By AI, AI, and AI, We’ve been listening to this for quite a long time now. Its effectiveness, Adaptation, Ability, and whatnot, everyone is talking about it. And why not? It is definitely worth talking, as it is compared to be the most revolutionary change in the technology sector that is affecting every field in the world right now (in both ways, good and bad).
In this post, I’ll focus on one of the fields, which is the labor market. The impact of AI on labor market, how it could possibly evolve, what aspects to look into, and how to prepare for the future.
Artificial Intelligence (AI) and Labor Market
As per the estimation of Tony Blair Institute of Global Change: Around 1 to 3 million people could be replaced by AI in labor market. But this won’t be a sudden replacement; it depends on firms’ adaptation of AI. And how they use the new AI for more productive tasks to save time and cost.
While AI replaces a lot of the workforce, it’ll create opportunities, too. And this means that the workers who lost their jobs could get new jobs, As the demand of AI jobs will be going to skyrocket in the upcoming years.
There is no doubt that AI is boosting productivity and could save a huge time. But there is a collision between the statements of professionals all over the world about its possible impact. Some of them are saying that AI will help in economic growth and will create new opportunities in the tech industry. Some are concerned about unemployment, low demand, and the issue of lower wages due to AI. But there is no denying that AI is definitely going to evolve the way we live and the way we connect in a lot of ways.
The Rise of AI and What Does the Future Holds?
Current Condition of AI around the World
Although AI is not new, it has been around since the mid to late 90s. However, it gained immense popularity after the release of an advance language processing chatbots named ChatGPT in November 2022. It gained more than a million users just after 5 days of launch. And since then we’ve been seeing AI in everything.
New robots for automation, new tools with machine learning and AI, new software with AI, and every business is trying to adopt AI to be more productive, save more time and save cost and employee management. Websites, applications, operating systems, mobile phones, IoT devices, and everything else are adopting AI.
The usage of AI has now become normal in many fields, from healthcare to education, manufacturing to online business, you name it.
What is the Future of AI, and How to be prepared?
Every industry is evolving with AI; students around the world have adopted it very quickly, especially in countries like the UK and Germany. They are now using more advanced automation tools like chatbots to get assistance in their assignments, such as essays or thesis papers, although they might still need professional thesis writing help in Germany for some aspects of it. And just like this, every other field has been starting to do their tasks more efficiently.
There is no doubt that the future of the labor market is uncertain in the future. And that is the reason why policies should be made to help people understand the gap between AI technology and its impact. What steps do people should take? What are the important thing to consider? Workers should know everything to save them from unemployment or being behind in the current competitive market industry.
Conclusion
In summary, the impact of AI on the labor market is huge. Because firstly, there is a big possibility that many workforces might lose their job. And AI might replace them, But AI is definitely going to create many opportunities as well. That is why the labor workforce should focus on expanding their skills and diversifying them as per their needs. Also, they should focus on learning the future skills to be in the race.
Right now, AI is everywhere, And the future is AI, too. Almost every industry is using AI to automate their tasks and to be more productive. And to save money on the workforce and on managing employees. That is why the workforce should adjust accordingly.
