Artificial intelligence (AI) has made quantum leaps of progress in technological and social contexts over the past few years. It has integrated itself into the major systems of how our world works, and it doesn’t look to be slowing down any time soon.
There are many reasons why AI is a hot topic in our culture at the moment. But perhaps one of the most relevant is the question of how AI is transforming the job market—and whether or not this is something that we should want or allow to happen. In times like these, we turn to facts. According to current statistics:
- The AI market size is projected to reach $407 billion by 2027.
- 64% of businesses expect AI to enhance productivity.
- 15% of the US workforce is at risk of losing their jobs to AI.
- AI is predicted to create 97 million job opportunities.
What we’re looking at here is a turning point for the global job market, in which there are both risks and opportunities to consider. Either way, AI’s presence is here to stay, and it is through constant analysis and education that we can prepare for whatever comes with it in the coming years.
AI In The Job Market Today
The job market is always undergoing changes. But AI brings shifts at a scale and nature that we are not used to experiencing. In 2024, there are several notable shifts to be aware of:
- Increased demand for AI-related skills: Someone needs to know how to operate this technology. People who possess AI-related skills are becoming increasingly important to the economy, and if you are one of them, there is a potential 25% wage increase in it for you.
- Redefining roles: The descriptions and skill requirements for jobs that have remained largely static in recent decades are being rapidly redefined. AI is creating the need for more diversified skill sets, namely those relating to analytics, customer service, marketers, and accountants.
- Focus on human skills: As we watch AI comfortably take over more analytical tasks or automate basic business processes, the need for innate human skills becomes more prevalent. Complex problem-solving, creativity, product development, and emotional intelligence are just a few.
These are the three most significant ways in which we are currently seeing AI’s influence over the job market unfold. A surge in AI research and development makes this transformation an ongoing process that employees and businesses alike need to follow.
The AI Job Market Will Continue To Evolve
With AI’s rapid assimilation into the workforce, it should come as no surprise to anyone following technology and anthropological news that advanced forms of machine learning will take over a fair portion of jobs within the next few decades.
A McKinsey report claims that AI is expected to replace as many as 2.4 million job positions in the US alone by 2030, and another 12 million occupational shifts will also be impacted.
Naturally, this has prompted reasonable debate over the ethics and sustainability of AI in a global workforce context. But the truth is, just like most revolutionary forms of technology, integrating AI into the job market comes with advantages and drawbacks.
Benefits And Consequences Of Integrating AI Into The Job Market
There are two sides to every coin, and AI is no exception. In fact, it might be one of the most divisive forms of technology the world has seen for a while—and for good reason.
With the integration of AI into the job market comes the destruction of increasingly obsolete jobs and the creation of completely new ones. This makes the transformation controversial. But there are other aspects of this technological shift to consider:
The benefits of AI for the job market
The consolidation of AI in the job market brings with it a new demand for skilled professionals, generating a shift towards a more educated workforce. That means more accessible STEM programs, IT skills, and other forms of technological and educational advancement that may not have been as attainable in previous years.
This highlights how the adoption of AI isn’t just about optimizing and advancing the workforce; it is also about cultivating a workforce that is more specialized, technical, and innovative than ever before—all of which can contribute to a more lucrative and progressive future for the economy. It also opens the doors for those who are looking for a career change as new jobs emerge.
The consequences of AI in the job market
The many changes that come with the adoption of AI are not without consequences.
As robots and AI programs assume more responsibility within administrative and organizational contexts, working-class people who rely on their jobs for income face a high risk of employment and financial loss. Generative technologies such as AI also pose a threat to those who work in certain knowledge-based fields, such as journalism, coding, and accounting.
As we briefly mentioned at the beginning, 400 million US workers are already at risk of losing their jobs to some form of AI within the next few years. Even when you consider that AI is expected to generate 97 million jobs, the figures are undeniably disproportionate.
In Summary
AI is here to stay, and we can choose to either work with it or against it. Predictions across the board indicate that a vast number of jobs will either be replaced or augmented by AI in the coming decades, with the next few, in particular, being crucial to how the future of human-AI relationships is set to evolve.
Administrative, analytical, and organizational jobs are most likely to be affected by AI. While people working in these fields will likely suffer, those who upskill, adapt, and diversify their professional skills are not at risk of losing their jobs. However, the demand for human skills will increase, and those in creative sectors such as product photography, product design, and similar industries will be in greater demand. AI can only learn from what it is taught, and these sectors rely on creativity and innovation.
For now, AI is deemed a tool that is powerful but still under our control.
It is expected to expedite the progress of industries across multiple sectors and accelerate the job market into a future of advanced productivity and efficiency, leaving more time and energy for humans to focus on other tasks of their choosing.
