Technology is replacing jobs | Are you prepared?

Summary

The video examines how technology and globalization are transforming the job market at an accelerating pace, putting millions of jobs at risk. It traces how innovations have made labor more efficient yet caused job losses throughout history. Today, artificial intelligence and automation threaten jobs once considered safe, from truck drivers to lawyers. Already, computers excel at human tasks like playing chess and composing music. The narrator warns that nearly half of all jobs may eventually be automated. While new jobs will emerge, enormous, difficult transitions lie ahead that will affect all communities. We must continually gain new skills to avoid being left behind in this job market revolution unfolding now.

Takeaways

• 😲 Technology and globalization are destroying jobs at an unprecedented rate
• 🤖 Computers are rapidly gaining capabilities that allow them to perform human jobs
• 🚗 Driverless vehicles threaten millions of driving jobs
• 🏥 AI and robots can do many routine medical jobs cheaper and better
• 👩‍🍳 Robotic chefs can replace human cooks in restaurants
• 📈 Nearly half of all jobs may be automated in the next 20 years
• 🌎 Outsourcing legal and other high-skill work overseas threatens those jobs
• ➕ While destroying some jobs, technology creates new industries and jobs too
• 📝 We'll need to learn new skills constantly to avoid being left behind
• ⌛ This job disruption is happening now, not in some distant future

Q & A

What two major forces are causing job losses in America?

The two major forces causing job losses are technology (such as robotics, AI, and automation) and globalization (companies moving jobs overseas).

Which jobs are most at risk of being replaced by technology?

Routine and repetitive jobs like manufacturing, truck driving, cooking, and even some medical roles are most at risk of replacement by technology and automation.

How long have humans been developing technologies to make life easier?

For over 3 million years, humans have developed technologies to increase efficiency and make life easier.

What is predicted about the future of jobs and technology?

An Oxford study predicts that within 20 years, 47% of all jobs are at risk of being replaced by technology - that's over 70 million jobs.

How has technology already impacted jobs today?

Technology has already automated many routine jobs in manufacturing, driving, medicine, service roles, and more over the past few years.

How quickly is computer processing power increasing?

Since 1965, computer processing power has roughly doubled every two years.

How can technology and globalization also create jobs?

While destroying some jobs, technology and globalization can also create new jobs, industries, and markets for American products and services.

Why do we need to constantly learn new skills today?

As jobs rapidly change with advancing technology, we need to constantly learn new skills to avoid our skills becoming obsolete.

When is this job revolution happening?

This revolution in the job market driven by technology and globalization is happening now, not in the distant future.

What types of jobs are at risk from technology and globalization?

Both blue collar and white collar jobs are at risk - from manufacturing to law and medicine. Young and old workers face transitions.

Outlines

00:00

😧 Technology and globalization displacing human jobs

This paragraph discusses how throughout history, technological advances have made humans more efficient but displaced certain types of jobs and laborers. It states that this process is accelerating today with innovations in robotics, computing, and networking that can automate many routine jobs. Also globalization makes it easier for companies to move jobs overseas. These forces threaten jobs in manufacturing, hospitals, restaurants, and more.

05:01

😟 Mass displacement of jobs coming soon

This paragraph continues by predicting that 47% of jobs are at risk of replacement by technology within 20 years, affecting over 70 million people. It also states that globalization now threatens high skill jobs by enabling law firms to outsource legal work overseas at lower cost. As jobs are destroyed by technology and globalization, new industries and markets will be created, but transitions will be difficult. People will need to learn new skills constantly to avoid being left behind, and this revolution in the job market is happening now, not in some distant future.

Keywords

💡automation

Automation refers to the use of machines and technology to perform tasks traditionally done by humans. In the video, the CEO warns that as artificial intelligence and robotics advance, machines will increasingly replace human labor across many jobs. This is presented as a growing threat that will force major economic and career transitions.

💡artificial intelligence

Artificial intelligence (AI) is the capability of computer systems to perform tasks that typically require human intelligence. The video cites AI advances as a key driver of automation that threatens jobs. For example, AI is enabling computers to recognize language, images, make decisions, and even create music.

💡jobs

Jobs refers to human employment and livelihoods. A central theme of the video is that advancing technology and globalization are putting a huge number of jobs at risk of automation across sectors like manufacturing, healthcare, transportation, and hospitality.

💡transitions

Transitions refers to the significant career and economic shifts workers will be forced to make as automation eliminates many existing jobs. The video emphasizes that preparing for and navigating these workforce transitions is an urgent societal challenge.

💡skills

Skills refers to human capabilities and expertise required for jobs. The video warns that lifelong learning and constantly acquiring new skills will be critical for workers to avoid obsolescence and stay competitive as automation transforms the job landscape.

💡globalization

Globalization is the trend of businesses expanding across borders and overseas. Along with technology, globalization is presented as a powerful force reshaping the job market by enabling companies to offshore roles to less expensive foreign workers.

