Multinationals in Hong Kong dismiss fears of job loss from AI technology, but one admits transition could be ‘painful’
Comments come at forum after studies released show bleak future for workers as technological leap in automation expected to displace millions
Multinational companies in Hong Kong have dismissed concerns over job losses arising from the emerging use of artificial intelligence, but one warned of a painful transition.
On Thursday, leaders from Ernst & Young, DHL Express and Cisco Systems voiced optimism over the impact of automation at the latest edition of the “Redefining Hong Kong Debate Series” organised by the South China Morning Post.
“The job itself will still be there. It’s the tasks within the job that may be changed,” said Michael Wong Man, Greater China talent leader of accounting giant Ernst & Young, one of the “big four” in the sector.
His remarks came days after the World Economic Forum released a study, revealing that the rapid evolution of machines and algorithms in the workplace could create 133 million new roles by 2022 while 75 million would be displaced.
The job itself will still be there. It’s the tasks within the job that may be changed
It said routine-based white-collar roles, such as data entry clerks, as well as administrative workers in accounting and payroll, were jobs expected to become redundant.
The findings echoed some of the risks pointed out by a local think tank’s study unveiled in July. The One Country Two Systems Research Institute estimated more than 1 million Hongkongers would be at risk of losing their jobs to artificial intelligence over the next 20 years.
It also estimated that 28 per cent of the city’s 3.7 million jobs were vulnerable to automation. These include secretaries, accountants and auditors, who face a 70 per cent chance of being substituted for machines before 2038.
Wong said it would still be up to companies to determine which tasks would be best done by AI technology in the future.
