Artificial intelligence (AI) refers to the ability to mimic human cognitive functions such as learning, reasoning, problem-solving, perception, and language understanding while being unbelievably accurate. AI systems are coded to analyze huge data entries, identify complex patterns, and make informed decisions in the most efficient manner within the blink of an eye.
AI is taking the world by storm and shaking the ground underneath with its superhuman tendencies that are becoming a hot topic of debate in today’s world. The two sides heavily battle over the issue of whether its exceptional qualities streamline monotonous processes and act as a catalyst in the growth of several sectors, or its rapid advent proving to be a curse for job holders all over the world.
Weighing the pros and cons of labeling the presence of AI is one thing, but riding the wave and adopting its monstrous impact is the name of the game. We will be discussing its impact on employment and the change in the job landscape that will be witnessed.
PROS
The prominent contribution and the existence of AI cannot go unnoticed. According to Statista, AI’s annual growth rate is expected to shoot up by an astonishing 54%, with around 80% of employers already harnessing its power for maximum efficiency in various forms.
Ability to boost productivity
The first and foremost positive impact of AI is its ability to boost productivity in a multifold manner. Numerous time-consuming tasks highly waste manpower and resources. These can be tasks like data entry and receiving customer service inquiries, to name a few. AI allows the automation of these jobs, enabling the allocation of said manpower to better-served fields that require a human touch. Most human customer service interactions are no longer done by phone with human employees manning the lines. The majority of the time, the queries and problems of customers are unnecessarily tiring and repetitive. Answering these queries can be done without high emotional or social intelligence. Therefore, AI can be used to provide automated responses to frequently asked questions.
Benefits in healthcare and education
Along with enhancing productivity in the corporate environment, AI is situating itself deeply and quickly in areas like healthcare and education. AI-powered systems can generate customized lesson plans for each student, based on their unique learning abilities and needs, generating interest and a feeling of accomplishment. AI in healthcare is making its mark by critically analyzing large datasets that might include extremely crucial information like the genetic history of a patient and condensing that data into reports. The doctors then can use these reports to make accurate predictions about the health conditions of patients and provide better treatments with a higher success percentage.
Proactive risk management and security
Proactive risk management and security is another field where AI poses benefits to its adopters. AI tools can predict upcoming risks in different areas of a business, such as operations, financial portfolios, and other prone areas. Similarly, businesses use AI to identify fraudulent patterns in real-time, which provides umbrella-like protection for businesses and customers from data breaches and financial losses.
Hiring
Hiring is a tedious process that requires scrutiny and attention, to ensure that valuable additions are added to the organization. By automating the processes of candidate screening and employee assessments, AI tools are used for productivity and data analysis contributing to better hiring decisions and longer employee retention. Using AI in the workplace also fosters a more inclusive and diverse workforce by reducing subconscious biases in the hiring process.
CONS
Now that we have discussed the positive impact of AI on employment, let’s flip the coin to its other side and see the drawbacks of the same.
Eradication of the need for job creation
The most popular and common drawback of AI is the eradication of the need for job creation and reduced hiring. This has created a huge gap in the need and demand for job creation. Forbes states that According to an MIT and Boston University report, AI will soon replace as many as two million manufacturing workers by the year 2025. There is a possibility that an equivalent of 300 million full-time jobs could be lost to AI automation, according to an April 2023 report from Goldman Sachs Research. The authors also estimated “that roughly two-thirds of U.S. occupations are exposed to some degree of automation by AI.” This means that workforces of all varieties have been affected by the extensive implementation of AI. While it is streamlining certain mundane tasks, people from these occupations must be let go due to AI taking over their jobs.
