Brookings recently released an interesting study on Digitalization and the American workforce.
The report:
"... presents a detailed analysis of changes in the digital content of 545 occupations covering 90 percent of the U.S. workforce in all industries since 2001. The analysis categorizes U.S. occupations into jobs that require high, medium or low digital skills and tracks the impacts of rapid change."
The study findings show the U.S. economy is digitializing rapidly.
As the report chart below shows (click to enlarge), the number of high digital jobs has grown from 5% of jobs in 2002 to 23% in 2016. It also shows the number of low digital jobs substantially declined during the same period.
According to Brookings, pretty much all industries have become more digital.
The bad news is workers who don't have digital skills, or can't acquire them, face declining job options.
The good news is those with digital skills tend to be paid pretty well. The mean annual wage for those with a high level of digital skills is an impressive $73,000. Those in low digital skills jobs earn an average of just $30,000.
There's little doubt that the digitalization of the economy is going to continue. This will impact almost all jobs and pretty much all small businesses.
We'll have more on this topic, including how small business owners view automation and automation tools, in the near future.
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