AI AND JOBS: WHAT YOU NEED TO KNOW

According to the World Economic Forum’s “The Future of Job Reports in 2020” AI is expected to replace 85 million jobs worldwide by 2025. Subsequently, it will create 97 million new jobs in the same time frame. Scary isn’t it! Well, the rapid pace of advancements and AI integration into diverse industries present a tough set of challenges for the future.

The Evolution of AI in Different Industries

Artificial intelligence is growing at a rapid pace, courtesy of changing demands and requirements in various industries, especially marketing. With its implementation, users have attained several benefits, such as timely submissions, better quality, and reduction in stress levels. “AI is the cornerstone of quick work management”, according to a renowned marketing strategist.

How AI is Changing Job Landscape?

AI impact on jobs has been proliferating since its inception in the 1950s. From unmanned robotic machines to humanoid robots, it has transformed into an ever-evolving industry that stands firm on creativity and technical expertise.

The job dynamics are shifting towards an automate and data-driven environment, propelling workers to acquire problem-solving abilities and digital literacy to flourish in the market. AI is defining jobs across different segments: Repetitive tasks are being automated, leaving those that require a human touch. AI-driven data insights and analysis propel decision making processes, leading to integrated strategies that are bound to deliver.

Advanced economies have faced the brunt of AI’s negative role in the job employment sector compared to emerging markets and low-income countries. Concurrently, companies or individuals that have harnessed artificial intelligence have enjoyed more returns than those who failed to adapt. According to research, AI has been a helping hand for less experienced workers: These individuals, characterized by their quick learning abilities find AI tools more beneficial in overcoming skill gaps.

High-income workers are largely complemented by artificial intelligence, leading to an uneven increase in their cash inflows. Likewise, productivity gains by firms that adopt AI will boost capital returns and favor high-income generators. In short, both situations can disrupt the overall equality of income enhancement.

Manage Upskilling & Reskilling

Learning new skills for a similar post (Upskilling) or a different one (Reskilling) is now easier to implement, courtesy of Generative AI. Machine learning, AI programming, and data analysis can be learned in a 5–10-day online course, developed by a powerful AI tool, such as ChatGPT, Synthesia, or Lumen5.

Future Job Prospects with AI

According to research involving more than 700 consultants, AI has played a pivotal role in improving worker’s performance as much as 40%. This technology has the capability of managing routine tasks and streamlining work processes, allowing employees to focus on other pertinent jobs in line. Automation in workforce is transforming industries, leading to increased efficiency and performance.

AI jobs cover various roles, from machine learning engineers to robotics specialists, each contributing added expertise to the proliferation and use of cutting-edge technologies. With firms increasing their dependence on AI in recent times, it is evident that AI career opportunities will take a hike, propelling individuals to opt for their choice of employment without having to wait.

AI applications have been diverse and multi-faceted: Following are some categories where AI has been implemented in workplaces:

• Job Interviews
• Headhunting
• Staff Performance Appraisal
• Customer Relationships
• Benefits Management
• Reduction of Agents’ Workload

Benefits of AI Implementation in Workplace

Besides AI’s influence on job skills and workforce transformation, it has revolutionized operational efficiency and decision-making processes, allowing for sustainable growth in different industries. Following are some benefits of artificial intelligence:

• Cost Reduction
• Employee Satisfaction
• Unbiased Decisions
• Risk Mitigation

AI Job Displacement — Where It Stands Now

According to research, 14% of global workers have undergone job displacement because of AI integration. To mitigate the downsizing effect, firms have started to implement employee training programs. As AI reshapes industry demands, over 120 million employees will undergo training in the next three years.

Following are some statistics related to AI job displacement:

Statistic

AI Effect

3900 jobs were lost to AI implementation (May 2023)

Immediate AI Job Impact

Wages have been reduced by 70% since 1980

Historical Wage Impact

30% of workers fear of losing jobs by AI

Worker Job Displacement Concerns

So, what do you think? Are employee’s jobs at risk due to AI automation or AI’s role in job creation is increasing at time passes by?