According to a report on ‘How Technology Affects Jobs’, new technologies often automate only some tasks of a job, not the whole job
While the automation wave is sending shockwaves in the job market, a report by Asian Development Bank may give reasons to smile to the already nervous employees who fear job loss with robots taking over humans.
The report makes few observations on how new technologies drive higher productivity, which is the foundation for better-paid jobs and economic growth. While new technologies displace jobs, they also unleash countervailing forces that generate more jobs.
According to a report on ‘How Technology Affects Jobs’, new technologies often automate only some tasks of a job, not the whole job. ATMs, for example, have not replaced bank tellers but broadened their role in customer relationship management.
Rising demand offsets job displacement driven by automation. From 2005–2015, jobs created by rising domestic demand more than compensated for job losses to technological advances.
Technological change and economic growth create new occupations and industries. Many new job titles have have sprung up in Information and Communication technology (ICT) and new types of jobs will arise in health care and education and in finance, insurance, real estate and other business services.
The report also suggested that new technologies give rise to new occupations and industries. New types of jobs have emerged to handle new technologies. A detailed analysis of occupation titles in India, Malaysia, and the Philippines found that 43 per cent–57 per cent of new job titles that emerged in the past 10 years are in ICT. A large share of new job titles emerged in one of India’s fastest growing occupation categories: craft and related workers. This was driven mainly by the different types of specialized technicians needed to work with computer controlled machines. Such trends will continue.In addition, the greater complexity of modern production and growing demand for new personal services in health care, education, finance, and others areas are countervailing forces against job loss to technology as they create new occupations.