In the present times, every sector has shown enormous development and results. This time is explicitly committed to innovation, nothing works without it! We are straightforwardly or by implication reliant upon tech. It's a piece of life now. The advancement in the field of technology has somewhere down the line has left few drawbacks.
Every field which works manually, includes labour work, manpower, but unfortunately due to the development its been dedicated purely to technology. Due to this requirement of employment in the workplace have been affected.
Apart from a pandemic, changing lives to tech can likewise be a significant justification behind joblessness as many companies transferred from manual to technology that led to the unemployment of several individuals. This revolution from manual to technology was either highly focused on technical skills that drove personalities or on the technology itself, due to financial aspects as well.
Before the pandemic happened the number of labour hired was high but afterwards it has led to a drastic change in the number of working labour force and shifted majorly on technologies. As this would help in managing costs companies are suffering due to unexpected crises.
As of now, people can't envision their existence without tech. This division of work among people and computers happens in different settings everywhere. At present every nation is coming up with different technologies either to survive the crisis, to innovate for the future, or to create a history. People are using different ways to stand out. In one of the instances in India, in New Delhi, a venture is being created which exclusively deals with robots, in which food and bills are served by robots.
For example, Food-tech companies such as Swiggy and Zomato are expanding their machine learning (ML) and automation to drive their businesses, using years of data accumulated from food orders and user-level consumption patterns.
“We are processing around 40 billion messages (or data points) per day, which are unique data points purged from either customer ordering from our app and from drivers delivering orders. And if I look at that, scale, will probably touch 100 billion messages within a year," said Dale Vaz, head of Swiggy’s engineering and data sciences department in an interview.
The view that technological change can lead to short term unemployment has been in discussion for a long time and has been repeatedly challenged by a minority of economists. The negative impacts slightly diminish as a worker’s education level increases.
Although technological advances in big data, machine learning, and robotics have led the way towards advancement, they also led to a negative influence on existing employment opportunities for human beings. It is not like technological advancement is bringing all employment problems, instead, it is helping to manage the crisis. One major thing that caused companies to reduce labour is lack of finances due to which a company that had the capacity of financing 50 employees is now financing only for either 50 to 60% employees only. Numerous studies have demonstrated a worrisome decline in low- and medium-income employment resulting from the replacement of the human workforce with machines.
There was a misconception at the time of the industrial revolution that machines replace human labour and hence creates unemployment. Contrary to that, machines caused the opening of many industries and more employment opportunities as well.
Technology has highly affected mankind and the global economy and its usage has been linked to world market transformation, improved and changed our living standards. Technological advances have important upgrade operations and lowered the cost of doing business globally. Technology has helped us control the major hurdles of globalization and international trade barriers, lack of common ethical standards, transportation costs and delays in information exchange, thereby changing the marketplace.