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AI might seriously disrupt labor market over next few years

AI might seriously disrupt the labor market over the next few years 

Several decades ago, the technological revolution irremovably changed the global labor market. Machines are much faster than humans, and they replaced people in factories and other places. Moreover, computers enabled companies to cut the number of employees in some instances significantly. However, the internet also created numerous other jobs over the years. Websites and social platforms offer many jobs, such as developers, content creators, designers, and so on. But that might also change soon.

Artificial Intelligence (AI) is still evolving, but this technology has great potential. Unfortunately, in this case, it also means that it might replace humans in many jobs. World Economic Forum stated that global labor markets would likely go through a new revolution during the next few years. AI is already causing some turbulence in the markets, and over time, it will only accelerate the clerical work’s decline. On the other hand, the demand for cybersecurity and technology specialists will probably increase significantly.

Maintaining strong security is already a serious endeavor for many companies. Hackers and scammers threaten many firms and individuals. In the electronic era, when every piece of information and even money is accessible via the internet, it’s paramount to maintain strong safety measures. Thus, the companies or individuals offering such services will have no shortage of work.

What do the experts say? 

Analysts warn that almost a quarter of all jobs might change during the next five years, all thanks to AI and other technological or economic developments. The supply chain reorganization will also contribute to this process, not to mention the transition to green energy.  

on Monday, the World Economic Forum published its report in Geneva, stating that Artificial Intelligence could cause “significant labor-market disruption.” According to the report, most jobs connected with technologies will get a positive boost, along with cybersecurity and management technologies. These sectors will likely become the major drivers of labor markets.

However, AI might replace some jobs currently done by humans. For example, there are already applications like ChatGPT that use AI to simulate human problem-solving and reasoning. Such apps might eventually automate many roles involving communicating, reasoning, and coordinating.

Furthermore, surveys showed that 75% of companies are considering adopting AI technologies, and they will probably do that over the next several years. Consequently, there’s a big chance that AI technologies will replace almost 26 million jobs in administrative positions and record-keeping. That mostly refers to positions such as ticket clerks, cashiers, accounting, and data entry.

The WEF survey studied more than 800 firms. The latter collectively have 11.3 million employees across 45 countries around the world. If its calculations prove true, the world as we know it today might change drastically over the next decade.

Still, Artificial Intelligence is a smaller threat just now when it comes to labor prospects. Slow economic growth, inflation, or supply shortages have a greater impact. Besides, the World Economic Forum pointed out that the green transition and a broad reorientation of supply chains around the world might create new job opportunities. The broader application of ESG standards will also contribute to the latter.

The post AI might seriously disrupt labor market over next few years appeared first on FinanceBrokerage.

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