The Impact of A.I. on Jobs: Risks, Opportunities, and Preparing for the Future
Table of Contents
- Introduction
- The Dissonance on the Impact of A.I. and Automation on Jobs
- Identifying Jobs at Risk of Being Taken Over by A.I. and Automation
- The Rule of Thumb for Jobs at Risk of Automation
- The Impact of A.I. and Automation on Creative Jobs
- Risks and Costs of A.I. and Automation
- Uneven Distribution of Technological Dividends Among Firms
- Can Businesses, Workers, and Social Institutions Go in the Same Direction?
- Preparing for the Future of Work
- Conclusion
The Impact of A.I. and Automation on the Future of Work
The rise of artificial intelligence (A.I.) and automation has been a hot topic in recent years, with many experts predicting that these technologies will have a significant impact on the future of work. While some argue that A.I. and automation will Create new job opportunities and increase productivity, others warn that they will lead to widespread job displacement and exacerbate income inequality.
The Dissonance on the Impact of A.I. and Automation on Jobs
There is a wide dissonance on the impact of A.I. and automation on jobs. While reports like the Oxford study suggest that up to 47% of U.S. jobs are at risk of automation over the next few years, a recent study by Marist College found that 97% of workers believe that most jobs will be automated, but not their own. This suggests that the general public needs to be educated on which jobs are susceptible to this risk, which are not, and businesses need to be aware of the forthcoming skills gap.
Identifying Jobs at Risk of Being Taken Over by A.I. and Automation
Not all jobs are equal when it comes to the risk of automation. The Oxford study found that generalist occupations that require creative knowledge or innovation are at least risk, while jobs like telemarketers, junior lawyers, and accountants are at most risk. In short, if a job is in some way predictable or routine, the risk of automation is much higher. If a job doesn’t require innovation or creativity, then the return on investment for companies is higher on machines than real-time employees.
The Rule of Thumb for Jobs at Risk of Automation
The rule of thumb for jobs at risk of automation is simple: if your job is in some way predictable or routine, the risk of automation is much higher. If a job doesn’t require innovation or creativity, then the return on investment for companies is higher on machines than real-time employees. This is because machines are faster, can't be distracted, and can work 24/7.
The Impact of A.I. and Automation on Creative Jobs
While A.I. and automation may pose a threat to some jobs, they can also serve to augment others. For example, A.I. and automation can serve to augment the jobs of creative marketers, rather than substituting them. McKinsey and the World Economic Forum published a white paper about the impact of emerging technologies on the creative economy, stating that artificial intelligence is changing creative content from beginning to end. By 2030, A.I. will be able to write high school essays, code in Python, Compose top 40th Chart songs, and make creative videos.
Risks and Costs of A.I. and Automation
All these advancements also come with risks and costs. The Global Commission on The Future of Work warns that in the absence of effective transition policies, many people will have to accept lower-skilled and lower-paying jobs. High-skilled workers are taking less cognitively demanding jobs, displacing less educated workers. Technological dividends are being unevenly distributed among firms, with a very limited amount of companies tending to dominate when it comes to “big data”. This can lead to income inequality and a concentration of wealth in the hands of a few.
Uneven Distribution of Technological Dividends Among Firms
The uneven distribution of technological dividends among firms is a cause for concern. Today, companies like Google and Facebook alone are responsible for 70% of the referral marketing traffic and receive more than 50% of total global advertising budget. This concentration of wealth can lead to income inequality and a concentration of wealth in the hands of a few.
Can Businesses, Workers, and Social Institutions Go in the Same Direction?
The question is whether businesses, workers, and social institutions can go in the same direction. If companies and public policy leaders can understand the evolving landscape, they can help the workforce anticipate the upcoming challenges. Technology and demographic changes are leading to a smaller workforce compared to the previous generation, and the workforce has to pursue many careers during their time of work. Governments will have to re-evaluate the educational system, and companies will have to redesign their structure and culture around technologies.
Preparing for the Future of Work
Preparing for the future of work requires continuous learning and growth. Workers need an environment where they can continuously upskill and grow. Companies need to provide opportunities for workers to upskill themselves, even during work hours. Developing a learning community can be a good way to start, so workers can benefit from each other. Technology can also be used to supplement goal tracking and effort, instead of being a distraction.
Conclusion
In conclusion, the impact of A.I. and automation on the future of work is complex and multifaceted. While some jobs are at risk of being taken over by machines, others can be augmented by A.I. and automation. The uneven distribution of technological dividends among firms can lead to income inequality and a concentration of wealth in the hands of a few. To prepare for the future of work, workers need to continuously upskill and grow, and companies need to provide opportunities for them to do so. By understanding the evolving landscape, businesses, workers, and social institutions can go in the same direction and anticipate the upcoming challenges.
Highlights
- A.I. and automation will have a significant impact on the future of work.
- Not all jobs are equal when it comes to the risk of automation.
- The rule of thumb for jobs at risk of automation is simple: if your job is in some way predictable or routine, the risk of automation is much higher.
- A.I. and automation can serve to augment the jobs of creative marketers, rather than substituting them.
- The uneven distribution of technological dividends among firms can lead to income inequality and a concentration of wealth in the hands of a few.
- Preparing for the future of work requires continuous learning and growth.
FAQ
Q: What jobs are at risk of being taken over by A.I. and automation?
A: Jobs that are in some way predictable or routine are at higher risk of being taken over by A.I. and automation. Jobs that don’t require innovation or creativity are also at higher risk.
Q: Can A.I. and automation serve to augment jobs?
A: Yes, A.I. and automation can serve to augment jobs, particularly in creative fields like marketing.
Q: What are the risks and costs of A.I. and automation?
A: The risks and costs of A.I. and automation include job displacement, income inequality, and a concentration of wealth in the hands of a few.
Q: How can workers prepare for the future of work?
A: Workers can prepare for the future of work by continuously upskilling and growing, and by participating in a learning community. Companies can provide opportunities for workers to upskill themselves, even during work hours.
