The research division of management consultants McKinsey & Co. mentioned that a wave of automation and artificial intelligence could replace almost a third of the hours worked across the US economy is more of a concern for women than for men. They analyzed the trends in the US labor market through the year 2030.
It was determined that women are 1.5 times more likely to change their jobs than men which is a reason of disproportionation into their lower payments and are also negatively affected by the automation. As the demand for food and production workers decreases, Black's and Hispanics will also suffer.
According to the report, by the end of 2030, at least 12 million US workers will need to switch their jobs. Due to that turnover, millions of jobs will disrupt.
As said by the Institute director Kweilin Ellingurd, low waged workers will be the most affected due to this and they will have to change their jobs most frequently, also the majority of them will be required to gain additional skills to do so successfully.
With the spread of generative artificial intelligence like OpenAI's ChatGPT, white-collar workers all be mostly affected, as per the report. However, it was also mentioned that changes in jobs and how those are performed will be changed rather than eliminating a number of positions. According to Michael Chui, an institute partner, it can change almost every job role.
The report says that 3.5 million jobs could be lost as a result of the US's efforts to reduce greenhouse gas emissions, with workers who are employed in the oil and gas industries will be suffered the most.
In this statement, McKinsey mentioned the profits of renewable energy, primarily through capital investments in new plants which will tune about 700,000 jobs.
The government increased the investment made in infrastructure which results in the need for construction workers who are already in shortage of supplies. It states that a 12 per cent increase will be seen in construction jobs between 2022 and 2030.
The US productivity and prosperity could significantly increase if the job reshuffling in the coming years is handled properly. The report also predicts that an eventual increase in the annual productivity growth to 3 per cent to 4 per cent is now around 1 per cent which was "pretty optimistic".
