Saturday, October 29, 2011

How IT Costs More Jobs than It Creates

Interesting article about the effects of Information Technology on jobs.  For the first time, this decade has seen the economy and productivity grow while jobs shrink.  Although this has not happened before, it will likely be a continuing trend. IT allows companies to continue to expand profits and growth, while simultaneously reducing jobs. According to this article, the main solution has to be continuing education so that workers are being retrained for the new jobs and opportunities arising.

Further cementing the concept about disappearing jobs is the recent excellent article from the McKinsey Quarterly,"The Second Economy".  In this enlightening article, the author lays out a very clear scenario in which information technology advances result in the tremendous reduction of necessary workers.  Very interesting and well supported developments have resulted in fewer workers being needed---and a mismatch of skills with the jobs remaining.

Well worth reading both----harbingers of the uncertain future we face.

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