Economy

Robots by LG Electronics Launched, Can it Replace Jobs in Service Industry?

Robots From LG Electronics Ready to Replace Workforce from Service Industry

LG Electronics is ready to leave workforce behind its invention of robots. Will robots take my job? as these robots will replace labor market in service sector. Will this invention be proved helpful to the economy? Need to think seriously.

This is the age of competition. And no one company can exist without making itself competitive in the market.  Every company wants to maintain USP with adding something different in its business.  The more the companies grow, the more employments occur. But it’s really a matter of concern if a company launches something new and youths have a question mark on their face.

Concept of robots by LG Electronics

South Korean Tech giant LG Electronics is planning to roll out three new robots which will replace workforce in three service sectors around the globe i.e. Hotels, Airports and supermarkets.

According to report released by Mckinsey in November, up to 800 million of workforce could be affected by rise of artificial intelligence and automation.

The company is to show three new concepts of robots at next week’s consumer electronics show in Las Vegas. Korean tech giant is testing robots to perform various tasks where work force requires like in pizza parlor from serving pizza to delivery of pizza.

The first robot will serve food and drinks to customers in hotel and lounges. It means replacement of wait staffs. Second one will perform task like check-in and check-out and carry luggage to the rooms. And the last one will work in supermarkets, where it will tell customers price of products and guiding them for best one.

Effect on Economy

Every economy wants to grow rapidly, that is why they focus on eradication of poverty, illiteracy, and unemployment. But at the same time, in the same economy, business houses are ready to spread poverty, unemployment and finally illiteracy.

This is not the first time that a new technology is replacing labor market. Before service sector manufacturing companies were targeted by technological development. In 20th century companies introduced conveyor belt and assembly lines at factories that brought down labor cost and people remained unemployed for long time.

According to international labor organization, service industry has employed nearly 50% of work force which could be badly affected by this robot concept.

Government must take initiatives to solve this type of problems also otherwise poverty, unemployment and illiteracy will become a vicious circle which will be very difficult to break for any economy.

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