Friday, January 22, 2016

Davos Men Push Back Against Angry Voters with Job Threats

Fortune reported:

One of the main themes of this year’s World Economic Forum is how technology could shrink the workforce, cutting as many as 5 million jobs worldwide in the next few years.

Gary Cohn, the chief operating officer of Goldman Sachs, says that many of the companies he works with are looking to “optimize” their workforce. He says that will result in the redistribution of more U.S. employees to lower cost areas, like Bangladesh, India, or Warsaw.
Clearly American jobs will be lost to optimize executive compensation, pure and simple.

Update 1-24-16:  On one estimate, 47% of US jobs are at risk from automation.