Is AI Friend or Foe? Shocking Statistics Reveal that Impact on Jobs
Tags: ai, deeplearning, job, machinelearning
Published: 2023-04-20 16:32:48


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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">Artificial Intelligence</span> <span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i h-lparen">(AI)</span><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i"> is becoming an increasingly critical component of the digital age, transforming how we live and work. While AI offers several benefits, there is a growing concern that it will lead to massive job losses.</span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">Recent research by </span><span class="attrlink url author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i"><a class="attrlink" href="https://www.forbes.com/sites/niallmccarthy/2017/11/30/automation-could-eliminate-73-million-u-s-jobs-by-2030-infographic/" target="_blank" rel="noreferrer nofollow noopener" data-target-href="https://www.forbes.com/sites/niallmccarthy/2017/11/30/automation-could-eliminate-73-million-u-s-jobs-by-2030-infographic/">Forbes</a></span><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i"> suggests that up to 73 million US jobs will be lost to automation by 2030, a staggering 46% of the current jobs. This projection means that automation will undoubtedly shake up the nature of the job market.</span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">Clearly, the employment market is changing at a pace that exceeds expectations. As a result, many people are worried about their employment, and their concerns are reasonable.</span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">According to PwC, 37% of workers are worried they'll lose their jobs due to automation. This concern is not limited to workers in vulnerable sectors, as 67% of Americans believe their jobs will unlikely be replaced by automation in the next decade. </span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">However, the Brookings Institution estimated that 36 million workers will lose their jobs because of AI. Goldman Sachs economists believe the newest wave of artificial intelligence could automate as many as 300 million full-time jobs worldwide.</span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">Big tech companies are the driving force behind the shift towards AI. They seek ways to increase productivity, reduce costs, and stay competitive in the current economic climate. </span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">Companies rely more on technology to streamline their operations as the world digitalises. </span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">This is evident in the increase of power and IT companies hiring for robotics-related positions, which rose by 13% compared to last year.</span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">The increase in automation could lead to significant job losses, especially in vulnerable sectors such as administration, financial services, transportation or construction, and hospitality. </span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">According to PwC, workers with low levels of education are more likely to be displaced than workers with a high level of education. This means that workers in vulnerable sectors and those with low levels of education are more at risk of job displacement.</span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">Overall, it is clear that AI has the potential to disrupt the job market significantly. </span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">The tech industry is getting the biggest hit as the layoffs have increased. Google has laid off 16,000 staff and plans to cut its workforce even shorter. Microsoft also laid off 10,000 and plans more layoffs in the coming months. </span></div>
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<h2 data-usually-unique-id="066086080573428804823646"><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">AI and the Tech Industry</span></h2>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">The tech industry is at the forefront of AI adoption, creating concerns about job losses. </span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">Tech companies continually seek ways to increase productivity and efficiency while reducing labour costs. </span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">This has led to the developing and implementation of AI-powered solutions that automate various tasks, including data analysis, customer service, and even software development.</span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">Many large tech companies have started laying off technical staff and replacing them with AI-powered solutions. </span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">For example, Facebook's parent company, Meta, plans to let go of 21,000 employees between two rounds of layoffs. </span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">Employees in fields like software engineering, graphics programming, and gameplay development were among those affected. This trend is not unique to Facebook, as other tech companies are also shifting towards AI to cut costs and increase efficiency.</span></div>
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<h2 data-usually-unique-id="983879064301381277193656"><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">The Economic Crush on Big Tech and AI Adoption</span></h2>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">The current economic crush on big tech is also a driving force behind the shift towards AI. The tech industry faces increasing competition, which pressures companies to innovate and adopt new technologies. </span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">AI offers several benefits, including improved efficiency, increased productivity, and reduced labour costs. Companies that fail to adopt AI risk falling behind their competitors.</span></div>
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<h2 data-usually-unique-id="136010668906507983604733"><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">AI and Job Losses</span></h2>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">While AI offers several benefits, there is growing concerned that it will lead to significant job losses. According to research, as many as 30% of jobs will be replaced by automation, especially the boring and repetitive ones. </span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">The manufacturing industry alone is projected to lose up to 20 million jobs by 2030. In England, 1.5 million people are at high risk of losing their jobs to automation, according to the Office for National Statistics</span> <span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i h-lparen">(ONS).</span><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i"> </span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">The Brookings Institution estimated that 36 million workers will lose their jobs because of AI. Furthermore, the World Economic Forum predicts that 375 million jobs worldwide will be lost by 2030 due to AI.</span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">However, it's not all bad news. While AI may lead to job losses, it will create new job opportunities. </span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">The World Economic Forum estimates that machines will create 58 million new jobs. As companies adopt AI, there will be a growing demand for professionals with skills in data science, machine learning, and AI development. </span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">Moreover, AI-powered solutions can increase productivity and efficiency, leading to economic growth and job creation.</span></div>
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<h2 data-usually-unique-id="391775040331093078386135"><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">Conclusion</span></h2>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">It's a sobering thought to realize that our jobs, which we rely on for our livelihoods and a sense of purpose, could be at risk due to automation. And yet, as we've seen from the statistics, the impact of AI on jobs is real and far-reaching.</span></div>
<div></div>
<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">In the face of this upheaval, it's important to remember that corporations are not immune to mistakes and sometimes over-hire. </span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">But we must also acknowledge that the innovations that threaten some jobs will create new opportunities. </span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">The resilience of human ingenuity has carried us this far, and it will be that same spirit that helps us navigate the changing job market.</span></div>
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<div><span class=" author-d-1gg9uz65z1iz85zgdz68zmqkz84zo2qowz80zsz71zp65nz74z73z81zz87zz122z2gz81zz84zz90zz81ztyz73zvd2jz83zpi3i">As we move forward, let us not forget the human toll of these changes. We must support the most vulnerable and help them adapt to the new landscape. And let us never lose sight of the fact that we are all in this together, working to build a better future for ourselves and generations to come.

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