As artificial intelligence continues to advance, its impact on the job market is becoming increasingly significant. While there are a lot of unknowns regarding the exact effects AI will have on both current and future job markets, what we do know is that these changes are inevitable and will have quite profound implications for the millions of people whose livelihoods may be affected.
AI and Job Displacement
Job Displacement
One of the most immediate effects of AI is job displacement. As AI systems become more sophisticated, they can automate many repetitive tasks, leading to potential job losses in industries such as manufacturing, customer service, and data entry. A recent study by McKinsey & Company found that up to 375 million workers worldwide may need to switch occupations by 2030 due to automation. Inevitably, this will mean a lot of people will have to re-skill to facilitate the forthcoming changes.
AI and Job Creation
While AI will displace some roles, it will also create new opportunities. Skilled professionals in data science, machine learning, and software development are in demand for AI system development and maintenance. LinkedIn reports a 74% annual growth in AI job opportunities.
Job Creation and Innovation
Moreover, AI, and the possibilities it offers will fuel innovation and entrepreneurship, spawning new products and business models. Companies like Viz.ai in healthcare diagnostics and TuSimple in autonomous trucking are examples of AI's role in generating fresh prospects across industries.
AI's Impact on Job Skills
The World Economic Forum anticipates a shift by 2025, with 85 million jobs displaced by automation and 97 million new roles emerging, blending technical and soft skills. Knowing what changes are likely to occur, and which industries will be most affected can give people a leg up and help them prepare for what's coming.
Since AI will streamline routine tasks, people may want to consider cultivating technical and soft skills like communication, problem-solving, emotional intelligence, creativity, adaptability, critical thinking, and digital literacy. Jobs demanding these human-centric skills are less likely to be automated, presenting a growing demand for such abilities.
Adapting to the changes that result from AI will require awareness of industry-specific shifts, technological advancements, and access to continuous training. Proactive preparation and a forward-thinking approach will be key in successfully navigating the job market influenced by AI.
Going forward, I hope we are able to utilise AI to our benefit and create a future that facilitates a better work-life balance and one where AI will have a positive outcome for humanity. I guess we'll just have to wait and see.
McKinsey & Company study on job displacement due to automation: https://www.mckinsey.com/featured-insights/future-of-work/jobs-lost-jobs-gained-what-the-future-of-work-will-mean-for-jobs-skills-and-wages
LinkedIn report on AI job market growth: https://economicgraph.linkedin.com/research/linkedin-workforce-report-october-2020
World Economic Forum report on skill shifts in the job market: http://www3.weforum.org/docs/WEF_Future_of_Jobs_2020.pdf
Brookings Institution report on income inequality and automation: https://www.brookings.edu/research/automatio...
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