Artificial Intelligence and its effects on Job Industry
Artificial Intelligence is a branch of computer science associated in building smart machines for performing tasks which generally requires human brain or human intelligence to complete.
As the definition says, A.I is used to build smart machines to perform tasks which are generally done with the help of human intelligence, with the introduction of A.I there has been a huge shift in the tech sector. As we know artificial intelligence is an evolving sector which is penetrating in every industry which could be automated that too with a rapid pace, the future rate of employment is diminishing. Industries and Sectors which are most likely to take hit in place of employment are Manufacturing, Logistics, Transportation, Hospitality etc. Today, there is a shift towards A.I and Automation in major economies of the world and this shift is likely to eliminate low profiled jobs and industries which have repetitive mode of work or tasks are more vulnerable to be eliminated.
As per reports from world economic forum, it is estimated the around 78 million jobs would either be displaced or lost by 2022 due to A.I and automation. Not only this is going to affect the economies but also the cash dependent businesses which mostly opt for reducing overload during recession period or slowdown of economy in form of laying off or cutting jobs for example Infosys released about 9000 employees because of automation of lower jobs in 2017 and some of them were retained for high end jobs, similarly 6000 people lost their job at Cognizant India just to automation.
It is very much true that Artificial intelligence has started shaping our lives and the effects can be seen clearly in the form of unemployment rate turning into double digits which is a matter of concern. But as every technological advancement has its disadvantages and advantages too and so does Artificial Intelligence. The report which stated the loss of jobs also said around 58 million new jobs would be created with the help of automation and A.I but these jobs would not be regular jobs instead will require high skilled labours and also the knowledge of technology. This obviously narrows the eligibility criteria for employment but this increases the quality and efficiency of work.
To survive the lowering rate of employment, the businesses have to train their employees and enhance the skills of adapting with automation and advanced machines, while hiring new employees it should analyse the adaptive capacity of the individual and hire accordingly. Unemployment could not only be tackled by the enhancement of skills in the industrial sector but skills and technical knowledge should be instilled in the early stages of education as well which could be seen in the new economic policy launched by our Prime Minister Shri Narendra Modi. This policy could be considered as one of the stepping stones for increasing employment along with artificial intelligence for future generation.
A.I is the new creation which may destroy the traditional jobs and traditional industries but it will make way for newer sections of industries and jobs as well
As it is said,
“For every Creation, there has to be destruction of the old.”
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PGDM Div A.