AI Technologies
Anit Vallurupalli
August 23, 2024
The future of work seems to be powered by Artificial Intelligence.
Artificial Intelligence rapidly transforms industries by enhancing productivity and creating new opportunities. These rapid developments, however, bring various alterations to the job market.
The most immediate effect of AI is the automation of human tasks. Numerous websites help companies automate tasks — previously done by humans — in just 2-3 clicks. Now, using AI systems, robots do those repetitive and hazardous tasks more effectively and without breaks; resulting in fewer opportunities for human workers in this sector. According to a report by the McKinsey Global Institute, as much as 30% of global working hours are estimated to be automated by 2030. Millions of jobs—in manufacturing, retailing, and customer service—are potentially in danger of destruction. But at the same time, soft skills such as problem-solving, creativity, and emotional intelligence will be much more appreciated.
Though AI is set to take over jobs, it also creates jobs in newer categories. Job demand is increasing in areas such as AI development, data analysis, cybersecurity, and AI maintenance. A report by the World Economic Forum says that AI could create 97 million job opportunities globally in 2025; a much more significant number than those lost in other sectors.
Having that said, it is pertinent for individuals to opt for a more specialized skill set in the AI/Data Science/Machine Learning domain to take advantage of this surge in job openings. Workers in traditional industries may find it challenging to adjust and acquire more relevant skills. Possibly leading to long-term unemployment or underemployment. According to a report by the World Economic Forum, half of all employees will need reskilling by 2025, due to AI and automation.
The integration of AI into the workforce brings out a few ethical and social concerns. One major problem is that it can lead to further inequality. As AI systems often require significant investment, wealthier companies and countries may advance more rapidly, leaving others behind and widening the digital divide. There are also several privacy concerns since AI systems normally operate with vast amounts of data, which can be misused or compromised by unauthorized parties. Moreover, the bias embedded in AI algorithms — reflecting the prejudices of their human creators — can lead to unfair treatment and discrimination in hiring practices and workplace evaluations.
In the near future, AI’s influence on the job market is set to grow exponentially. One significant trend is the rise of hybrid jobs that combine human skills with AI capabilities, creating roles that we can’t fully envision yet. The gig economy will only continue to grow, as more individuals take on freelance and short-term contract work facilitated by AI platforms. Additionally, there will be a greater emphasis on interdisciplinary skills, as workers will need to understand both their domain expertise and the technological tools that enhance productivity. Remote work, which saw a massive increase during the COVID-19 pandemic, will continue to evolve with AI-driven collaboration tools and virtual environments. AI is also expected to drive significant advancements in domains such as healthcare, education, and environmental management, potentially leading to improvements in quality of life. However, these positive developments will come with ongoing challenges. Including the need for continuous learning and adaptation, ensuring ethical AI usage, and bridging the gap between technological advancements and societal readiness.
Consequently, the impact of AI on jobs is complex and multifaceted. While it poses strong challenges such as immediate job displacement and changes in skill profiles, it also creates vast opportunities for new job roles and enhanced productivity. It is crucial to enforce proactive measures to ensure that AI systems are fair, transparent, accountable, and free from bias. By addressing these concerns, the negative impacts of AI can be mitigated allowing companies and employers to harness its full potential.
