Impact of AI on the Job Market

Smart machines taught to imitate human behaviors, by utilizing advanced algorithms entails the basic concept of AI technology. In fact, AI is sought as a reliable technology by most of the top-level global entities, so as to boost the efficacy of their industrial operations.

However, the capability of AI in automating simple, as well as complex tasks, has raised concerns among Job Market analysts. In fact, they predict that AI-powered machinery would someday eradicate the utility of human labor.

Automation of Skills

As we are already aware, most modern businesses adopt AI technology to automate processes, thereby cutting down all possible operational expenditures. According to a recent study, it has been predicted that AI would substantially replace human labor when it comes to jobs involving Quantitative reasoning skills and intelligence. Also, this study further suggests more than 80% of human labor required in carrying out certain process-oriented tasks in highly structured and predictable environments would be eventually replaced by these Automated pieces of machinery.

In fact, the requirement of human skills in performing Process Oriented tasks such as building houses, manufacturing products, filing documents, following procurement or accounting processes, etc. will eventually become obsolete. Also, machines would outplay humans when it comes to acts involving Quantitative

reasoning skills such as problem-solving, logical and numeric reasoning, understanding analytics, programming to name a few.

Withal, it should be understood that these skills account for more than half of the activities done by the world’s population as their jobs. Therefore, AI may pose an adverse impact, when it comes to maintaining the global rates of employment.

Professions at Risk?

AI may impart huge risks when it comes to professions involving clerical and customer support services. In fact, the conventional support services in all sorts of document handling, answering customer queries, providing technical support etc. would no longer be entrusted to human professionals, but to well-trained machines. For example, chatbots are now being utilized by numerous companies on a 24x7 basis, in order to promptly answer their customer queries then and there.

Also, Transportation can be regarded as another sector, in which AI may have a considerable impact. In fact, fully autonomous cars will soon be deployed in the market with more functions integrated to preserve the safety of passengers whilst equally ensuring the efficacy and effectiveness of the ride. Therefore, the demand for Professional drivers will gradually drop by ultimately putting their jobs at stake.

Furthermore, the Professions of those who provide data processing and content handling services will be put at risk by the AI technology. Especially, this would involve professionals in Banks, Insurance companies, and all other similar monetary institutions, as their job roles demand a higher level of accuracy in function. In fact,

as programmed machines will have low levels of error compared to humans, there is a greater potential for humans to get themselves replaced over these machines.

Averting the threat of AI?

Even though many jobs will be taken over by Artificial Intelligence one day, we as humans must understand our own role to play in averting this danger. In fact, if we could change the conventional training and education programs, then there is a great possibility to build new positions which will certainly require human skills and expertise.

Also, if creativity is to be practiced, then these machines would no longer be a threat, as they are far behind the potentials of human creativity. This way, we can certainly minimize the adverse impacts of AI on employment, whilst attaining the balance of the global Job Market once again.