According to a Future of Jobs Report released by the World Economic Forum, there are significant changes in the way artificial intelligence and automation affect job creation and replacement. Most businesses now rely on advanced technologies such as automated cloud computing, AI-based predictive intelligence, and business analytics to achieve their organizational goals. As tasks become increasingly automated and self-service driven, there is an urgent need to restructure the labor market and upskill the existing workforce across all industries. Today, more than a third (34%) of an organization’s work is automated by machines, while the remaining 66% is still done by humans.
The COVID-19 pandemic has shifted the boundary between humans and machines towards automated machines, thus gaining the trust of business leaders. These business leaders now trust artificial intelligence and machine learning algorithms to build powerful and cost-optimized automated processes for their organizations during uncertain times. Today, by implementing large language models, such as Generating Pretrained Transformers (GPTs), companies can automate 15% of tasks, thereby increasing speed. By combining these large language models with existing business solutions, the share of automation may grow to 50% in the next 4 years. Most jobs related to data processing, information synthesis, job-related information evaluation, and performing manual and physical tasks will be severely disrupted by AI and automation technologies.
The shift toward AI-based automation and big data analytics will be the biggest factor affecting the job market in the coming years. Moreover, business leaders should be fully prepared to embrace the transformation of the boundary between humans and machines. Business leaders can leverage artificial intelligence and automation to address the challenges these technologies pose to the growth and sustainability of their organizations.
Dan Adika, CEO of WalkMe, a digital application service focused on employee experience, said, “Artificial intelligence is one of the most important technological advances in the world, comparable to the discovery of fire and electricity. With cloud computing, Compared with iPhones, the Internet, and computers, artificial intelligence creates unique opportunities for social transformation. Therefore, Goldman Sachs predicts that as technology adoption accelerates, artificial intelligence will contribute $7 trillion to global economic growth in 10 years, an increase of 7%. What makes AI so revolutionary is not just the technology itself, but the speed with which it is transforming the workplace.”
Adika cited the World Economic Forum’s Future of Jobs Report, which mentioned the next five How artificial intelligence will affect employment in 2020. He said: "According to this report released by the World Economic Forum, 23% of jobs will be replaced by artificial intelligence in the next five years. At the same time, Goldman Sachs estimates that artificial intelligence may affect 300 million jobs worldwide. Question It’s not whether this technology will change people’s workplaces, but how it will change them. To ensure employees are equipped to use AI tools, maintain a balance between benefiting from AI and prioritizing employee development and success will become a key factor in every sector. AI has the potential to expand employees’ capabilities by empowering them with data insights, automation and greater productivity, although this will require them to successfully adopt AI technologies and deploy them appropriately to address A critical business challenge. Combining technology with the power of people will further expand the capabilities of artificial intelligence and enhance all aspects of business, especially at a time when economic uncertainty and professional instability continue to change workplace culture."
Here are some ways business leaders should embrace artificial intelligence and automation and excel in the disruption brought about by pairing humans and machines.
Automation is not a new phenomenon, and the debate over its ability to replace the human workforce is as old as its origins.
Artificial intelligence and automation will fix the job market in ways that people cannot imagine. Wider use of modern digital tools will create more jobs than it displaces in the current era. The World Economic Forum report highlights that business titles such as e-commerce experts, digital transformation experts, digital marketing and strategy experts will create 2 million job opportunities. Regional factors will play a key role in creating new jobs across regions, with South Asia leading the way while sub-Saharan Africa will continue to lag behind.
Business leaders can adopt cutting-edge technologies and take advantage of newly created job markets and job roles as they continue to build their organizations to meet growing consumer demands around the world.
The World Economic Forum’s report highlights how workers and employers can combat climate change by creating new jobs and transitioning to a greener future. Although the net hiring rate for green jobs is down in 2022 compared to 2021, it is still better than the number of green jobs created in 2020, 2019 and 2018. Therefore, if one follows the trend, the green job creation trend will continue to rise over the next 4-5 years, even if government agencies play a greater role in "promoting the green transition."
The leading countries in this regard include Australia, Argentina, Sweden, the Netherlands and the United States.
According to the report, here are the green jobs most affected by the rise of artificial intelligence and automation at the human-machine frontier.
As artificial intelligence As intelligent and automated tools mature, corporate recruitment strategies are also changing.
The World Economic Forum report found that analytical thinking and creative thinking will remain core skills for workers by 2023, but leaps in artificial intelligence and big data, leadership and social impact are also worth mentioning. This reflects the growing need for empathetic leaders and people managers who can leverage artificial intelligence and data to improve an organization’s profile and productivity. In fact, artificial intelligence and big data skills are top priorities for organizations with more than 50,000 employees. Additionally, it reveals the need for organizations to redesign and expand their training and development programs to achieve better business results by reskilling and upskilling employees.
Vince Padua, chief technology officer at Axway, said, “As cloud computing, artificial intelligence and microservices are developed and adopted, the skills required to support them continue to evolve. Companies need more employees with the right skills and experience , as well as IT infrastructure and enterprise software experts with expertise in cybersecurity, data analytics and cloud architecture.”
Clearly, business leaders are reorienting talent acquisition and recruitment around artificial intelligence, big data and automation technologies. Skills development plans that highlight how these cutting-edge technologies will become a "strategic priority" for every organization in the coming years.
Analysis of key artificial intelligence occupations shows that the trends in the U.S. economy are somewhat different. The AI talent shortage is widely discussed. While investment in AI in education remains a global focus, it requires strong support from policymakers who can determine the path to developing the AI talent pipeline without impacting other talent pools. Organizations, investors, government stakeholders, and general AI citizens can all come together to develop an AI and automation upskilling policy that benefits all of humanity now and in the near future.
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