Automation is already here, and it’s here to stay. Self-driving cars, 3-D printing, and data processing. These are just a few real-life examples of how artificial intelligence is shaping the workplace today. It’s not expected to slow down any time soon, either. This massive new wave of technology is only gaining momentum.
At this rate of change, many are concerned about their job security, and rightfully so. How many jobs will artificial intelligence replace, and will it create more jobs than it eliminates? A team of economists at McKinsey & Company recently shared this report where they analyze America’s future of work.
Overall, the research tells us that rural American jobs will fall behind while urban cities will continue to flourish. Repetitive jobs that can be automated, will. And people of all generations are going to feel the impact.
Here, we are sharing some of our key takeaways from McKinsey’s research.
Automation and the Workplace: What’s in Store for the Future of America
- Rural areas will experience a downfall while urban segments will grow and flourish.
Jobs that will be replaced by automation are found everywhere, nationwide. However, rural areas show the highest displacement rates across the country, while urban segments show the lowest. America’s heartland will continue to feel the brunt of these technology-fueled disruptions, and the widening gap between rural and urban areas will only continue to deepen.
While urban cities are likely to see many new jobs during this time of change, the rural counties of America are expected to experience flat or even negative job growth.
- Repetitive jobs that can be automated, will.
If you do a task more than once daily, it will likely be automated soon, if not already. This will affect roles such as customer service, retail sales, food service, and office support—some of the largest occupational categories in the U.S.
We will see job growth in positions where human intelligence cannot be replicated like healthcare, creatives, business services, and STEM fields.
This feeds directly into takeaway number one, as many growing occupations are located in urban America while the highly automated jobs that are expected to decline are more likely to be found in rural segments.
- Every generation will be affected by automation in some way.
People of all ages will feel the impact of these automation-fueled disruptions.
According to the study, workers ages 18 to 34 hold almost 40 percent of the jobs that could be replaced. This raises many questions about our children and their futures. How will young people be able to enter the workforce? As we move forward, it will be more important than ever to have a bachelor’s degree or higher to land a job.
On the flip side, more than ten million Americans over the age of 50 are currently in positions that could be automated.
So whether you are currently in a position that could be automated or you are concerned about your children or your grandchildren’s future, this technology is bound to affect you in some shape.
You Can Count on MGA to Carefully Follow These Trends
Our world is changing at a rapid pace, and if you don’t keep up, you risk getting left behind. Almost all jobs will evolve in the coming years due to this new technology wave, which isn’t necessarily a bad thing. The positive impact and future opportunities on the horizon are something to look forward to.
As the McKinsey report puts it, “It is possible to use this period of technological change to create more rewarding jobs, build better learning systems, and develop career pathways that serve more Americans.”
You can count on us at MGA to carefully follow these trends and share what they may mean for you and your business. We are here to help you think strategically—for your business, your finances, and your lives.