Technology, Unemployment, and Economic Implications: A Report

This report delves into the multifaceted relationship between technological advancements and unemployment rates. It examines how automation, the rise of artificial intelligence, and digital platforms are reshaping the job market, leading to both job displacement and the creation of new employment opportunities. The report highlights the shift from traditional labor-intensive roles to jobs requiring digital skills, and the resulting challenges for unskilled workers. It discusses the economic implications of these changes, including impacts on GDP, demand and supply, and the need for workforce adaptation through training and skill development. The report also explores the government's and society's role in addressing these challenges, emphasizing the importance of strategic decision-making to mitigate the negative impacts of technology while leveraging its potential for economic growth. The conclusion underscores the need for proactive measures to support workers in adapting to the evolving labor market and ensuring a sustainable economic future.

Technology rising
unemployment rates

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
TASK...............................................................................................................................................1
Is technology rising unemployment rates........................................................................................1
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
The report aims to identify the issue which undertakes focus on the technology and its
impact on unemployment rates. In the current world, technology is become a crucial part of
everyone living and lifestyle. In every phase of life, technology is being used among business. it
is growing at large pace due to which, the business has achieved high profitability and growth in
the market. Technologies includes arrival of machinery and robotics to carry out the work that
was done by the humans itself (Cappelli, Montobbio, and Morrison, 2021). The traditional time
was complicated in which all the work is done by the people which took a lot of time and efforts.
Therefore, with the ease of technology, many new innovation has been seen in the world.
Computer, internet, machineries are the true example of updated technology that contributes in
the success of a business. This report is going to put light on how technology is affecting the
unemployment rates in country.
TASK
Is technology rising unemployment rates
Technology is being an important factor for every business. the today’s world is wholly
depending upon the technology for producing goods and services, communicating with customer
and engaging audience from different parts of the world. With the help of technological
advancement, the lifestyle become easy. Nowadays, people do not require to make time for
going to shop from streets or stores when they can have everything on phones. Online selling and
buying is become the top advancement through technology which has changed the overall game
of business and selling (Abbasabadi, and Soleimani,2021). The customers can easily order their
desired goods by comparing its prices with others and give feedbacks within a minute. Basically,
the rise in technology has provided many benefits to the society and people but at the same time,
it replaces the labour from the factories. People whose livelihood depended on business like
selling postcard to deliver messages, making handmade jewellery, keeping records in books and
maintain accounts. All these works have replaced by the arrival of technology such as digital
platforms like social media and computer software’s. In traditional time, all these activities were
performed by the labours and workers but now technology creates unemployment for them. It is
true that, the jobs are in danger as robotics and artificial intelligence is affecting the market by
1

replacing human efforts. The economy is taking high boost in terms of money flow, demand and
supply and GDP growth due to rise in business growth.
At the same time, the unemployment’s is rising as unskilled workers could not get their
livelihood through working on technologies. Many business suffers losses due to less investment
in technology which also impact on their workers’ jobs. This demonstrates the ability to put in
work efforts with the effect of technology. This shows that, the technology has drastic impact on
unemployment generation ( Yoon,2018). The business no longer requires human efforts when
people are communicating through social media, cloud computing software’s and machine
learning are there to respond to customer queries. For that instance, it should support the human
labours when technology is rising at this rapid pace. It ensures that, every business has great
impact of unemployment and it also lowers down the economic values. Technological
integration is a key aspect for creating values and giving convenient services for the society. But
it also affecting the people lives who can make money through agricultural and low skilled
activities. Involvement of machineries has led to lower down the need for labours which creates
the situation of unemployment.
There are many reasons due to which, the business has suffered loss in brand reputation or
selling products and services. Not every firm can invest in getting machineries and software that
takes high cost. This shows that, there is still hope for human labours but the society are become
additive to use technologies in every way (Mitea,,2018). So the business will either flop or take a
boost by using technology. The demands for labours could get rise by rising in the demand for
the handmade goods. The government and society support handmade production but it takes
much cost to produce desired units which takes much time as well. In the continuous flow of
regular trends and demands, organisations have to maintain stocks ready and walk with the
trends to survive in the competitive market. Hence, technology is the only solution which can
help in achieving these objectives of business. when productivity of labour decreases, it also
creates impact on the labour markets.
This reflects that, no change through the technology is permanent as it depends on market
demand and types of worker’s availability (Kral, and et.al, 2019). When people losses their jobs
in one area but business open different opportunities for other fields as well. When the individual
does not get jobs for offline marketing and face to face promotions, they get opportunities to
involve in digital marketing by learning digital skills. Hence, there is requirement of effective
2

