Technological innovation has fulfilled its promise of a less
stressful life for humankind. Machines are capable of mass production that no
human labor can compete with. Convenience is at our fingertips; apps and
gadgets cater to our needs and lifestyles. What was once mocked as “science
fiction only” has become reality.
Technological innovation is modernizing medicine, engineering,
education, and the way we do business. It will continue to do so until the next
decades. Yet no one can confidently wave away worries, for technological
innovation will always deliver what we fear most: unemployment.
If we take a step back and ponder on the past, we will see that
unemployment is nothing new. In 19th-century England, machines stole the jobs
of textile workers. This angered them, and their protest became an
upheaval. The “Luddites” destroyed labor-saving machinery which they
deemed dangerous to their jobs and wages.
Fast-forward to the future. Media headlines report massive layoffs
around the world and record high unemployment numbers among young people. The
problem is a complex one. No politician, economist or educator can propose a
surefire solution to the prolonged pain of unemployment. Some argue that
overhauling school curriculums and embedding STEM (science, technology, engineering
and math) subjects will serve to equip graduates with the necessary skills to
endure in the harsh technological world. Unfortunately, not many students take
STEM subjects seriously; many choose an easier path, or are simply limited by
their abilities. Others spend much of their time at social gatherings and
indulging in materialism.
Only the brilliant will take the leap forward, but then
uncertainty is the enemy. STEM graduates must learn to cope with programs and
software that may displace them in the future. For instance, accountants may
soon fall into the unemployment line as tax software improves. Companies will
soon leverage the competencies of these software that will add value to their
operations. Stiff competition among workers will bring down wages to a minimum.
And doomsayers are anxious that the wage system may soon be abolished.
But despite fears, most everyone is enjoying the fruits of
productivity gains. At the same time, our fairy-tale future of feeling secure
has been shattered.
