The Future of Work: How AI and Automation are Changing the Labor Market

By Yurii Dobrianskyi
19-08-2024
Artificial Intelligence

Have you heard that AI could create 12 million more jobs than it replaces by 2030? Hmm…seems staggering, doesn't it?

What’s more, AI is supposed to add a whopping 15.7 trillion dollars to the global GDP.

However, do not fear. The future isn’t about robots replacing humans (at least not in the next 10 years). The whole ball game is about humans and robots working together.

Read our blog post and learn:

The impact of AI and automation on the labor market
Advice to IT companies and startups on how to prepare for changes.
Creating jobs for the future
Retraining and advanced training
AI ethics in the workplace

By understanding these key aspects, businesses can thrive in the era of innovation and AI.

The best advice for startups and IT companies

Dive into the list of best tips for what your company could do with the help of the AI revolution. Position your company to ride this wave!

Train your workforce

Think about training your workforce in AI, data science, and other emerging technologies relevant to your field. This could help your employees to seize opportunities presented by these advancements.

The benefits of this decision are endless. For example, did you know that companies with a future-oriented workforce have 30% higher productivity? These figures are given by a study conducted by McKinsey Global Institute.

Collaborate with educational institutions

Keep your company at the forefront of AI development and application.

Gain access to cutting-edge knowledge by partnering with universities and research institutions. Collaborate on research projects, internships, and training programs to keep your company at the forefront of AI development and application.

Interesting fact: Did you know that companies that collaborate with universities have 4 times more chances to develop commercially successful AI solutions?

Embrace human-AI collaboration

AI is best in routine tasks like pattern recognition and data processing. However, such skills as creativity or empathy, as well as critical thinking and problem-solving, are more challenging. The combination of both allows us to complement human strengths.

Interesting fact: According to research by Deloitte, teams exploiting AI capabilities perform better.

Identify new business opportunities

What challenges does your industry face? How can AI help? For example, think about whether AI can help you create a product or service that doesn't even exist yet.

Netflix, Airbnb, Spotify, and Amazon already benefited from the innovative AI solutions. And the further, the more!

Here are some additional tips:

Start with a small project and don't try to build a comprehensive AI solution overnight. This could allow you to test your assumptions and avoid big investments associated with large-scale projects.

Prioritize user experience. Remember, all your efforts are addressed to enhance the user experience of your clients. Involve UX designers and researchers in the development process.

Do not forget to conduct research and find out what are their pain points and what you can do to make the user journey smoother and more enjoyable. Base your research on data

Collaborate with AI experts. Sometimes, external experts are a new set of eyes, helping you to bring new ideas and inspiration to the table. With the help of qualified experts, you fill specific skill gaps, ultimately maximizing your return on investment.

Now, let’s explore the more specific description of creating jobs for the future with AI.

Creating new jobs with AI

Source
Implementing AI could lead to a significant shift in business skills. The trick lies in understanding what will be the next big thing.

Of course, some jobs may be lost, others will be transformed. This relates to performing routine tasks, as this is an area where AI excels for now. At the same time, tasks requiring a creative and complex problem-solving mindset may remain.

For example, accountants might use AI tools to automate data entry and focus on providing more strategic financial advice. Customer service representatives might leverage AI chatbots to handle routine inquiries and dedicate their time to resolving complex customer issues.

Learn what AI could specifically bring to the most popular professions.

Doctors: Doctors can leverage AI capabilities to free time and focus on complex cases.
Financial analysts: They can use AI to make more informed decisions based on the analysis of the vast amount of data.
Lawyers: AI analyzes data and automates such tasks as reviewing contracts, developing effective legal strategies, and identifying relevant cases, precedents, and laws. It helps to predict the outcome of cases with greater accuracy.
Teachers: With the help of AI, teachers can tailor lesson plans to each and every student and track their progress effectively. Free up your time for giving more personalized feedback to your students.
Marketers: For marketers, it would be easier to identify the target audience and analyze customer data. AI could also help in monitoring social media campaigns and time to respond to clients.
Customer service representatives: With the help of AI-powered chatbots, customer service representatives could analyze customer interactions, handle routine customer inquiries, and predict potential failures.

Here are key insights on creating jobs with AI:

As it was mentioned before, AI will not replace humans. However, humans should learn to operate AI systems, and this requires learning new skills. For example, in the future, new specialists will develop, maintain, and manage AI systems. Potential new roles will be, for example, AI security specialists, data scientists, or machine learning engineers.

Dive into the list of AI-driven jobs:

1. AI bias auditors

They are needed to identify potential bias in AI algorithms and prevent potential discrimination.

2. AI trainers

AI systems do not appear in a second. To create AI systems, it is important to train them on vast datasets. And this is a mission and the main task of AI trainers.

3. Robot wrangles

This profession helps to manage robots in various industries. Robot wrangles troubleshoot technical issues and ensure they operate effectively. To perform such tasks, robot wrangles should possess problem-solving skills and be familiar with automation systems.

