Industrial Automation and Its Impact on Manufacturing Industries

Labour Shortage, High Staff Turnover And Population Aging

Rising population and demand for goods and services kicking the manufacturing industries to increase the production capacity to meet material demand. Meantime, manufacturing industries are facing the issue of labor shortage, and with the available labor force, they cannot cope with required consumption. Several regions and manufacturing industries in the world are pretentiously worsening than others. From 2018 onwards, the manufacturing industries are facing the labor shortage issue worldwide. It is due to a lack of qualified workers with appropriate technical skills, rising retirement and aging population, mounting difficulties in the international supply chain, and academe. As a result, the labor shortage in the worldwide manufacturing sector worsening further and it may go up to 80 lakh by 2020, resulting in 607 billion USD worth of income less likely to happen. This could worsen further in the countries which are facing the issue of labor shortages already. In the case of Hon Kong, the labor shortage would rise to 80 percent in the manufacturing sector within the next 20 years (Terry Brown, 2021).