News about AI Behind 4,000 Job cuts in May, quadrupling last year’s total layoffs, is reviving the debate of the potential impact of artificial intelligence (AI) on the job market.
Two primary schools of thought emerging on this subject.
On one hand, there are those who view AI with trepidation, citing the potential for significant job losses and disruption of livelihoods as automation becomes increasingly prevalent. On one hand, there are those who view AI with apprehension, citing the potential for significant job losses and disruption of livelihoods as automation becomes increasingly prevalent.
On the other hand, there are those who see AI as an opportunity rather than a threat. They argue that while AI may indeed render certain jobs redundant, it will also open new doors by creating roles that we can’t yet foresee, improving productivity, and enabling human workers to focus on tasks that require a uniquely human touch. As with any profound technological advancement, the truth likely lies somewhere in between these extremes.
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A recent report claims that artificial intelligence (AI) was responsible for the loss of 3,900 tech jobs in the US in May alone. The outplacement firm Challenger, Gray & Christmas, which released the report, attributes roughly 5% of the 80,000 jobs cut by US-based employers to AI, making it the seventh highest factor for job losses in the same month.
The sectors most likely to be targeted for automation include mid-level technical writing, office administration support, paralegal work, architecture and engineering, human resources, art, and design.
In line with these findings, IBM’s CEO Arvind Krishna announced last month that as much as 30% of IBM’s workforce, which equates to 7,800 jobs, would be replaced by AI in the next five years.
The rapid evolution of AI and its quick adoption by the tech industry raise concerns. Tech workers, whose functions could be replaced by AI, are urged to enhance their skillsets or work on high-visibility projects. On the other hand, workers in more “repetitive or predictable” roles, such as data entry and customer service reps, may have more time before companies attempt to deploy AI on a large scale.
This report comes amidst efforts to raise awareness about AI’s potential harm to humanity, with the CEO of OpenAI advocating for government intervention in the field.
However, others are calling for a more measured approach. David Lewis, CEO of OperationsInc, expressed optimism about the technology and its potential to increase productivity, while also advocating for careful oversight.
Along the same line, Mark Andreessen, spins a future where AI doesn’t just play nice, but becomes our most loyal sidekick and the world’s saviour! Check our article here.
Similarly, astrophysicist Neil deGrasse Tyson argued that while AI is a powerful tool, it is not uniquely placed to end civilization, and we should monitor our actions closely in its deployment​