MGM Could Replace Many Employees with Robots - could take over as many as 800 million jobs globally by 2030
MGM Could Replace
Many Employees with Robots
Andrew O’Malley March 7, 2019
30-second summary
·
MGM is thinking about replacing workers with
robot technology in its Las Vegas Strip properties
·
Its 2020 plan calls for reducing thr workforce
by about 2,1000 people to save $300m in the coming years
·
Unions and workers will likely react strongly to
such a move
·
A McKinsey and Company report estimates that by
2030, 800 million jobs will get robot replacements
Robots taking over
employment
Many corporations are embracing the latest robotic
technology. Companies can make many processes more cost- and time-efficient by
using robots and other types of technology.
In a lot of industries, robots can now be more efficient
and productive than people. This sparks the debate about protecting these jobs
for humans or to allow robots to make these processes more efficient.
MGM, one of the major global casino companies, is
considering replacing some workers with robots, which will cause some concern
for their employees and those in the industry as a whole.
The company has been looking into doing this at their MGM
properties on the Las Vegas Strip as a way of cutting costs considerably. It is
likely that the casino worker unions in Nevada will soon be up in arms about
this issue.
Among those who could be replaced are cashiers and
bartenders. Automatic technology that can make drinks would replace the
bartenders and monetary transactions could be done through standard payment
technology.
There would also be mobile payment processors going
around the floor with the wait staff, eliminating the need for cashiers. There
is no indication as to how many such jobs would be replaced at the MGM
properties.
Reaction to this
potential move
The unions and workers will not be happy with this news.
Jobs will be lost and it may also violate the labor agreement that MGM struck
with the unions last summer.
The Las Vegas Culinary Union (LVCU), which represents
bartenders, kitchen staff, and wait staff, reached a five-year deal in June
2018 with the MGM.
The agreement guarantees that MGM will not implement any
technology that would have a negative impact on employment. However, the news
that the MGM is considering replacing some workers with robots could mean that
the company is not willing to fulfill this agreement.
For some time, the MGM has been looking at ways of
trimming its considerable costs. CEO Jim Murren presented a new “MGM 2020” plan
at the beginning of the year.
This plan calls for cutting the number of workers by
about 2,100 people in 2010. He believes that such a move will see them save
about $200m (£153m) in earnings before interest, tax, depreciation, and
amortization (EBITDA) over the next couple of years and $100m (£76m) in
following years.
The unions will be watching all developments closely,
especially since they were made aware of this MGM 2020 plan.
A growing trend
With robot technology and artificial technology
constantly becoming more and more advanced, more jobs will be lost to robots
and automation.
A McKinsey and Company report estimates that robots could
take over as many as 800 million jobs globally by 2030. This is especially the
case in advanced economies, such as in the United States.
As a result, millions of people will have to learn new
skill sets in order to adapt and find employment.
Not all industries will face the same struggles. Jobs
involving social interaction, applying expertise, or managing people naturally
will not be replaceable by robot technology. However, a lot of people in
back-office work, accounting, and paralegal jobs will easily be replaceable
thanks to automation.
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