When new technology is created, it also creates job opportunities in developing, utilizing, and improving that technology. This allows organizations to save on labor costs, which can lead to expansion into new areas.
Here are some key insights into AI’s impact on productivity and jobs:
Creating new jobs: A June 2023 report states that Generative AI could bring annual economic benefits of US$ 2.6 to US$ $4.4 trillion across industries worldwide. The sustainable progression of AI could lead to economic growth and increased employment opportunities and wages. Moreover, creative job roles in the tech industry, like designers, video game creators, photographers, and those who create digital images, are those whose jobs will likely be partially eradicated. AI will only help these roles be more productive and efficient.
Diversifing roles: Applying technology to tasks that dominate a worker’s time allows them to tackle more crucial roles, driving growth. This is evident in professions like software development. For example, ChatGPT accelerates code generation, outpacing manual efforts. This efficiency lets developers focus on vital tasks, such as refining algorithms or innovating solutions, thus boosting job satisfaction and overall workforce productivity. Strategically using AI for time-consuming tasks, apart from enhancing immediate efficiency, also fuels growth by developing individuals and organizations, ultimately contributing to broader industry progress.
Higher wages: As AI becomes more prevalent, the necessity to acquire fresh skills also emerges. This shift can also result in increased wages. In fields such as technology, salaries differ according to skill levels. As businesses acknowledge the importance of proficient tech workers, they provide improved remuneration. Rival companies frequently follow suit to retain skillful employees by offering competitive pay. Thus, technology not only expands job prospects but also elevates income levels.
The era of AI is just beginning
The excitement surrounding this technology is evident, and initial use cases are convincing. However, as with any new technology, challenges remain. These include effectively managing the inherent risks of generative AI, identifying the new skills and abilities required by the workforce, and rethinking fundamental business processes such as skill development and retraining.
Working towards solving these challenges will require collaboration, foresight, and adaptability from industries and policymakers alike. By embracing these changes thoughtfully, we do not just embrace AI; we empower it to serve as a catalyst for job creation, innovation, and a redefined landscape of professional growth.