Looking at the world today, with the rapid development of AI technologies, it is safe to say that Artificial Intelligence is no longer a technology of the future, the AI era is here.
With advancements in generative AI tools, Computer Vision, machine learning, Virtual agent, and language processing, amongst others, AI is no longer a futuristic dream but a current reality.
Artificial Intelligence has come a long way since its inception, evolving from the realm of science fiction into an increasingly indispensable technology that’s transforming industries and lives worldwide.
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Technology has permeated every aspect of our lives, revolutionizing numerous industries which include fields such as finance, national security, transportation, health care, transportation, and several others.
Artificial intelligence is transforming every walk of life, which has seen several companies across the globe integrate the technology into their products, to improve work and enhance user experience.
One of the reasons for the growing role of AI is the tremendous opportunities for economic development that it presents. Governments across the globe are investing heavily in Artificial Intelligence which they believe will drive productivity across the economy.
A project undertaken by PriceWaterhouseCoopers estimated that artificial intelligence technologies could increase global GDP by $15.7 trillion, a full 14%, by 2030.
As several tech experts posit that technological innovations lead to a range of positive and negative consequences, this is true for Artificial Intelligence.
Despite the impressive progress of AI, there are still challenges and ethical concerns that must be addressed as the technology continues to evolve. Issues such as Privacy concerns, security, bias, and the potential misuse of AI are critical issues that require careful consideration and regulation.
Ensuring AI’s transparency and explainability is essential, to minimize the potential for algorithmic bias. Meanwhile, let’s take a look at how Artificial Intelligence will impact employees.
The Impact of AI on Employees
With several companies across the globe already adopting Artificial Intelligence, this has impacted a lot of employees, leading to mass layoffs of workers.
A report by investment Bank Goldman Sachs says Artificial Intelligence (AI) could displace the equivalent of 300 million full-time jobs. The report also predicts two-thirds of jobs in the U.S. and Europe are exposed to some degree of AI automation, and around a quarter of all jobs could be performed by AI entirely.
Recently, a 31-year-old CEO and founder of Bengaluru-based Duukan, which helps merchants to set up online stores and sell products digitally, laid off 90% of its support team, replacing them with AI Chatbot.
The CEO disclosed that the AI assistant could answer customer queries instantly and precisely, and doesn’t receive any wages or sick leave, unlike humans. He further added that the Al chatbot took under two minutes to respond to customer queries, whereas human staff took two hours, and that replacing the team has reduced support costs by 85%.
Notably, companies such as IBM, an American multinational technology corporation disclosed that they intend to stop hiring for jobs that could potentially be performed by generative artificial intelligence, which is expected to impact 300 million full-time jobs globally.
Experts predict that AI’s impact will vary across different sectors, which will see 46% of tasks in administrative and 44% in legal professions automated, but only 6% in construction and 4% in maintenance.
How Employees Can Navigate the Current Artificial Intelligence Evolution
The uncertainty surrounding the future of human employment following the evolution of Artificial Intelligence is already apparent, as AI-controlled chatbots and machines are poised to keep getting better and better at what they do.
A publication on Forbes disclosed that jobs in agriculture, mining, healthcare, and manufacturing are the least exposed to generative AI, while jobs in the information processing industries, like IT, finance, and banking, are the most exposed because jobs that use programming and writing skills are more closely related to GPT’s capabilities.
A report stated that stress and anxiety over job losses caused by Al have led to 80% of tech workers using medications, either under a doctor’s supervision or otherwise, as coping mechanisms.
As AI roles seem poised to continue growing, it is pertinent for employees to seek new ways to make progress in their careers. They must come to see technology not as a menace to their jobs, but as a collaborator capable of improving their work lives.
This comes down to thinking about how to use technology to identify what the next opportunity is for them, and not just to identify it, but to point to the right courses and skills that they are going to need to make that transition.
One notable thing employees must do in the wake of AI evolution is to upskill. Upskilling Is the key to success with AI. While AI might lead to displacements of thousands of jobs, some opinion pieces project that AI will create up to 90 million jobs by 2025.
AI is here to stay, and the faster one can learn to put it to work to boost productivity, the better. This will require digitally savvy workers who can think strategically and adapt to a fast-changing workplace. Al offers employees the chance to grow new skill sets and apply those skills efficiently to
work that is in demand. Therefore, employees are encouraged to prioritize the development of skills that can’t be displaced by AI, and also skills that are beyond the reach of AI and automation technology.
Conclusion
As we navigate an ever-evolving business landscape and workplace, automation has firmly established itself as a crucial component of contemporary enterprises.
One must bear in mind that automation is only a new chapter that comes with AI evolution. This means that embracing change and focusing on AI skills is crucial as the world drifts towards a more automated future.
Employees can capitalize on the fact that with automation, organizations can streamline their operations, reduce costs, and improve efficiency. Rather than being discouraged and anxious over potential job loss to AI technology, they should be encouraged and empowered to concentrate on high-value skills in line with Artificial Intelligence.
While they can’t control what new technology emerges, they can control how to use it to their advantage. They can guarantee that AI and automation will become positive forces for growth and development by directing their attention toward its more creative applications.