Will Technology Take Over Our Jobs?
Adoption of the fourth Industrial Revolution technology can boost growth and employment.
In the case of the textile industry, most firms expect that labor productivity will increase by 10-25%, whereas employment gains may reach up to ‘0.4 million jobs’.
The threat of technology takeover has haunted humankind since the Chicago World Fair in 1893. Some draw this up to a fear of innovation and change in general. But what does adopting technology mean for developing countries like Pakistan, where labor productivity is languid? As concerns about technological unemployment persist, the interaction between training, adoption, and policy becomes crucial in promoting equitable growth.
A few essential industries in this regard include information technology-business processes outsourcing, and garment manufacturing. It is interesting to note how the results for both, industry and service industries, show similar results. In the case of the textile industry, most firms expect that labor productivity will increase by 10-25%, whereas employment gains may reach 0.4 million jobs. It is important to understand, that the jobs gained due to complementary productivity gains supersede the jobs lost due to substitution.
In the case of the IT-BPO industry, firms expect to see a 45% increase in productivity by 2025, which sounds quite intuitive. However, with the right policies, this could also lead to an 18% increase in job opportunities.
But in the end, it always comes down to regulating such changes. As the world grapples with artificial intelligence and the threats it poses, Pakistan has a similar issue of its own which impacts 40% of its workforce directly. It is pertinent to promote the adoption of these technologies but bracing for the impact is an overlooked priority.
The cost of living crisis in Pakistan has been worsening due to a combination of factors, including inflation and debt crises. This year the number of hours of work needed to earn a meal has increased, making it even more difficult for many families to make ends meet.
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