Will AI Change the Work Environment, Displace Workers, or Create New Jobs?

I was listening to this conversation, hosted by Aspen Institute and they had some wonderful key outlines in the area of job disruptions in the eve of the new fourth tech revolution. The discussion covered AI's impact on the jobs landscape from multiple perspectives.

There was general agreement that while AI may disrupt some jobs and cause short-term displacement, it will likely result in long-term net job growth as new types of jobs are created. The discussion also discussed shifts towards a more skills-based certification model for employment and training.

In general the discussion focused on balancing AI's impacts with policies and initiatives to support workers through periods of transition and change. Here are some of the key highlights from the speakers;?

Joseph Briggs noted that;?

• 85% of job growth in the last 80 years has been fueled by technological advancements, with only 40% of current jobs existing in 1940. Meaning; as we discuss the future of work and the potential for job displacement due to AI, it's crucial to recognize that the majority of job growth has stemmed from technological advancements. This Suggests that while AI and automation may lead to displacement in some sectors, they also hold the potential to create new roles and industries, much like technological advancements have done historically.?

• He pointed out that during the 1990s and 2000s, there was a trend where the rate of job loss due to technology surpassed the rate of new job creation, and he believes there is a similar risk today. Emphasizing the need for well-thought-out policies to effectively navigate this transitional period.?

• These models excel at content generation, information summarization, and even drafting reports or creating images based on specified criteria. Their capabilities in these areas are likely to improve further. Tasks like these are the most susceptible to replacement by AI.?

Andy Bird also pointed out that;?

• One intriguing aspect of generative AI, despite being in its early stages, is the challenge in training these large language models and the confidence they exhibit in their output. These models excel at certain tasks while performing poorly at others.?
• He considered the evolution of technology: Before smartphones and touchscreens, there was an entire economy that didn't exist—the App Store economy. Technologies like smartphones and AI have not only created new economic sectors but have also fundamentally changed how we interact with technology and each other. For example, services like Uber rely heavily on smartphone technology and the AI that drives it.
• Generative AI can be leveraged to understand the skills of individuals and the skill needs of organizations, facilitating the retraining, upskilling, and reskilling of the workforce. This approach can enhance productivity and efficiency.
• We're transitioning to a skills-based certification economy. While historically a degree certificate was paramount for better employment prospects, it's no longer sufficient. We're witnessing a shift towards a model where core academic certification is supplemented by skills-based certifications in areas like AI or marketing. This evolution underscores the need for education to adapt, blending institutional, enterprise, academic, and life skills components and beyond.
• In navigating this changing landscape, it's essential to embrace technology as a complement to life experiences. Generative AI and technology can effectively handle many tasks, allowing individuals to focus on living life to the fullest.

One key takeaway from the conversation was on the importance of focusing on four main areas: Skills and talent, infrastructure, compute, and governance. To fully benefit from technology, particularly in Africa, there's a need to invest in skills development and ensure the availability of necessary infrastructure. It's essential for the continent to make significant investments to be competitive in fields crucial for both economic growth and national security.?

Moreover, as highlighted by Zoe Baird, there's a call for workforce investments to enable individuals to utilize their skills in related fields. To prepare for and succeed in evolving job markets, a more detailed approach is required. This shift represents a significant opportunity for individuals globally to participate in growing economies.

The evolving landscape necessitates a shift in perspective. Rather than viewing technological advancements in isolation, there's a need to develop a system for adult training and continuous learning. This approach would enable individuals to seize emerging opportunities and be recognized for their talents. Embracing this mindset is crucial as the world continues to change, driven by various technologies.?

You can watch the full recording here?https://www.youtube.com/watch?v=XUwqbsF0fFE&t=1864s