The Effects of Artificial Intelligence on Job Opportunities – An Analysis (Part 3)

Today, our AI expert, Abhishek Anand, shares this authored article – The Effects of Artificial Intelligence on Job Opportunities – An Analysis (Part 3). We at A Journalist Reveals feel that AI is a rapidly developing field and the way it is, currently, moving; nobody can predict the direction it will take. It is up to us humans to contain its development and use it for the universal good, rather than to cause devastation.

The Effects of Artificial Intelligence on Job Opportunities – An Analysis (Part 3)

Now, let us focus on the other side of the coin, i.e., the cons of the issue.

Cons of AI on Job Opportunities

Apart from the above pros, AI has certain notable limitations as well.

Job Losses

One of the most discussed concerns about Artificial Intelligence is it may replace human workers, leading to job losses. One example is, self-driving vehicles could replace drivers and chatbots could replace customer service representatives.

By 2030, almost 375 million workers globally may need to change occupational categories and pick up new skills owing to automation, according to a McKinsey analysis. However, it is worth noting that not all jobs will be automated and many new jobs will be created as well.

Skills Gap

As AI becomes more advanced, it will require workers with specialized skills such as machine learning, natural language processing and data analysis. However, there is a growing concern that there is a skills gap in the current workforce. This means there may be a scarcity of skilled workforce with the necessary expertise to work with AI.

Deloitte’s 2020 report highlighted a potential shortage of 2.4 million workers with AI-related skills in the US by 2020. To address this need, the Deloitte AI Academy continued to  expand its offerings and incorporate new technologies and skills to keep up with the rapidly evolving field of AI. This may include programs in areas such as natural language processing, computer vision and deep learning, as well as specialized training in specific industries such as healthcare, finance and manufacturing.

Beginning 2023 and beyond, the demand for AI-related skills is likely to continue increasing. To stay competitive in the job market, individuals must continue to upskill and reskill themselves to meet the changing demands of the industry.

Privacy Concerns

AI relies heavily on data and there is growing concern about how this data is collected and used. There are chances that AI could be used to gather and analyze personal information without consent, leading to privacy violations.

This could lead to a decline in trust in AI, which could limit its adoption and growth. It could also lead to job losses in industries that rely on collecting and analyzing personal data, such as marketing and advertising.

Wrapping Up

AI has the potential to create millions of new job opportunities in industries such as healthcare, education and customer service. However, there is also a growing concern that AI may replace humans as workers, leading to many job losses. It is worth noting that not all jobs can be automated and many new jobs will be created as well.

To ensure that the workforce is prepared for the future of work, humans need to upskill and reskill to stay competitive in the industry.

Additionally, policymakers and businesses will need to address the privacy concerns associated with AI to ensure that its growth is not hindered. If implemented well, AI has the potential to create a more productive, efficient and equitable workforce.

About the Author

Abhishek Anand is the founder of Skill Bud Technologies Pvt. Ltd., a tech company that specializes in Web 2.0, Web 3.0, NFT, Metaverse and digital marketing. He is also an Author, Speaker, Mentor and helps startups & businesses grow with technology.

LinkedIn – https://www.linkedin.com/in/abhimech