Having deep skills in an area that harnesses automation and computerization to produce critical human safety critical parts is one way to remain employed and employable as changes in the labor market continue to develop.
Just saw an academic paper that states that 47% of all jobs will be lost to computerization / automation, and no one is ready for that.
Here is a link to an article in The Economist covering this.
But here is the takeaway:
“At the same time, with falling prices of computing, problem-solving skills are becoming relatively productive, explaining the substantial employment growth in occupations involving cognitive tasks where skilled labour has a comparative advantage, as well as the persistent increase in returns to education (Katz and Murphy, 1992; Acemoglu, 2002; Autor and Dorn, 2013). The title “Lousy and Lovely Jobs”, of recent work by Goos and Manning (2007), thus captures the essence of the current trend towards labour market polarization, with growing employment in high-income cognitive jobs and low-income manual occupations, accompanied by a hollowing-out of middle-income routine jobs.”
Routine labor– moving parts and material- low skill, low wage.
Machinist- operating, setting, adjusting, problem solving- high cognitive content- higher wage. Or actually, Employment.
The photo above illustrates this issue- Robots eliminate unskilled ‘move the parts’ parts loader-unloader jobs. But this robot also requires skilled technician to install, program, adjust , troubleshoot and operate.
We continue to be a witness to our skilled machinists earning steady wages and overtime, and legions of recent college grads unable to earn enough to repay educational loans.
This study indicates that we are just seeing the beginning of massive
labor labour market disruptions. What is your strategy to remain valued and employed in the economy?
Having deep skills in an area that harnesses automation and computerization to produce critical human safety critical parts is one way to remain employed and employable as changes in the labor market continue to develop. That is called becoming a precision machinist or other skilled advanced manufacturing position.