What Artificial Intelligence means for your job in the next recession?
Technology has changed the way work is done across organisations. The work done by humans and machines is all set to undergo a huge metamorphosis. When we hear about talks of recession, the thought of technology being a more cost-effective alternative than labour strikes our mind. This creates a question on everyone’s mind, “Will AI eat into my job during recession?.
Industrial revolution is nothing new and has been there since ages. In fact, it is the law of nature. Technological advancement is an absolute necessity for the growth of the economy and as a by-product, few jobs are bound to get redundant. However, it is worth noting that technology also add many more jobs than it takes. So, there is always an availability of employment, however, the nature of work changes.
Mc Kinsey, in its report states that between 3%-14% of the workforce will need to change their occupation over the next 10-15 years. Much of the jobs are also going to get automated.
It has been observed that no matter how strong the economy is, there is always a situation of underemployment. Trends like Automation, AI and the Gig economy may have a certain degree of impact on the recession. However, the full potential of Automation is yet to be realised. It is true that during times of recession, businesses get more interested in implementing Automation, AI etc. to control costs. Due to this, many blue and white collared employees also tend to lose their jobs. However, the level of automation used in businesses today aren’t advanced enough to replace jobs.
AI will continue to disrupt jobs but at the same time, it also creates career paths which are completely new and different. Technology Disruption is another method of job creation.
Professor Mirko Darca from the London School of Economics states that there isn’t much evidence which shows that a new wave of technologies that can threaten jobs has begun. ( source: The Register )
In fact he predicts that AI and Robotics will lead to increase in jobs in the next 10-15 years.
If we really have to study the impact, we need to look at things from “tasks” or function point of view. A recent research stated that in 32 of the Organization for Economic Cooperation and Development (OECD) countries, 14% of the jobs can be easily automated, while another 32% face a risk of automation. The conclusion derived from this is that workers doing low-skilled or routine/process related tasks are most likely to be displaced. On the other hand, highly qualified workers, who perform a rather specialised kind of job, are at a lower end of the risk spectrum.
The key to survive this phase will be-Upskilling ( source : The Times of India )
According to the World Economic Forum, AI will create 58 million new roles and career opportunities by 2022. The report further states that “75 million jobs may be displaced by a shift in the division of labor between humans and machines, while 133 million new roles may emerge which have the power of adaptability to accept the new division of labor between humans, machines and algorithms.”
No matter what, there is definitely a sense of uncertainty prevailing in the economy, and the best way to survive this phase is to arm yourself with the necessary skills. There is immense scope for Data Analysts, Data Scientists, Automation experts, AI coder, Big Data Expert etc, in the present situation. You need to make the most of this opportunity and leverage the situation to your benefit. Even if you are from a different field and fear the loss of a job due to Technology Disruption, you must equip yourself with a skill that is here to stay in the long-run. In this competitive world, you cannot afford to be redundant. The secret to success and survival is to continuously reinvent yourself.