Retraining could help most people avoid job loss at the hands of automation
A new report from the World Economic Forum says 1.4 million US jobs will be hit by automation between now and 2026—but training could ease the losses.
Limited options: Without reeducation, says the WEF, 16 percent of affected workers will have no job prospects. A further 25 percent would have one to three job options available to them. That's in line with predictions from McKinsey last year that automation could force 375 million people to switch careers by 2030.
How to help: With two years of training, the WEF predicts, 95 percent of at-risk workers would find a new job, with an average salary increase of $15,000.
But: That will require 70 percent of displaced workers to retrain for a completely new career. Training would ideally be paired with programs like job matching and income support to help workers through the transition.