Part 15,243: The Future Without Workers
10% of the workers at a UAE will be gone in the next 12 months.
We are already starting to see the effects of technology on employment in certain pockets. Mashreq Bank is the latest financial firm to make headlines by announcing that it will lay off 10% of its 4,000 employees in the next 12 months. This is a result of the implementation of automation that makes these workers unnecessary.
I wrote a few different posts over the last couple weeks detailing how there is in impending technological unemployment boom starting to head our way. Many industries including legal, financial, and medical are starting to see the green sprouts of this move. Over the next 10 years, I believe there will be millions of workers displaced without much prospect of re-employment.
In this case, the one time investment of Dh30,000 ($8,000+) offsets an average cost of Dh250,000 ($68,000). From a corporate standpoint, it only makes sense to implement this strategy across as much of the organization as possible. And this is exactly what is happening across the financial industry.
Just last week, the ex-CEO of Citigroup stated that he sees 1/3 the employees in this sector gone in 5 years.
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I think that will happen world wide. Some jobs will dissapear completly. I happened after the Second Industrial Revolution. Technology evoleves faster than society. The big problem in current times is that equity is nhill. Centralized powers are obsolete.
I think the speed this time is the biggest factor. Technological progress is growing at such an amazing pace that it is making even people who follow it a bit crazy. It is tough to keep up. I recall reading stuff 3 or 4 years ago that was projected to come out in 2025 now projected for 2018 or 2019.
I know. I expect to see some of you humans on Mars in the next 5 years
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I had a robot post this reply for me.
I am actually going to look into investing in a company that manufactures robots. Sit on my fat happy ass and collect returns on that investment.
Robots take too long to create because of problems with dexterity. If you really want to wipe out large numbers of jobs, just go the software route. Robots take 30 years to make an impact...software can do it in a matter of a few.
i hope this is not the case but I am afraid you are right! Resteemed
I wonder what the future will be like in the next few years.
It will be a lot like it is now except at an accelerating pace. Many of the changes are behind the scenes with technologies only starting to really go mainstream. You will see things as 3D printing hit their stride around 2020. VR/AR will be at the same time. Autonomous cars a few years after that.
There is a consistent penetration of technology on a weekly basis into all industries. It is subtle at first then, all of a sudden, people awaken to it. By they it is already there to stay.
This is so interesting! Thanks for sharing @taskmaster4450 !
You are welcome @yrja.
I am glad you liked it.
:D
cgbgrey on YouTube has an excellent video about automation and the loss of jobs called Humans Need Not Apply.
This is why I support some kind of Universal Basic Income.
I agree with you. UBI has my full support. I am presently involved in a basic income using crypto. It will be a couple months before we see it going but it is looking very good.
This is a way to solve many of the world's problems.