Automation

Report: Reskilling workers due to automation will cost $34 billion

Workers in assembly line
Making control units for tanks and airplanes in 1943. Photo: FPG/Hulton Archive/Getty

The U.S. government and private companies will need to pay $34 billion to reskill 1.4 million workers who may lose their jobs to automation in the coming years, according to a new report from the World Economic Forum.

Yes, but: Most of that cost will have to be covered by the government because only about 25% of it will be cost-efficient for business, Saadia Zahidi, managing director of the World Economic Forum, told Axios.

"Jobs of the future” surged in 2018

The U.S. job market is brushing up against its best performance in a half-century, but certain occupations are in greater demand than most — those involving new or particularly human-led skills that seem least subject to automation.

Reproduced from a Cognizant chart; Chart: Axios Visuals

In its latest quarterly index, provided first to Axios, Cognizant reports that “jobs of the future” — occupations like cyber calamity forecaster, career counselor and solar engineer — jumped 68% in 2018, vastly outperforming the market as a whole.

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