Advancement in Technology has, to a larger extent, eliminated different forms of jobs in the recent past. Job automation technology coupled with globalization has been the principal force behind the moribund wages together with diminished prospects of most workers around the globe. Within the next 25 years, job growth is highly likely to suffer and the official unemployment rate will remain at 10%. Economists are projecting that the job markets will take several years to improve (National Research Council, 2001).
According to Coffey& Dunphy (2001), information technology accelerates at a higher rate, in most cases doubling after every two years. It is therefore anticipated that within the coming years we are likely to experience a more striking progress. Automation will not just affect the low wage and uneducated workers but it is likely to affect a larger portion of the workforce. The population of humans increases with time. Therefore it is expected that with the advancement in technology, the rate of unemployment will be on an upward increase. Cross (1999) argues that technologies like artificial intelligence, software computerization application and machine learning will increasingly facilitate machines to perform jobs which need significant training as well as education. College leaving individuals who are prepared to work based on the knowledge they have acquired in class may find the going tough not just by the low levels of payment but also machines as well as software algorithms which are used to carry out sophisticated examination and making of decisions (National Research Council, 2001).
Presently there is continuing progress in manufacturing and automation together with the introduction of advanced commercial robots which are continuously plummeting opportunities for lower-skill labour force personnel. The progress in the level of technological advancement is relentless. At a certain time, both machines and computers will eventually come to a point where they will exceed the traditional worker aptitude to carry out most routine work. The end result is likely to be what is commonly known as structural unemployment which ultimately impacts the workforce in practically all levels (Waldeck, 2000).
According to recent research, human beings are living longer and the retirement age is also increasing. Coupled with the advancement in the level of technology which has led to downsizing, unemployment will be a common place issue. The records indicate that a good number of people are working beyond the age of 65 with an aim of boosting their income in retirement. It is important to note that with this kind of scenario, job growth will be adversely affected and unemployment will always be a factor due to humans living longer and spending much of their time working before retirement (Cross, 1999).
In the past, the progression in the level of technology has characteristically impacted a single employment sector at a time. This has always helped in leaving other sectors for transition purposes. It is not going to be like that this time round. Increasing levels of information technology will provide a completely exceptional level of work aptitude which can be applied almost everywhere within the economy. As the contributors of technology come up with innovations, automation will most likely become more affordable and accessible in almost all the sectors of the economy. Incase there is a possibility of saving money through automation; competition pressure will always force companies to move in that direction (Shultz & Adams 2007).
National Research Council (2001) argues that tthough there will always be jobs that cannot be automated, the reality on the ground is that a larger percentage of workers in the country are employed in jobs that are essentially routine and repetitive in nature. A large number of these jobs are going to be vaporised by the increasing level of technology in the coming years. The availability of the advancing technology is a clear indication that the chances of new employees being absorbed into new sectors are minimal.
Khosrowpour (2000) notes that when the level of unemployment increases and wages fall, there is a likelihood of unrestricted consumer spending and confidence will most likely fall. The consequential effect is a descending economic cycle which will prove to be highly difficult to reach. At some given threshold, business models of larger markets are likely to be endangered due to the fact that there would simply be a larger number of possible consumers to buy the available products. Extraordinary levels of defaults in payment of the existing debts, plunging asset values will be easily seen.
Many people will use and publicize the high level of modern technology for a good number of its achievements and advancement. The reality is that it has continuously affected the society in general in a negative way. Advancement in the level of technology have, to a larger extent, affected various sectors of the economy and in most cases, forces a number of business to shut down. The resulting effect of increasing automation is likely to bring about a massive economic, social, and political face up over the coming years. Technological advancement is increasingly replacing human labour (De Ferranti, 2003).
The increasing level of advancement in the level of technology proves to be a greater challenge in the current society. Basing on the number of people losing their jobs, possible reforms that are aimed at addressing to the issue should invented as soon as possible. The reality is that the problem is potentially unsettling. The labour force should be well prepared in cases where technological change requires specific skills needed to deal with the changes. This will ensure that workers are not detrimentally affected by the introduction of new technology.
Reference List
Coffey, M. & Dunphy D. C. (2001).Technology and the workforce. Michigan: Technology Research Unit, N.S.W. Ministry of Technology for the Dept. of Organizational Behaviour.
Cross, M. (1999). Managing workforce reduction: an international survey. London: Routledge.
De Ferranti, D. (2003). Closing the gap in education and technology. New York: World Bank Publications.
Khosrowpour, M. (2000). Challenges of information technology management in the 21st century: 2000 Information Resources Management Association International Conference, Anchorage. Alaska: Group Inc (IGI).
National Research Council (2001). The changing nature of work: implications for occupational analysis. Sydney: National Academies Press.
Shultz K.S. & Adams G. A. (2007). Aging and work in the 21st century: Series in applied psychology. London: Routledge.
Waldeck, N. E. (2000). Advanced manufacturing technologies and workforce development. Garland studies on industrial productivity. New York: Garland.