The fear of becoming obsolete (Fobo) has grown in the past two years among US workers, with 22 per cent now saying they worry that technology will make their job redundant, up from 15 per cent in 2021, a survey has found.
The figure previously varied between 13 per cent and 17 per cent, US analytics and advisory company Gallup said.
The increase has been driven almost entirely by growing fears among college-educated employees, among whom the percentage of those worried has jumped to 20 per cent from 8 per cent, said Gallup, which last month polled 491 US adults employed full or part-time.
Respondents were asked whether they were personally worried about being affected in the near future.
Worry among US workers without a college degree was virtually unchanged at 24 per cent, the survey found.
“It’s easy to foresee the concerns mounting in the coming years – particularly among the college-educated – as technology continues to improve,” said Lydia Saad, Gallup’s director of US social research.
“It is no longer only about robots standing in for humans in warehouses and on assembly lines, but has expanded to online programs conducting sophisticated language-based work, including writing computer code.”
About one in four jobs is expected to change in the next five years as generative artificial intelligence “comes of age”, creating and destroying millions of jobs in the process, the World Economic Forum said in May.
In its survey of 803 companies globally, the forum found that employers expect a structural labour market churn of 23 per cent in the next five years.
Eighteen per cent of work globally could be automated by AI, with a bigger impact on developed than emerging markets, a Goldman Sachs report said in March.
In the US, a quarter of current work tasks could be automated by AI, with sectors most at risk including administrative (46 per cent) and legal (44 per cent) professions. Physically intensive professions such as construction and maintenance have low exposure, according to Goldman Sachs.
Concern about technology making one’s job obsolete is also up more among younger than older workers in the US, the Gallup survey results showed.
It has increased more among those making less than $100,000 than those earning that much or more.
Concern has also increased equally among men and women, with the two groups expressing similar fear levels of displacement, the poll found.
However, AI will disproportionately replace jobs typically held by women, according to human resources analytics company Revelio Labs.
In May, the company identified jobs that are most likely to be replaced by AI based on a study by the National Bureau of Economic Research. They then identified the gender breakdown of those jobs and found that many of them are generally held by women, such as bill and account collectors, payroll clerks and executive secretaries.
A reduction in benefits remains the most common job-related concern among US workers polled, Gallup said. Nearly a third, or 31 per cent, said they were worried they could lose benefits in the near future.
The next most common job worry, cited by 24 per cent, was having their wages reduced, followed by the fear of being laid off, highlighted by 20 per cent of respondents.
The least worrisome risk to US workers is having their job moved overseas, cited by 7 per cent.
The percentage of US workers concerned about being laid off or having their wages or hours reduced were significantly lower in the mid-2000s, while 2019 marked the low for concern about benefits being reduced, Gallup said.
Meanwhile, a separate Gallup survey of 135 Fortune 500 HR leaders last month found that 72 per cent of them foresee AI replacing jobs in their company in the next three years.
However, only 16 per cent of these leaders see the technology replacing jobs in their company over the next year.
A majority of HR leaders are hopeful about the utility of AI, with 65 per cent saying it can be used to improve the performance of most roles in their organisation, the Gallup survey found.
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Queen
Nicki Minaj
(Young Money/Cash Money)
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Opening Premier League fixtures, August 14
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The specs
Engine: 5.0-litre supercharged V8
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Price: Dh554,000
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How Voiss turns words to speech
The device has a screen reader or software that monitors what happens on the screen
The screen reader sends the text to the speech synthesiser
This converts to audio whatever it receives from screen reader, so the person can hear what is happening on the screen
A VOISS computer costs between $200 and $250 depending on memory card capacity that ranges from 32GB to 128GB
The speech synthesisers VOISS develops are free
Subsequent computer versions will include improvements such as wireless keyboards
Arabic voice in affordable talking computer to be added next year to English, Portuguese, and Spanish synthesiser
Partnerships planned during Expo 2020 Dubai to add more languages
At least 2.2 billion people globally have a vision impairment or blindness
More than 90 per cent live in developing countries
The Long-term aim of VOISS to reach the technology to people in poor countries with workshops that teach them to build their own device
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Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
