Effect of Technology on Employment
Now a days technology has made a where lots of people loses their job as the employer does not need them anymore due to the technology development. For example lets take a ATM machine which is a replacement for some bank jobs. Similarly now a day latest Technology has lots of impact on employment such as artificial intelligence and automation is a threat to many kind of jobsÂ
1. Due to the new technology there will be job losses as some of the jobs will be replaced by the machines and the automation by replacing the low-skilled workers and if a company will not evolve with the technology it will be a loss for the company due to the competition. So it is unavoidable for the company to catch up with the technology. As the result the low-skilled workers are removed from the job due to which unemployment is increasing
2. Not just the Low-skilled person are suffering but the semi-skilled and even high skilled persons are also under the threat of the new wave of technology such as artificial intelligence which reduces the employment opportunity for the skilled person. Â
3. At present the technical advancement is forcing people to update their knowledge to sustain themselves in the market due to which it is difficult to balance their work life and personal life.
Rapid change in technology has done a lot of changes in the nature of jobs. Where in some field it has increased the opportunity and in some industry it has reduced it but Continuous learning and updating the skill is the need of the hour to sustain in the job market