Why AI Job Losses Don't Worry Me

The rise of artificial intelligence (AI) has sparked concerns about its potential to replace human jobs. However, as someone who has witnessed the transformative power of technology throughout my career, I am not worried about AI job losses. In fact, I believe that AI presents us with exciting opportunities for increased productivity and the ability to tackle new challenges.

I can still remember the days before computers were commonplace in the practising accountant's office. Not that long ago, the 1980s. Little had changed in generations. The physical general ledger was written up by hand, the paper-based trial balance, the comp operator adding up huge columns of figures, and the typists creating physical sets of annual accounts were all part of the routine. Then, the first personal computers arrived, accompanied by the introduction of spreadsheets. It was a game-changer.

I recall the excitement of receiving that first PC and thinking, "What can we do with it?" Soon after, accounting packages emerged, and I became an expert in Pegasus. The introduction of these tools didn't result in job losses. Instead, it opened up new possibilities and increased our capabilities. We could analyze data more efficiently, generate reports faster, and focus on higher-value tasks.

The 1980s witnessed the transformation of many industries through the arrival of affordable computing. Manual processes were automated, and employees were retrained to adapt to the changing landscape. Computers didn't cause unemployment; they enabled us to do things we couldn't do before. The ability to embrace new technologies and leverage their potential became a competitive advantage.

In the 2000s, the internet revolutionized the way we communicate and conduct business. It made processes more efficient, and we started doing things online instead of in person. Paper forms were replaced by online platforms, but this shift didn't result in widespread unemployment either. Instead, it created new opportunities and enhanced our capabilities.

AI is simply the next stage in this technological evolution. As a child, I watched Mr. Spock in Star Trek having intelligent conversations with his computer. Today, we can do the same with AI. Automation and machine learning have reached new levels, enabling tasks traditionally performed by humans to be replaced more than ever before. This may raise concerns, but it also unlocks a world of possibilities.

We are currently experiencing a startup boom in the United States, reminiscent of the one that followed the introduction of personal computers. New developments and breakthroughs are happening every week. Just this week, OpenAI announced another game-changer. It is an exciting time to learn and play with this new technology.

However, as we enter 2025, investors will start demanding productivity gains from these AI advancements. This will prompt us to focus on how AI can make us more efficient and effective. In industries like accounting, where there are acute staff shortages, AI can alleviate some of the burdens associated with tedious and routine tasks. This will enable professionals to redirect their efforts towards more strategic and value-added activities.

We're taking a good look at the state of AI and Automation at the GrowCFO Global Finance Summit on 15 and 16 May. Adam Shilton will give us a great peak into the latest developments, and I'll be discussing the future with Randy Wootton and Aneal Vallurupalli , who are at the heart of the FinTech industry and actively developing their products to use the latest AI.

Will we end up with fewer jobs? I would like to believe that AI represents a step change in productivity rather than a threat to employment. By eliminating repetitive tasks, we can free up human capital to tackle complex challenges and drive innovation. It's about leveraging AI as a tool to enhance our abilities and accomplish more.

In conclusion, the fear of AI job losses is unfounded. History has shown that technological advancements, such as the introduction of personal computers and the Internet, have not led to widespread unemployment. Instead, they have empowered us to do things faster, better, and more efficiently. AI is the next step in this journey, and while it may replace certain tasks, it will also create new opportunities and enable us to focus on higher-value work. Let's embrace AI as a catalyst for progress and look forward to a future where tedious routine tasks are a thing of the past.