Simply, the substitution of manpower with technology results in technological unemployment. It is a form of structural unemployment wherein the structure of the economy changes with the shifts in demand for manpower due to the introduction of new machinery, time-saving technology and improved methods of production.

There will be a significant job loss, and many workers will have less economic value. Workers may also experience financial challenges as a result. But humans will always find a way once this happens.

According to Gartner’s 2017 hype cycle for emerging technologies, artificial intelligence (AI) will automate 1.8 million people out of work by 2020. Dig a little bit deeper into the hype cycle and you’ll see Gartner also predicts AI will create 2.3 million jobs by 2020, driving a net gain of 500,000 new jobs.

Training employees in new technology can increase their efficiency, improve productivity and can help make employees and the company more competitive.

Productivity can increase either when work methods are made more efficient without (necessarily) the introduction of new technology, perhaps from a better organisation of the factory floor, or when new methods are introduced to the production process through the introduction of new technology – for example, when new …

People who have been retrained can demand higher salaries as their qualifications and skills increase. Some employees may find that they are unable to deal with the new demands-thus finding themselves unemployed or having to take on a lower-level job. The dull repetitive work is eliminated and more job are created.

Modern technology has paved the way for multi-functional devices like the smartwatch and the smartphone. Computers are increasingly faster, more portable, and higher-powered than ever before. With all of these revolutions, technology has also made our lives easier, faster, better, and more fun.