Report: 25% of current jobs to be eliminated in next decade

February 15, 2018

A new Bain report suggests that job automation may eliminate 20% to 25% of current jobs by 2030, hitting middle- to low-income workers the hardest.

They forecast US labor force growth will slow to 0.4% per year in the coming decades, “bringing an end to the abundance of labor that has fueled economic growth since the 1970s.”

The aim of the report was “to detail how the impact of aging populations, the adoption of new automation technologies and rising inequality will likely combine to give rise to new business risks and opportunities”.

The report goes into incredible depth, prioritizing the following key chapters:

  1. The impact of aging populations and the end of abudant labor. The baby boomer generation powered a long surge in labor force growth. Now this group is moving into retirement, which imperils growth.
  2. How automation may solve one problem by increasing productivity and powering growth, but cause another by eliminating millions of jobs.
  3. How the second phase of automation will increase income inequality.
  4. The fluctuation of the 2020s. Investment in new automation technologies should fuel a period of robust growth, followed by a steep tapering off by 2030.
  5. How governments may intervene to address economic imbalances.
  6. The practical business implications of these trends for businesses and leadership teams.

In short, the next decade or so will be volatile for employers and the wider world economy. Organizations that can absorb shocks and remain flexible in their workforce, products, and market positioning, will have the best chance of thriving.

You can read the full report on Bain.com.

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