Foxconn, HSBC Join Global Trend: Technology Reducing Labor Costs

For corporations, people are becoming a redundancy. Reliance on technology to reduce costs and increase efficiency is a corporate trend that has contributed to high unemployment rates. An International Business Times article reports the trend is expanding into areas often blamed for jobs lost in the developed world: the world of finance and outsourcing to China. HSBC Bank and Foxconn, the maker of Apple’s iPad, are investing in robots to replace workers, by 30,000 and 1 million, respectively. “We used to talk about the great work-place shift that would occur one day because of technology as something for the future,” writes David Magee. “But it's no longer the future.” Profitable companies are investing profits in technology rather than labor, and Magee adds, “Workers who don't evolve, finding a niche among such technological advancement with proper training, will be left behind – standing in a very long unemployment line.” Education, understanding fast-changing technology, is increasingly essential for securing employment in the modern workplace. – YaleGlobal