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The finance and insurance sector is set to lose 515,863 jobs in the hands of automation and technological advances in the workplace, according to a new report published by Arden University.
The 2030 Workforce Report also found that by 2030, 30% of all jobs in the UK could be eradicated due to automation changing the workforce.
With more jobs set to involve working alongside or in tandem with new technologies, the research also found that only a minority of employees are currently up to speed and comfortable working with developing digital technology.
In the finance and insurance sector, the report found that 26% of people had a digital skills gap and weren’t prepared for the technological changes at hand.
Carl Lygo, CEO and vice chancellor at Arden University, said: “As automation begins to play a greater role in economic production, it will disrupt these industries the most significantly, with the effects being felt across society and the nation’s economy.
“Upskilling is most urgent – particularly for the employees who may not have the digital skills to prepare them for the evolving jobs of the future. It is now up to education institutions to ensure they are teaching and preparing the next generation for the jobs of the future and not solely for the jobs of today.”
Over a half of jobs are set to become extinct in the transport and storage industry (56% of jobs) with manufacturing (46%), wholesale, retail, and repair of motor vehicles (44%), admin and support services (37%), and public admin and defence, social security/ financial and insurance services (32%), being the remaining top sectors expected to undergo a massive shift in the next decade.
He added: “The pandemic has magnified this shift with the rise of home-working and online socialising. Yet whilst much of the population becomes ever more proficient, for some, a lack of technological proficiency or access risks them being left behind.
“As digital technology plays a more prominent role in most jobs, and more employees work alongside tech, basic digital literacy will become an essential skill, on a par with reading and writing. As more jobs require digital skills, upskilling the population is a key priority. It is without a doubt that automation will result in a foundational change to the landscape of work.”
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