Business Insider reported that Bill Gates spoke at a conference in Washington DC about the future of the job market. He mentioned that within 20 years, most jobs will become obsolete via advances in technology, mostly jobs based around accounting, retail, telemarketing, etc. He said:
“Software substitution, whether it’s for drivers or waiters or nurses … it’s progressing. … Technology over time will reduce demand for jobs, particularly at the lower end of skill set. … 20 years from now, labor demand for lots of skill sets will be substantially lower. I don’t think people have that in their mental model.”
He was also against the raising of the minimum wage, again stating that in the long run, it will inevitably do more harm than good:
“When people say we should raise the minimum wage. I worry about what that does to job creation … potentially damping demand in the part of the labor spectrum that I’m most worried about.”
On the bright side however, Gates, as well as many other economists, speculate that in order to combat the potential loss of income, the federal government may need to either lower income tax or get rid of it altogether. By doing this, it would make the impact of the job loss much more bearable while at the same time giving some smaller companies a bit of a break from the financial backlash.
But in the meantime, Crossroads Consulting, our job is to help to decrease the unemployment rate however we can. With over 50 job placements available, there is something here for everybody. We also provide a resume preparation service for which anybody can seek help building and maintaining a strong image for potential employers.
Here at Crossroads Consulting, we put the ‘Human’ back into ‘Human Resources.’