Hundreds of Amazon workers stage three day strike ! AI replacing many workers
Channel: fervid_drolls ( fervidelicious )
Date: 2023-05-11

https://fervidelicious.com/how-the-rise-of-ai-and-its-impact-on-silicon-valley-jobs-an-in-depth-look-at-the-facts-and-figures/

Goldman Sachs Predicts 300 Million Jobs Will Be Lost Or Degraded By Artificial Intelligence , Companies And Organizations Are Saying About AI

The World Economic Forum (WEF) concluded in a 2020 report, “A new generation of smart machines, fueled by rapid advances in AI and robotics, could potentially replace a large proportion of existing human jobs.” Robotics and AI will cause a serious “double-disruption,” as the pandemic pushed companies to fast-track the deployment of new technologies to slash costs, enhance productivity and be less reliant on real-life people.

Management consulting giant PriceWaterhouseCoopers reported, “AI, robotics and other forms of smart automation have the potential to bring great economic benefits, contributing up to $15 trillion to global GDP by 2030.” However, it will come with a high human cost. “This extra wealth will also generate the demand for many jobs, but there are also concerns that it could displace many existing jobs.”

This brings up another critical, often-overlooked issue. AI proponents say there’s nothing to worry about, as we’ve always successfully dealt with new technologies. However, what does this mean for the quality of jobs?

The world’s most advanced cities aren’t ready for the disruptions of artificial intelligence, claims Oliver Wyman, a management consulting firm. It is believed that over 50 million Chinese workers may require retraining, as a result of AI-related deployment. The U.S. will be required to retool 11.5 million people in America with the skills needed to survive in the workforce. Millions of workers in Brazil, Japan and Germany will need assistance with the changes wrought by AI, robotics and related technology.

In a 2019 Wells Fargo WFC +0.3% study, the bank concluded that robots would eliminate 200,000 jobs in the banking industry within the next 10 years. This has already adversely impacted highly paid Wall Street professionals, including stock and bond traders. These are the people who used to work on the trading floors at investment banks and trade securities for their banks, clients and themselves. It was a very lucrative profession until algorithms, quant-trading software and programs disrupted the business and rendered their skills unnecessary—compared to the fast-acting technology.

    Amazon has confirmed that it will soon fire 18,000 employees.

    Amazon will provide pay packages to impacted employees.

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