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The Impact of Automation — Women Hit Hardest

Posted By Administration, Tuesday, February 13, 2018

The World Economic Forum collaborated with the Boston Consulting Group and did a study on job losses due to automation and the advancement of disrupting technology. Lots of insurance jobs will be among those succumbing to the 1.4 million jobs that will be hit hard by the phenomenon.

The report says between now and 2026 and 57% of the disappearing jobs are now held by women. That’s bad news. The good news is with proper retraining, most can go on to find newer, higher paying jobs.

World Economics Forum spokeswoman Saadia Zahidi helped author the study and said, “It is definitely unprecedented, the effort that would be required on the part of policy makers. What is different today, is that businesses also do recognize that it’s something that would be useful for them.”

The study notes in the future each industrial robot will do away with six jobs. As artificial intelligence gets smarter, 30% of banking jobs will go away in the next five years. It is estimated women hold something like 194,000 secretarial and administrative jobs and will find half the opportunities for retraining. That is because a higher percentage of them do lower-paying jobs.

The study says this is going to be a setback to gender parity in the workplace. As it stands now estimates are that it won’t happen for at least another century. You can now add 20-years to the parity prediction. 

Zahidi said without retraining 25% of workers will see an annual income loss of close to $8,600 a year. Many will not even be able to find jobs. That compares to the gain of $15,000 a year for workers getting retrained.

All of this is bad news for women except for one caveat. Women who are retrained will see their incomes jump 74% while men will only see a 53% rise.

“A lot of the narrative around job losses and re-skilling in the U.S. tends to focus around male, blue-collar, factory and mining workers, but in fact, there are a lot of women in a lot of those disrupted jobs. There is a quite a lot of discrepancy in terms of the public narrative and what’s actually happening in the data. There is this possibility of blind spots,” she said.


Source link: Insurance Journal

Tags:  Insurance Content  Insurance Industry  Insurance News  The Impact of Automation — Women Hit Hardest  Weekly Industry News 

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