work abilities for the business and people will tend to raise their abilities to get employment in
large market. It assures that, creating better abilities which is able to deliver good quality work
and efficiency could only get possible through taking use of digital technologies. Apart from this
fact, technology has been always a job promoter rather than being destroyer (Shapiro and
Mandelman, 2021). This demonstrates that the technology is known for creating jobs into
market. Business uses these technologies to raise their products and services standards by
improving efficiency and productivity. The fear of loss of jobs can be for unskilled and untrained
labours who remain with less skills to adopt the changing environment. Also, technology is
known for creating job opportunities as well. When ATM’s are introduced, it crates need for the
bank tellers and cashiers to maintain the records and cash transactions.
The banking industry have taken rise in employment by taking advancement in technologies
for banking services. This way, the institutions have looked for fulfilling society needs as well as
giving employment opportunities as well. the business seeks skilful employees for which they
provide experts training programmes, launches campaigns to give require knowledge and skills
about working in current culture of organisation, internship and apprenticeship is also a part of it.
This innovation helps in bringing new facilities to promote better understanding for assuring
better activities (Benanav, 2020). It impacts on better learning environment that shows every
employee has to be secure about growth opportunities. Digital opportunities have much growth
in the future market. It shows how the organisation can lead to make good understanding for
employee relations. This reflects that, the technology is not the only reason behind losing the
jobs but it creates also. There are various pros and cons of technology usage in economy which
are losing serval jobs in the sector of weavers, typists, constructions and post mans.
These people suffer to earn their livelihood due to not having education and knowledge.
Also, the cons of technology are that it does not meant for losing jobs but making a shift of
people in different areas. It makes the human efforts easy due to which these people get less
wages and salaries. The more It grasp jobs, the more it creates jobs also. Technological usage
avoids repetitive tasks and activity which consume time in one single activities. Therefore, the
companies are rising by growing in different areas (Peralta-Alva, and Roitman, 2018). The more
it gets expand, the more it generates employment. Machines enables many industry operations
which also give employment to workers. It is true that all the work is one by the machines but the
material and resources will be put in how much quantity and set a desired unites targets will be
3

done by human workforce. there is requirement of key aspects while taking technological
decisions is that to hold manpower solutions and make valid strategic choices.
CONCLUSION
The report has concluded that digital technologies is become the reason for unemployment
in the economy. It shows that the company needs to make clear decision about involving
technologies which replace the human efforts. It shows that, technology has affect the economy
by losing jobs of unskilled labours. These people may suffer to earn their livelihood but business
are ready to take a positive image on the brand.so they provide expertise training programme to
make people literate and trained to adopt new market changes. This will impact on their career
goals and no individual will remain unemployed.
4

REFERENCES
Books and Journals:
Cappelli, R., Montobbio, F. and Morrison, A., 2021. Unemployment resistance across EU
regions: the role of technological and human capital. Journal of Evolutionary
Economics, 31(1), pp.147-178.
Abbasabadi, H.M. and Soleimani, M., 2021. Examining the effects of digital technology
expansion on Unemployment: A cross-sectional investigation. Technology in
Society, 64, p.101495.
Yoon, D., 2018. Rising unemployment among young people and improved employment policy:
The case of South Korea. Economics & Sociology, 11(4), p.246.
Mitea, D.R.E., 2018. The expansion of digitally mediated labor: Platform-based economy,
technology-driven shifts in employment, and the novel modes of service work. Journal
of Self-Governance and Management Economics, 6(4), p.7.
Shapiro, A.F. and Mandelman, F.S., 2021. Digital adoption, automation, and labor markets in
developing countries. Journal of Development Economics, 151, p.102656.
Benanav, A., 2020. Automation and the Future of Work. Verso Books.
Peralta-Alva, A. and Roitman, A., 2018. Technology and the Future of Work. International
Monetary Fund.
Kral, and et.al, 2019. The automatability of male and female jobs: Technological
unemployment, skill shift, and precarious work. J. Res. Gender Stud., 9, p.146.
5