Experts Believe Almost A Third Of Global Workforce Will Be Replaced By Robots By 2030

quote:

---

Had you popped into the equity trading floor at Goldman Sachs’ New York headquarters in 2000, you would have walked into a bloodbath of the senses: 500 men and women projectile swearing, phones blaring, the dizzying aroma of adrenaline oozing from every human orifice. These days you might just make out the lifeless whir of 200 high-speed servers over the ticking clock. Because those 500 people have been whittled down to three. The other 497 have been usurped by complex algorithms.

These were not working stiffs: cleaners, receptionists, or other service-industry hirelings already humbled by computers. They were university graduates with hard-fought degrees in subjects like business, finance, or economics. Trouble was, for all their brainpower, passion, and pedigree, algorithms just did the job better. They aren’t the only victims. The computers, now, have caught the scent of blood.

“A lot of people assume automation is only going to affect blue-collar people, and that so long as you go to university you will be immune to that,” says Martin Ford, the author of Rise of the Robots: Technology and the Threat of a Jobless Future. “But that’s not true, there will be a much broader impact.”

---

quote:

---

This raises the question: As we grope toward the brave new automated world, is a university degree in, say, economics, philosophy, English, or anything else that isn’t to do with fixing cobots (collaborative robots) or writing algorithms, worth the PDF file it was exported on? Or is it, practically speaking, no more use than a degree in unicorn dreams and fairy farts? And if so, what are universities doing about it?

“Most universities are simply not doing enough to prepare students for the automated workforce,” says Nancy W. Gleason, PhD, the director of the Centre for Teaching and Learning at Singapore’s Yale-NUS College and the author of Higher Education in the Era of the Fourth Industrial Revolution. “We need to teach students to be cognitively flexible, to have the skills and confidence to try different jobs throughout their lives. In the gig economy, you’re not going to have seven employers, you’re going to have seven careers. People might say, ‘Oh my degree in history didn’t do me any good.’ Well, guess what, neither will a degree in radiology, dentistry, or law.”

---