4. Computational linguists

Computational linguists are experts in natural language processing (NLP), programming languages, such as Python, and computer science. Their main task is to bridge the gap between human language and machine understanding

5. Conversational AI specialists

Conversational AI specialists are true magicians. They create those commonly-known chatbots and make the user experience smooth and enjoyable.

6. AI marketing specialists

It’s no secret that AI could create compelling marketing copies. However, this does not mean marketers will hide in the shadows. AI marketing specialists analyze data and develop killing marketing strategies.

7. AI education specialists

AI education specialists help to personalize learning experiences. They are masters in educational technology (EdTech), learning science principles, f AI applications in education, and collaboration skills

8. AI cybersecurity specialists

They help to protect AI systems and data from cyberattacks. They also develop security protocols, monitor for vulnerabilities, and implement AI-powered tools for threat detection and prevention.

What jobs are at risk of complete disappearance?

At the same time, here is a list of existing jobs at higher risk of vanishing: data entry clerks, customer service representatives, truck drivers, machine operators, bookkeepers, travel agents, taxi drivers, quality control inspectors, assembly line workers, cashiers, quality control inspectors, assembly line workers, bank tellers, production line supervisors, telemarketers, paralegals, bank tellers, librarians.

As it was mentioned before, such skills are becoming less in demand:

1. Data entry and information processing

Many tasks are being automated now. This is important to handle large amounts of information more accurately than humans.

Interesting fact: According to the U.S. Bureau of Labor Statistics, there will be a 6% decline in data entry jobs by 2030.

2. Repetitive tasks

Similar to the previous point, many repetitive tasks are being automated as well.

Interesting fact: A study by McKinsey Global Institute found that by 2030, up to 800 million jobs globally could be automated.

3. Basic customer service skills

With the help of AI and chatbots, humans can focus on more complex interactions and intricate issues, leaving such tasks as basic inquiries to machines.

Interesting fact: While chatbots can handle simple inquiries, a study by Microsoft found that 72% of customers prefer to speak with a human representative for complex issues.

4. Physical tasks requiring precision

Robots can perform many precise physical tasks with greater efficiency and accuracy than humans.

Interesting fact: Samsung has a robot that can sew clothes with intricate details, mimicking the skills of a seasoned tailor.

5. Copywriting

AI-powered tools are best at generating different types of content like articles, social media posts, etc.

Interesting fact: You’ve certainly heard about the Washington Post. The company also appreciates the use of AI. This has already led to an increase in click-through rates by 20%.

6. Graphic design

AI can edit images and generate basic layouts.

Interesting fact: Canva offers AI-powered design suggestions for layouts and color palettes, helping non-designers create professional-looking visuals.

7. Composing and performing music

AI can generate music that mimics existing styles.

Interesting fact: Jukebox developed an AI model that can compose music in various styles, including classical, jazz, and pop.

8. Nursing

Here, AI can assist in basic patient monitoring, data analysis, or medication reminders.

Interesting fact: Babylon Health (just like many others) uses AI to analyze patient data and symptoms, offering personalized healthcare recommendations

9. Basic teaching

AI-powered platforms can adjust difficulty levels and learning methods in real time. It also can deliver customized learning plans based on individual student needs.

Interesting fact: DreamBox Learning developed an AI-powered adaptive learning platform that adjusts instructional difficulty based on student performance.

10. Jewelry making

AI can help generate unique design ideas based on user preferences or existing trends.

Interesting fact: Etsy incorporated AI to personalize product recommendations for jewelry shoppers.

11. Surgery procedures

AI can analyze patient data and medical scans to generate 3D models for surgical planning, leading to more accurate procedures. What’s more, it also can assist surgeons with precise movements, minimally invasive procedures, and improved visualization of the surgical field.

Interesting fact: Johnson & Johnson developed AI-powered surgical robots that can perform minimally invasive procedures with greater precision

It is important that AI is not meant to be a job-stealing machine but rather a tool, which helps to strengthen human capabilities. By learning how to take the most out of this highly helpful tool, we only win and pave the way for a brighter future.

AI ethics in the workplace

The integration of AI is important. However, we also should remember the ethics in the workplace.

For example, it’s no secret that AI systems are highly dependent on data. Biases in data lead to distortion in judgment and biased performance evaluations. To avoid this, each and every company using AI should ensure the data on which this AI system was trained is diverse.

Imagine a health company with algorithms trained on data only of male candidates. Could such a company offer effective solutions and medicine? Probably, yes. However, there is a high risk their products would have unknown implications for women.

The best advice would be to create clear guidelines and protocols on how the data should be collected and stored. This helps to avoid the so-called "black boxes." Review your data carefully before the start of training. Try to eliminate any potential biases and remove skewed information.

Summing up…

In this article, we’ve explored the best tips that could help businesses take a proactive approach and unlock a new wave full of innovation and growth. Of course, we can’t predict the future. But we can say with certainty that it is linked to AI. Many businesses already seized an opportunity and those who don’t risk falling behind.

So, do you want to join?

The future belongs to those who speak the language of AI! And the time to act is now.

The Future of Work: How AI and Automation are Changing the Labor Market