💡white-collar

White-collar refers to professional, office and service jobs. Historically automation displaced blue-collar manufacturing roles, but the video emphasizes that now even high-skill white-collar jobs are vulnerable to replacement by AI and overseas labor.

💡processing power

Processing power refers to the speed and capabilities of computer chips and systems. The video cites the exponential growth in processing power as a key enabler of artificial intelligence and automation that threatens an expanding scope of human jobs.

💡drivers

Drivers refers to people operating vehicles in roles like trucking, public transit, and taxis. With the emergence of autonomous vehicle technology, the video identifies drivers as one of the largest workforce groups facing job loss from automation.

💡economy

Economy refers to the system of production, distribution and consumption of goods and services. The video conveys that automation and globalization are triggering fundamental transformations in the job market that will massively impact the broader economy.

Highlights

For millions of years, humans have developed technologies to make our lives easier, but each new development came at a cost

New technologies like robotics, AI, and networking are automating routine jobs at an unprecedented rate

Globalization makes it easier for companies to move jobs overseas where wages are lower

In the past 20 years, technology and globalization have wiped out millions of manufacturing jobs

Computer processing power has roughly doubled every two years since 1965

AI can now easily beat humans at chess, recognize faces and language, and even compose music

Driverless cars threaten millions of driving jobs in the coming years

In hospitals, computers are learning to analyze scans, deliver anesthesia, and perform procedures

In restaurants, machines can follow recipes perfectly without breaks

47% of jobs are at risk of being replaced by technology within 20 years

Developing countries can perform legal and research work for US firms at a fraction of the cost

New technologies destroy old jobs but also create new industries and markets

Millions will face difficult job transitions as they're forced to learn new skills throughout life

This revolution in the job market is happening now and will accelerate greatly

It will affect all of our lives - we need to be ready

Transcripts

foreign

what can we do to protect ourselves from

robot automation the CEO explained that

machines will replace traditional labor

this is all about artificial

intelligence and how much faster it can

process human labor is never going to be

cheaper as we get more advanced and

we're just going to have to adjust to

that and deal with the results

[Music]

for 3.3 million years humans have

developed Technologies to make our lives

easier

[Music]

these inventions made us more efficient

it meant we didn't have to spend as much

effort working to survive

[Music]

but each new development came at a cost

when bronze tools were invented all the

guys who made Stone twos were driven off

work

and when iron twos came along all of the

bronze workers lost their jobs

when the Industrial Revolution hit it

wiped out the livelihoods of millions of

cobblers and Weavers who had to adapt or

get left behind

and this process continues today

only now it's happening faster

much much faster

[Music]

all kinds of routine jobs have become

automated in the past few years thanks

to breakthroughs and Technologies like

Robotics and radio frequency

identification Computing and high-speed

networking

and at the same time another powerful

force globalization is making it easier

for companies to move jobs overseas

where wages are lower and regulations

are less stringent

in the past 20 years these forces

technology and globalization have wiped

out millions of American jobs in

manufacturing from Detroit's Auto plans

to North Carolina's textile mills

and it's not just manufacturing jobs

we're now entering a dramatically new

phase where High skill jobs are also at

risk

here's why

since 1965 computer processing power has

roughly doubled every two years

all of the computing power that

controlled the Apollo Mission To The

Moon can now fit on the chip inside your

smartphone

and in a few decades computers will be

thousands of times more powerful than

they are today

already computers use artificial

intelligence to easily beat the world's

greatest Chess Masters

recognize faces understand spoken

language

and even compose music

[Music]

they can do many of the things that

we've always thought made as human and

that threatens many of the jobs we've

always thought were secure yeah

take Drive in a vehicle which is one of

the top jobs in Most states in America

with driverless cars already on public

roads millions of truck drivers bus

drivers and taxi drivers May soon find

themselves obsolete

in hospitals hundreds of thousands of

jobs are on the line as computers learn

to analyze CAT scans and biopsies

deliver low-level anesthesia and even do

surgical procedures

and in restaurants hundreds of thousands

of cooks may be replaced in the coming

decades by machines that can follow

recipes perfectly without ever taking a

sick day or a smoke break

and Oxford University study predicts

that within 20 years 47 percent of all

jobs are at risk of being replaced by

technology

that's over 70 million people

and at the same time globalization is

also affecting High skill jobs in ways

that it never has before

law firms for example are beginning to

Outsource work to lawyers in developing

nations who are trained in American law

these lawyers can do legal research and

even review contracts for a fraction of

the cost of an American lawyer

now just as technology and globalization

destroy jobs it's important to point out

that they also create jobs by generating

new Industries and new markets for

American Products

we don't know exactly what the future is

going to look like but we do know this

millions of American workers white

collar and blue collar young and old are

about to face enormous difficult

transitions

yeah

we're living longer than ever before and

will be forced to change our jobs more

often than any people in history

we're going to need to learn new skills

constantly throughout our careers to

keep from being left behind

[Music]

this revolution in the job market is not

coming in the distant future

it's happening now and it's going to

accelerate

it's going to affect all of us our

friends our families and our communities

are you ready

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