Millennials Vs Boomers: Heading to Collision Powered by Automation!
In the most dramatic report for the future of work and jobs in the world, Bain & Co has come out with a report which pits Millennials against the Boomers. And, basically, the Boomers are going to screw the careers and work of the Millennials in an indirect way as the companies take action to handle the exodus of the former from workforce. The report is LABOR 2030: THE COLLISION OF DEMOGRAPHICS, AUTOMATION AND INEQUALITY (BAIN_REPORT_Labor_2030)
What will the companies do? They will replace Boomers with automation. And with that 25% of the jobs will go… poof! No wall and no stop of immigration will help the Millennials.
Here is a brief take on what is really happening:
- The U.S. population is aging fast, and many older workers are staying on the job longer.
- With the labor force shrinking and needed skills hard to find, companies will rapidly automate.
- 20%-25% of current jobs will be wiped out, adding up to some 40 million workers, many in the least-advanced positions, often millennials.
Maturing of Artificial Intelligence
The impact of the exodus of boomers will be at the same time when Artificial Intelligence is maturing into a viable option for many jobs.
Many optimists do suggest that AI can bring in new jobs.
A study of 1,000 companies revealed that AI systems created new jobs in 80% of the organizations they were implemented in. In fact, a 2017 Gartner report predicts that AI will create 500,000 more jobs than it will displace over the next three years, ushering a slew of employment opportunities for medium-to high-skilled workers.
But that may be more optimistic than what the future really holds.
A Gallup study suggests that 37% of the Millennials could be at risk of their jobs. A McKinsey study suggests that 51% of the activities in the economy will be in for automation – which could account for $2.7 trillion!
Heck, even sex workers won’t be spared. Already, there are brothels with sex robots functioning in Paris, France!
In effect, the world is looking at a world where population will be increasing, the jobs will go away, and automation will be disruptive in more ways than we can think of.