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Businesses are investing in Automation

Businesses are investing in more automation

The rise of automation in employment has been a continuous source of fear and uncertainty for many people. Especially with the current advancements of technology and creation of new technological inventions, many people have always feared that automation and robots will replace people in the workforce.

Especially after the Covid-19 pandemic where people were required to work remotely from the comfort of their homes, the concept of adding automation in the labor force has become a lucrative topic of interest for major organizations. By adding machines and robots, businesses can maintain a functioning workforce and complete tasks without the risk and additional costs of human labor that is impacted by the disease. At the same time, the business will be able to progress in terms of efficiency and productivity.

Twenty years ago the idea of robots in the workforce was viewed as a fantasy, however now it has become our reality. Even in 2013, a study conducted by the University of Oxford showcases that an estimate of 47% of vacancies are at a risk of losing their jobs due to automation.

A study conducted by HSBC showcases that one-third of companies and organizations in the UK intend to invest in automation during the next following years. According to their research, around 30% of businesses will be financing automation to be included in their workforce.

Main reasons for this new plan is due to staff scarcity and lack of available employment. The most suitable explanation is because of conditions taken after the recent Covid-19 pandemic and aftermath of Brexit. Due to Brexit, it has become more difficult for EU citizens to work in the UK due to immigration laws, consequently leading to workforce reductions.

James Cundy who happens to be HSBC UK’s managing director in the bank stated that: “The research shows that infamous entrepreneurial spirit of UK businesses continues to lead them to invest, innovate and redefine their growth ambitions.” In other words, despite the increase of automation in the workforce, corporations and people will learn to adapt to these changes.

This announcement has brought upon a space for fear and doubt from many people. Individuals are now voicing their opinions regarding the impact of automation on loss of jobs. This new change in society is another step forward into the integration of automation in our lives.

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