Impact of Job Loss - Mental Health
The global financial crisis led to an estimated 4,800 excess suicides in the U.S.
alone due to job loss.
"Automation could displace between 400 to 800 million Automations supported by Gen Al and other technologies individuals worldwide by 2030. This displacement will require a have the potential to automate 70% of employee times today. significant number of people (75 million to 375 million) to switch occupational categories and acquire new skills"
- McKinsey & Company' 2024 ArticleThese technologies are already embedded into some of the current products and widely used. The new products will be developed and integrated into processes and business. Tasks that were once carried out by human workers are increasingly being completed by machines, reducing the need for human labor.
"The researchers found that for every robot added per 1,000 workers in the U.S., wages decline by 0.42% and the employment-to-population ratio goes down by 0.2 percentage points- to date, this means the loss of about 400,000 jobs. The impact is more sizable within the areas where robots are deployed.."
- MIT Study' 2020
The global financial crisis led to an estimated 4,800 excess suicides in the U.S.
alone due to job loss.
70% of households experiencing unemployment report
significant financial
distress.
Unemployment affects not just the individual but also their
family and social dynamics. Loss of identity, purpose, and
increased family stress are common.
As low-skilled jobs are eliminated, workers without advanced skills
face greater difficulty finding employment, exacerbating economic inequality and
leading to social and economic disparities.
By 2030, it's likely than more than 85 million jobs could go
unfilled globally because there aren't enough skilled people to take them,
according to a recent Korn Ferry analysis.
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