Will AI displace Jobs or Create more Jobs?

Artificial Intelligence (AI) has emerged as a transformative force in the job market, raising concerns about whether it will replace human workers. While it's true that AI is poised to eliminate millions of current jobs, it's equally true that AI will create millions of new ones. It is essential to understand that AI is not just a threat to jobs; it also presents opportunities for creating new roles and reshaping the job market.

AIs Disruptive Force

AI is already replacing some jobs, and this trend is expected to continue. Workers across various sectors can anticipate disruptions due to AI's automation capabilities. The World Economic Forum's "The Future of Jobs Report 2020" predicts that AI will replace 85 million jobs worldwide by 2025. However, it's essential to understand that this transformation is not all about job losses; it will also give rise to 97 million new jobs during the same timeframe.

This suggests that while AI will displace certain jobs, it will also drive the demand for workers in other sectors.

Job Displacement in Specific Sectors

A latest Mckinsey Report predicts "We estimate that demand for clerks could decrease by 1.6 million jobs, in addition to losses of 830,000 for retail salespersons, 710,000 for administrative assistants, and 630,000 for cashiers. These jobs involve a high share of repetitive tasks, data collection, and elementary data processing, all activities that automated systems can handle efficiently," the report noted.

The report highlights the potential impact of AI on specific occupations. Jobs involving repetitive tasks, data collection, and elementary data processing are most susceptible to automation due to AI's efficiency in handling these tasks more efficiently and at low cost.

HR Guru Dave Ulrich says ?obviously, machine learning, AI, robotics, chatbots, they are replacing the administrative jobs. Any job that is a standard, routine transaction that a robot can do, they'll do it.

Shifting to More Engaging Tasks

One of the significant benefits of AI is its ability to liberate humans from repetitive and tedious tasks. This allows employees to focus on more complex and rewarding projects or enjoy a better work-life balance. The McKinsey report suggests that individuals in occupations with shrinking demand may need to transition to different lines of work by 2030. This change in job roles is expected to drive workers to move into different employment sectors, where they can engage in tasks that are more productive and fulfilling.

“There’s always a concern that technology is displacing this current body of workers or tasks, and that’s true,” Sean Chou, co-founder of AI startup Catalytic, said. “But what always happens is that work, and that output, gets redirected to things that are much more productive.”

This displacement leads to the redirection of work and output towards more valuable endeavors. As a result, workers may find themselves in roles that are more intellectually stimulating and less monotonous.

The Need to Upskill and Move Up the Value Chain

As AI reshapes the job landscape, it compels people at the lower end of the value chain to acquire new skills and move into emerging occupational sectors. The necessity of upskilling becomes evident as the job market evolves. Those who stay updated with technological trends are better equipped to thrive, and upskilling facilitates the coexistence of humans and AI.

Staying competitive in the job market will require individuals to keep up with technological trends and adapt to the changing landscape. Upskilling not only enables people to survive in the job market but also fosters the coexistence of humans and AI.

AI Complements Human Skills

Rather than completely eliminating jobs, AI is transforming them and changing the nature of work. The Harvard Business Review (HBR) argues that AI won't replace humans; instead, humans with AI will replace those without it. AI empowers professionals to work more efficiently, focusing on tasks that require creativity, critical thinking, and complex problem-solving.

AI Will Create More & Newer Jobs

The development of AI itself requires many humans to train and refine AI algorithms. This leads to the creation of roles that haven’t existed until now. Machine learning engineers must design and oversee AI systems while AI ethics specialists ensure AI is deployed responsibly.

AI's development itself generates employment opportunities. Training and refining AI algorithms require human expertise. Roles such as machine learning engineers, data scientists, and AI ethics specialists have emerged to design, oversee, and ensure responsible AI deployment.

Dave Ulrich comforts us that “Technology will replace jobs, but it will also create opportunities.”

Sean Chou, co-founder of AI startup Catalytic, emphasizes that creating better technology requires a growing number of people. He confirms the necessity for human workers. “The number of people that are necessary to deliver better and better technology grows massively,” Chou said. “So you move from worrying about the impact of high technology to actually helping to create the technology.

Conclusion

The rise of AI is undoubtedly transforming the job market, displacing some roles while creating new opportunities in others. It is essential for individuals and organizations to adapt and embrace this change. While AI may eliminate certain jobs, it also offers the potential for workers to engage in more meaningful and value-added tasks. The need for upskilling and staying abreast of technological trends is evident, as these skills will be critical for thriving in the evolving job market. AI and humans can coexist and complement each other, with AI serving as a tool to enhance human capabilities rather than as a direct replacement. As we navigate this AI-driven transformation, the future of work holds both challenges and exciting possibilities.

Nicolas BEHBAHANI cautions that the labor market could face significant disruption so many #HR and #Business #Leaders need to review their #recruitment plans or #talent management processes.

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