The fear of Artificial Intelligence as a potential threat to jobs is more profound. It is not just expected to take out the repetitive and mechanical jobs that humans perform, it is anticipated that it might even replace humans from jobs that require creativity and human intelligence.
Artificial Intelligence is a buzzword in contemporary times. The pace at which progress in Artificial Intelligence is taking place has spurred debates centered on its implications for various aspects of human life. The talk about artificial intelligence has reached the next level with the launch of chatbots like ChatGPT and Bard. The enthusiasm and growth of Artificial Intelligence can be noticed from the fact that it took just five days for ChatGPT to cross one million users. While there is enthusiasm about the potential benefits that are expected to flow from the developments in AI, speculations about ChatGPT’s unfavourable repercussions have also come to the fore. One important area where there has been much apprehension about developments in AI is its long-term impact on jobs.
Before the invention of alarm clocks, humans were employed for the job of waking up the people in early mornings for the purpose of going to industries and factories for work. The people employed used to go street by street and used to hit the windows and doors with sticks to wake them up. However, with the invention of alarm clocks, this job was made redundant and obsolete. This is one example among several where machines have taken the job of humans. The work which earlier used to be performed by humans was replaced by machines as technology progressed.
However, the jobs which were replaced by machines used to be mechanical in nature and usually did not require the use of human intelligence. The fear of Artificial Intelligence as a potential threat to jobs is more profound. The fear is profound and unprecedented in so far as it is not just expected to take out the repetitive and mechanical jobs that humans perform, it is anticipated that it might even replace humans from jobs that require creativity and human intelligence.
The report by investment bank Goldman Sachs has estimated that around 300 million around the world will be lost or degraded by developments in Artificial Intelligence. This will be the result of the urge among different companies to reduce costs based on automation. There have been other significant reports and anticipation that fast growth in AI is going to impact the job market severely. It is anticipated that many jobs which are currently performed by humans will be automated and will make the need for humans redundant.
However, job losses due to the growth in AI are just one side of the story. The impact of AI on jobs is multifaceted and complex. While it is true that many jobs are going to be replaced but at the same time it is predicted that new kinds of jobs will be created as a result of growth in AI. The Future of Jobs report published recently by the World Economic Forum is very important in this regard. The report has given a list of jobs that will be lost but at the same time, it has enlisted the new kinds of jobs that will be created. The WEF concluded in October 2020 that while AI would likely take away 85 million jobs globally by 2025, it would also generate 97 million new jobs in fields ranging from big data and machine learning to information security and digital marketing.
According to the Jobs Report 2023 of the World Economic Forum, AI and machine learning specialists, data analysts and scientists, and digital transformation specialists are the most prominent emerging job roles. As per the report, it predicts a 40% jump in the number of AI and machine learning specialists by 2027, a 30-35% increase in demand for roles like data analysts and scientists or big data specialists, and a 31% surge in demand for information security analysts which will add a combined 2.6 million jobs.
From the data and figures, it is clear that the impact of AI and machine learning on the job market is highly complex. The loss of jobs as is predicted will be paralleled by the new creation of jobs. However, the jobs that are expected to be created will require a new set of skills among the population. The evolving scenario in the job markets hints towards the pervasive role of information, knowledge and skills in the future. These are going to determine who shall be employed and who will not be.
The growth of AI and machine learning, climate change and the transition towards sustainability, the evolving security situation and other factors are going to impact the job markets drastically. The need is to adapt to the dramatic changes. There is a dire need for upskilling as well as reskilling of the population. The change in this regard seems inevitable and therefore it requires that we remain prepared for this significant change. The government must also evolve a policy framework to deal with it.