10% of the workers at a UAE will be gone in the next 12 months.
We are already starting to see the effects of technology on employment in certain pockets. Mashreq Bank is the latest financial firm to make headlines by announcing that it will lay off 10% of its 4,000 employees in the next 12 months. This is a result of the implementation of automation that makes these workers unnecessary.
I wrote a few different posts over the last couple weeks detailing how there is in impending technological unemployment boom starting to head our way. Many industries including legal, financial, and medical are starting to see the green sprouts of this move. Over the next 10 years, I believe there will be millions of workers displaced without much prospect of re-employment.
In this case, the one time investment of Dh30,000 ($8,000+) offsets an average cost of Dh250,000 ($68,000). From a corporate standpoint, it only makes sense to implement this strategy across as much of the organization as possible. And this is exactly what is happening across the financial industry.
Just last week, the ex-CEO of Citigroup stated that he sees 1/3 the employees in this sector gone in 5 years.
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