April 17, 2018
Robots will lead to increased productivity without stealing jobs, but wages will fall
Robots will not as feared steal people’s jobs and will eventually improve productivity, but they will undercut workers’ contribution sufficiently to depress their wages. According to the third report in Barclays Impact Series, titled Robots at the gate: Humans and technology at work, technology is fundamentally re-shaping the nature of work, and the implications of this re-shaping process will accelerate in coming decades. The report authored by Barclays’ Research team and supported by the Barclays Social Innovation Facility sets today’s technological advancements in the context of historical precedent and argues that robotics and Artificial Intelligence do not portend a jobless future. However, these new technologies have important macroeconomic consequences, such as wage disinflation, which will likely continue in the years or even decades to come. The report also argues that productivity spurts lag behind technological leaps, as it can take years or even decades for an economy to figure out how to best use a new technology. Eventually, economies of scale are reached, consumer behaviour adapts, companies refine their business models and productivity growth finally kicks in. (more…)
Over half (52 percent) of workers in a new poll have admitted looking for a new job because of frustrations over what they see as outdated ways of thinking around work practices and automation at their current company. The 
Artificial intelligence systems need to be accountable for human bias at AI becomes more prevalent in recruitment and selection, attendees at the Employers Network for Equality & Inclusion’s annual conference have been warned. Hosted by NatWest, the conference, Diversity & Inclusion: The Changing Landscape heard from experts in ethics, psychology and computing. They explained that AIs learnt from existing data, and highlighted how information such as performance review scores and employee grading was being fed in to machines after being subjected to human unconscious bias. Dr David Snelling, the programme director for artificial intelligence at technology giant Fujitsu, illustrated how artificial intelligence is taught through human feedback. Describing how huge data sets were fed into the program, David explained that humans corrected the AI when it used that data to come to an incorrect conclusion, using this feedback to teach the AI to work correctly. However, as this feedback is subject to human error and bias, this can become embedded in the machine.
In a workplace dominated by insecurity, gig work and intelligent machines we need to improve our understanding of their potential impact on health, safety and wellbeing claims a new report. 
The construction industry needs new talent and skills to help in the adoption of new technologies to meet the challenges of digital transformation. It must also become more diverse, including increasing the percentage of women in the industry. These are the recommendations of a new report from the World Economic Forum, developed in collaboration with The Boston Consulting Group (BCG), Shaping the Future of Construction: An Action Plan to solve the Industry’s Talent Gap. The report argues that the Infrastructure and Urban Development (IU) industry has failed to innovate as quickly as other sectors, resulting in stagnating productivity and negative effects on the economy, society and the environment. An ongoing industry-wide shortage of qualified workers is among the key reasons for this issue. It has undermined project management and execution, adversely affecting cost, timelines and quality. It also has impeded the adoption of new digital technologies, such as building information modelling (BIM), automated equipment and cloud-based collaboration tools, which could improve productivity. The report provides twelve key actions which needs to be implemented to close the structural talent gap of the construction industry.
