problem of unemployment. A well-known solution is education. It starts at the grass root level, a shift in the process of learning can help in creating new jobs converted from the old. In addition, as even given by a true monetarist Milton Friedman, Universal Basic Income (UBI) could be another effective solution. A social security scheme of UBI will provide for a basic amount of income with no strings attached thus ensuring not only the credibility as well as maintain a level of consumer demand in an economy.

Assessment

From a developing country’s perspective, the onset of automation is dichotomous.  In India, the IT sector is the major contributor to the overall Gross Domestic Product but a majority of 50 per cent of the population is employed in the agricultural sector and nearly 86 per cent of 480 million people employed are in the unorganised sector. Therefore, the process of automation in the IT sector will not have a grave effect on the employment in these sectors. This situation will also develop a platform for talent revolution. Being creative can be the new solution which will be beneficial. Though automation might take over jobs, machines are not entirely autonomous. Here is where education, machine learning and ‘being human’ would be fruitful.