Some Concluding Thoughts on GenAI and the Workforce

This is Part 4 of our bite-sized series on GenAI and the workforce.

The Reality: For Now, Human Labor Is Still More Cost-Effective Than AI

Despite rising concerns about AI replacing jobs as we move into a future where AI is now being used as a supplement in various professions, it is also important to think about whether it is even economically viable for AI to replace humans anytime soon. According to an MIT report, “researchers deem many AI replacements cost inefficient.”[1] The study points out that a baker, for example, checks to see if a loaf of bread has been thoroughly cooked. In theory, this step could be replaced by computer vision, but even then, the costs of implementing the technology would outweigh the baker’s salary and training costs.?

Using this same scenario with the bakery, one can look at every position in the bakery and estimate the automation costs. If the bakery replaces cashiers, there might be a self-checkout, but you will still have to pay someone to watch the self-checkout in addition to the costs associated with bringing in the registers in the first place. What about losses in sales from shifting customer attitudes towards the technology or even the technologies allowing more shoplifting to occur??

Thinking About Potential Solutions

There's no doubt that AI is changing the future of work. It’s changing jobs, removing them, adding new ones, and introducing the rise of human and machine collaboration in the workplace. There are also macro changes affecting the future of work, such as aging populations, large-scale migrations, and growing inequality. This means we need to be prepared to have longer careers, a slimmer chance of retirement, and be ready to welcome workers with different sets of skills into our labor market.?

With all this growing change, how are we supposed to keep up and find a path that’s right for us? We’re at high risk of getting stuck in unreliable jobs that might cut us off in 5 to 10 years. University students may be studying for a career that may not need them by the time they graduate. Our ability to pivot is of the utmost importance. We must reskill and upskill in the blink of an eye and become comfortable feeling uncomfortable. Regardless of what industry you have a career in, it is important to think about potential solutions and the pros and cons associated with each solution.?

One potential solution to grapple with is having governments and business sectors unite to implement policies that guarantee upskilling and reskilling initiatives. Since AI is still so new, it can be daunting to think that something we don’t even fully understand can replace us. However, if there are initiatives in place that are dedicated to catching people up to speed on the use of AI in the workplace and how it can make their lives easier and jobs more efficient, it is possible that people’s concerns would be eased. The most critical aspect of this solution is having the initiatives come from the top down. This would make employees feel supported by the “people in power” and less like they have to tackle this novel task on their own.?

Another potential solution would be more long-term: emphasizing building, maintaining, and improving soft skills. If there is one thing that AI may never be able to replicate, it is the sincere and true emotions that humans are capable of possessing. Soft skills are integral to having pleasant work relationships and environments, and a world without this would be even more dystopian than AI simply taking over some jobs.?

While there are no current obvious solutions, it is important to remember that as daunting as it seems, historically, technology has opened up many job opportunities. It is not a fact that this time would be any different. Keep in mind that, at this time, machines and AI work best when operating alongside humans. Humans can handle things we’ve never encountered before and use our creativity to solve new issues; we are innovators at our core. On the other hand, current robots can only solve something if they’ve seen it and have been trained on it millions of times before, and even then can still make mistakes. Rest assured that not all jobs will be automated and that the future state of any job or career may not be as precarious as it may seem.

1 https://youtu.be/njeY0AppQ-s

The following students from the University of Texas at Austin contributed to the editing and writing of the content of LEAI: Carter E. Moxley, Brian Villamar, Ananya Venkataramaiah, Parth Mehta, Lou Kahn, Vishal Rachpaudi, Chibudom Okereke, Isaac Lerma, Colton Clements, Catalina Mollai, Thaddeus Kvietok, Maria Carmona, Mikayla Francisco, Aaliyah Mcfarlin