Economic Perspective on Future Employment in Manufacturing Assessment Answer

Introduction

From the economic viewpoint, the future of employment across manufacturing is more than likely to be redefined by culmination of globalization, advancement in technological domain and radical shift across consumer demand.

• Technological augmentation: With the advent of artificial intelligence, drastic changes are already revealed across manufacturing process where the efficacy of working function has essentially reduced cost associated with production, all while enhancing quality of the product to a great extent (Fatimah et al. 2020). Tasks which are iterative as well as labor-intensive in nature are more prone towards automation, thereby replacing low skilled workers with artificial intelligence.
• Changes in consumer demand: Of late, the notion of consumer preferences align with sustainability as well as emphasizing local production which potentially opens up a resurgence of domestic manufacturing, thereby creating a diversified opportunity of job creation, which in turn stimulates manufacturing industries extensively (Yong et al. 2020).

Conclusion

In essence, it can be inferred that while advancement in technology can essentially decline certain conventional jobs in the manufacturing sector; however, potential replacements of skill-oriented opportunities to emerge within the manufacturing sector is undeniable in nature. For the sake of remaining competitive, manufacturers across the globe would essentially inculcate business strategies, where leveraging technological augmentation and recruiting workforce, who are well versed in the notion of handling new amendments is quintessential in nature, which in turn would propel the economy in a positive gradient.

References

Fatimah, Y.A., Govindan, K., Murniningsih, R. and Setiawan, A., 2020. Industry 4.0 based sustainable circular economy approach for smart waste management system to achieve sustainable development goals: A case study of Indonesia. Journal of Cleaner Production, 269, p.122263.

Yong, J.Y., Yusliza, M.Y., Ramayah, T., Chiappetta Jabbour, C.J., Sehnem, S. and Mani, V., 2020. Pathways towards sustainability in manufacturing organizations: Empirical evidence on the role of green human resource management. Business Strategy and the Environment, 29(1), pp.212-228.

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