Job Displacement
Job displacement occurs when workers lose their jobs due to various factors, such as technological advancements, economic shifts, or changes in industry demand. This can happen when companies automate processes or relocate operations, leading to a reduced need for certain positions.
The impact of job displacement can be significant, affecting not only the individuals who lose their jobs but also their families and communities. Workers may need to seek retraining or education to transition into new roles, which can be challenging in a rapidly changing job market influenced by automation and globalization.