The future of work: How AI is changing the Landscape of Employment

HOW WILL AI IMPACT THE NEXT GEN...!

Introduction

AI has existed for around seven decades now, and as it keeps on developing and getting better as each minute passes by, the thought or concern of how it will affect the employment landscape shortly. In this newsletter, we will see how AI can affect the job market and whether the way it is going to affect this will bring about more bad than good or change the employment market for the better, creating new opportunities and such.

Is AI a friend or a foe in the future?

As we delve deeper into this debate on whether AI is good for the world or bad for it, there will be a lot of people who’ll support either side, and as new and diverse AI tools enter the market each day, even more of the attention of the people is brought towards this which increases people who see this in a positive light and vice versa. The people who state that AI will ruin the chances of human employment in the future as it keeps on advancing and adapting are worried that AI will cause a boost in the rates of unemployment as employers will simply choose an AI work model that suits their requirements instead of a human.?

As AI has slowly started to become a part of the mainstream, it has also come across loads and loads of critical analysis. Through such analysis, we can see that AI will undoubtedly be taking some jobs away as industries and markets push for automation and digitization, but it will also be bringing about new job opportunities as well. AI can be crucial for the betterment of productivity, it can also help the healthcare industry by making it much more accessible and it can make education and information available to you with a few flicks of your fingers.?

Will the economy benefit from AI?

The main selling point of AI is its productivity. Compared to a human, it can work for long hours and on complex tasks with uniform efficiency throughout its work time.? According to research and simulations done by the McKinsey Global Institute, AI can increase global economic activity and generate around 13 trillion dollars by 2030. If you compare this projected data with the numbers the global economic activity is generating today, you can see a boost of around 16% in less than 10 years. This clearly shows us that AI has the power and potential to completely revolutionize the economy of the world and it can generate a lot of revenue that can be used to develop other sectors of the economy.

How much of the workforce will AI replace?

AI will replace some jobs, that is a fact that people need to come to terms with now so that they can adapt to the changes that AI will bring about in the employment scene. People think that AI will obliterate any chances they have of getting employed in the future, but that is just not true and just a myth that has already been proven as a myth. McKinsey Global Institute estimated that by the end of this decade, we can see around 14% of the global workforce be replaced by AI or some other form of automation, this means that a huge chunk of the workforce would still require humans and will provide opportunities.?

What sort of employment will AI affect?

Some work in the service industry will likely get replaced by AI and automation. Work like data entry, reception, customer service and such can easily be replaced by AI as such jobs can be made more efficient and as they usually provide mostly repetitive work which does not require high levels of cognition that a human being possesses. If AI replaces such jobs it can make the functioning of such services and other services related to these much more streamlined and smoothly functioning.

Jobs that AI cannot affect:-

There are a lot of jobs in the market that cannot be replaced by AI and any other form of automation. These jobs require human cognition and understanding of the human world that things like AI cannot comprehend because they simply are not ‘human’. Jobs like teaching where a connection between a teacher and students makes it effective is not something that AI can replicate. The judicial process is also something where AI cannot be involved as many of the judicial cases undertake complex ethics and scrutiny that AI can’t do. These are just 2 of many such jobs that AI can't replace as AI is something that works with humans rather than for humans, it cannot do things that strictly require human involvement.

Conclusion:-

Looking at all these studies and simulations we can see that AI is something that we cannot remove from the future of this world as the pros outweigh the cons by a lot and the cons that are found here can easily be worked around with further research and learning. As AI closes some doors to employment it also provides other doors for employment, however, the keys to these doors can only be achieved as people learn more about AI and understand the opportunities it provides. AI has the power to change the world, and we the people of this planet give it that power. We have to make sure that such automation is implemented in a controlled manner that does not bring catastrophic harm to humans as a civilization.

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