Lack of creativity
The lack of creativity in AI imposes restrictions on its abilities when it comes to out-of-the-box job descriptions. AI essentially makes predictions based on its algorithms and the training data it has been fed; and although machine learning algorithms help the machine learn over time, it doesn’t have the capacity humans have for creativity, inspiration, and new ways of thinking. AI-generated content, while technically correct, can often lack the depth, nuance, and emotional connection that human-created content possesses. This can result in content that feels repetitive and fails to engage the audience. We used to create Social Media posts in software like Photoshop and CorelDraw but there are a lost of AI tools these days. Those tools can help designers make hundreds of creative daily but they are mostly repeated. In fact our digital marketing agency still relies on graphic designers when client need something new for Social Media.
Erosion of human skills
Erosion of human skills is a worrying issue that affects the cognitive capacity of humans. As AI takes over more tasks, there is a risk that humans may lose the skills and abilities that are essential for creative and critical thinking. This could have long-term consequences for the workforce and society.
Negative societal impacts
Several negative societal impacts are originated by the mindless functioning of AI. In industries like media and entertainment, suboptimal AI-driven content decisions can have far-reaching negative societal impacts, such as the reinforcement of biases or the spread of misinformation.
Income and wealth inequality
Income and wealth inequality is already a void in today’s day and age. AI could further widen the gap in wages, thus giving rise to an increase in inequality within countries. We may see polarization within income brackets, with workers who can harness AI seeing an increase in their productivity and wages—and those who cannot fall behind. Research shows that AI can help less experienced workers enhance their productivity more quickly. Younger workers may find it easier to exploit opportunities, while older workers could struggle to adapt.
Lack of empathy
The lack of empathy can pose a risk to the societal behavior and output of AI in the workplace. It can be taught to recognize human emotions such as frustration, but a machine cannot empathize and cannot feel. Humans can, giving them a huge advantage over unfeeling AI systems in many areas, including the workplace. Consider the fact that the service sector dominates the U.S. economy, with the Brookings Institute calculating that in 2023 “four out of five American workers in the private sector are employed in the service economy, doing everything from delivering care in hospitals and nursing homes to making and serving food to ensuring products make it from ports to store shelves and into consumers’ hands.”
Issue of privacy and ethics
Another concern that should be kept in mind is the issue of privacy and ethics while giving AI an important spot in the workforce. AI systems often rely on large amounts of data fed into them to train their algorithm and perform the required functions. This raises sensitive data usage and protection issues. Its expert decision-making skills can neglect certain ethical implications. The majority of the time, AI is not transparent as to how it reached a certain conclusion, making it difficult to credit sources and take necessary permissions. This lack of transparency can erode trust in AI-driven decisions when it comes to performance evaluations or promotions.
Adapting to the AI-driven workplace
While the cons of AI in the workplace are valid concerns, it is crucial to recognize that AI will continue to dominate and seep into every industry soon. Refusing to adopt AI will result in being left behind and forgotten. To harness the benefits of AI while mitigating its drawbacks, employers and policymakers should consider the following strategies:
- Develop a comprehensive strategy to balance the benefits of AI while addressing potential risks and challenges.
- Invest in upskilling and reskilling programs to prepare employees for the evolving AI-driven workplace.
- Cultivate a strong culture of continuous learning to keep the workforce adaptable and agile in the face of rapid AI advancements.
- Establish clear ethical guidelines and frameworks for responsible AI implementation and data usage.
- Stay up to date with the latest AI trends, technologies, and best practices through ongoing research and industry engagement.
- Create a roadmap for seamless workforce transition, considering the impact of AI on various roles and departments within the organization.
Conclusion
While AI can be seen as having several cons on employment and its impact on the workspace landscape, it will dominate and seep into every industry soon. Using AI to your advantage will satisfy its purpose. Refusing to adopt AI will result in you getting left behind and forgotten. AI allows the motto ‘work smarter not harder’ to come to life if used efficiently and ethically. It is extremely crucial to establish laws that can contain and scrutinize the path of AI in the up-and-coming horizon. There should be a balance maintained so that each individual can stand to benefit from the revolution in the world of technology.