In the last year, everyone's been talking about AI (Artificial Intelligence) and how it might change our jobs. AI is becoming a big part of our lives, and there are a lot of guesses that soon, many jobs will be done by machines instead of people. Some voices contend that the replacement of human jobs by AI is inevitable, seeing it as an unavoidable shift in the workforce landscape. Amidst this growing concern, researchers from MIT highlight that the economy just isn't ready yet for the extensive replacement of human workers by machines. Huh… it looks like we have some time to get ready for this shift.
The paper published by MIT researchers explores which tasks can easily and affordably be done by machines — and which can't. The main point is that while AI will change many jobs, it's going to happen slowly. Right now, only around 23% of the wages paid to workers for tasks involving vision could be saved by using computer vision AI. This is mainly because the upfront costs of implementing AI systems are quite expensive. In a few words, the research indicates that while the impact of AI on job displacement will be significant, it will occur over time, allowing for policies and retraining efforts to mitigate the effects on human resources.
Despite the excitement surrounding AI tools, many organizations are not ready to handle the risks linked to widespread adoption of AI. A survey conducted by McKinsey shows that only 21% of respondends who have adopted AI report that their organizations have set up policies to manage how employees use generative AI technologies in their jobs. McKinsey also notes that companies who implement regulations tend to focus on keeping a company's private data safe, such as knowledge, research and other intellectual property, which are, without doubt, critical but it’s a surface level approach. An extensive adoption of AI introduces a wide range of potential risks. Addressing these in a holistic way will enable businesses to both understand the nature of the new risks and prevent various unpredictable scenarios. The most probable risks associated with AI are likely to be linked to social, humanitarian, and sustainability issues.
Experts emphasize that the influence of AI on employment is inevitable, and to some extent, AI will impact nearly every job sector. As technology continues to advance at a rapid pace, it's becoming increasingly necessary for job seekers to expand their skill sets to stay relevant in the workforce. But which jobs will be most impacted? According to Indeed’s AI at Work Report, unlike the past advancements in robotics and computing that mainly affected jobs involving physical labor, the rise of generative AI is set to significantly impact knowledge-based professions. Occupations that depend on specialized knowledge, like in software development, IT operations & helpdesk, mathematics, law, media & communications are now facing potential disruption. This is because generative AI has the power to automate complex, creative tasks that we used to think only humans could handle. As this technology gets more sophisticated, it could supplement or even replace human effort in these areas. The research mentioned that only about 20% of jobs are at a very high risk of being impacted by new technology, meaning might change greatly or disappear because of technology. However, more than a third of jobs (about 35%) are at a very low risk and probably won't see significant changes.
AI is here to stay, however companies are at the forefront of deciding how new technology will impact their employees. Will we use AI to enhance job quality or to chase economic growth? Anyway, we cannot deny that integrating AI, even within the human resources department, helps with reducing repetitive tasks and focusing on more meaningful activities.
At Papervee, we believe in the power of simplicity to achieve greater value. That's why the platform has an AI feature for HR managers which helps with adding new users just by scanning the employees ID. Easy as saying HR. We are working on even more AI integrations to enhance user experience, so stay close to Papervee for more news.
