Technology and wealth generation

Abstract

Diffusion of technology was an ongoing phenomenon with different sectors adopting its use in company processes as a way to increase efficiency and productivity. The implementation of new technology has had an impact on employment as the need for different skills changes, causing loss of employment for some and gain for others. The labor safety leads to the concern of whether adoption of new technology has an impact on wealth creation. This study therefore examined the effect of technological change on wealth generation based on the premise that technology had both a negative and positive effect on wealth creation among individuals. The study hypothesis was that high diffusion of technology at the workplace has no significant effect on wealth generation. The approach to data collection was a mixed methods design using both qualitative and quantitative methods. The sample comprised of 100 respondents to an online questionnaire, and 13 interviewees. The results showed that adoption of technology caused a difference in the need for skills, with two emerging categories being loss of employment for lower skilled employees, while higher expertise employees have a higher demand. The implication has been in loss of wealth generation capabilities for those that loose their employment. The study showed both a positive and negative impact on wealth creation at macro and micro levels. However, a need exists to examine the element of generational gap identified in the study to determine its connection to technology and wealth creation.