Unravelling the Complexity of AI-Induced Job Losses

Ai job loss Impact of ai Future of work Ai in business Ai market

By AI Sam

Dec 19, 2023

The upsurge in AI-driven job losses is a pressing concern, but a closer analysis reveals a more complex reality. While a ResumeBuilder study shows that 37% of business leaders acknowledged AI-driven job cuts in 2023 and an Asana survey found employees think 29% of their tasks might be replaceable by AI, this isn't the complete picture. AI, in fact, could aid in reshaping job roles, enabling us to focus more closely on higher-value tasks. 😐

The lack of internet access, affecting approximately 34% of the global population, is a key determinant of the impact of AI on retrenchment. Even the growing concern regarding "AI exposure", which speaks to the potential repercussions of AI on careers requiring higher education, is a nuanced issue. Especially bear in mind that this concept is in the process of gaining popularity as a way to soften dialogue around job losses. 😶

White-collar, knowledge worker roles are being scrutinised as AI advancements intensify. Disturbingly, the US economy saw a loss of approximately 4,000 jobs due to AI in May alone this year. Equally, AI's integral part in augmenting and streamlining supply chain operations is being acknowledged, a development that has emerged out of a need for speed, accuracy, and competitiveness. 😟

Inevitably, there's disquiet about job insecurities brought by rapid strides in AI, such as OpenAI's recent innovation ChatGPT. This is particularly pertinent for those employed in creative, administrative, and clerical capacities. Going by May's data, about 5% (3,900) jobs of the announced 80,000 job cuts by US employers were due to AI. 😮

Goldman Sachs' prediction paints a gloomier situation. According to the financial giant, AI has the potential to disrupt around 300 million full-time jobs on a global scale. It's not just manual labour; sectors such as administration and law, typically seen as "safe", can be impacted significantly. 😨

Despite the anxiety stemming from potential job cuts, it's important to take a balanced view. Generative AI also promises the creation of new roles, thereby contributing to the projected $1.3 trillion AI market. It's crucial to address the tensions between AI adoption and job losses and focus on ways to mitigate the impacts. This duality offers opportunities as well as challenges, and both facets need considered analysis. 🤔

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