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Cost to Train 1.4M Displaced US Workers Could Exceed $34B

Original Content Publication Date: 01/25/2019

Summary

In the next ten years there could be an additional 1.4M displaced workers due to the implementation of automation, e-commerce, robotics, and AI. This could all cost nearly $34M to train roughly 77% of public- and 45% of private-sector employees in new, viable, desirable and growing roles. The remaining may not have options to train for similar opportunities. Both the federal government and private organizations are attempting to fund training opportunities to prepare for such changes.

Key Points

  • The next decade could mean 1.4 million displaced workers
  • To retrain workers in desirable roles could cost up to $34 million
  • Private companies and the government are trying to head this off by funding such trainings now

Discussion Questions

  • What could private employers do now to assess the impact this might have on their company and employees in the future?
  • What could this mean for the economy if nothing is done?

REFERENCE

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Human Resource Management