By: Dr. Henna Karna

A recent report by Goldman Sachs predicts that artificial intelligence (AI) will likely replace approximately 300 million full-time jobs. The scale of this potential workforce disruption is undoubtedly alarming. However, it is essential that we don’t just see this disruption as a one-sided coin and jump to conclusions. A thorough analysis of the pending situation and understanding AI technology’s possibilities are equally important.

The buzz surrounding AI replacing human employees has taken the internet by storm. The introduction of GPT-4 technology and Google’s competitive response with Gemini have become hot topics at meetings and conferences. While the average individual may have concerns about their position in the workplace, those who embrace constant learning and believe in upgrading their skill set can find hope for the future.

From 25 years of experience in the tech industry, I have realized the positive and negative effects of artificial intelligence. We’ve moved from the internet era, mobile era, social era, and AI era—where all these four tech shifts have compounded. Living in today’s tech-advanced era, we need to better equip ourselves with the knowledge necessary to address any potential challenges it may bring.

Stressed Implications:

1. Wages: Talent is always important, and wages don’t have to go down. The key is to segregate mundane tasks with manual tasks. Our talented resources probably didn’t appreciate doing mundane tasks and oftentimes our error rate in these tasks were generally high. AI is going to help us reduce these mundane tasks. We will still need some manual tasks (they will look super different than they do today as they will be more of the Human-in-the-loop (HITL) AI tasks). Candidly, there is a lot of discussion on AI having the capability to automate repetitive tasks and lower-level jobs. So much of our conversations seem to be indicating that the market is saturated with an overwhelming amount of data and the demand for human employees will decrease significantly. 

We have to acknowledge that a widening demand and supply gap could lead to lower wages, causing financial distress for millions of individuals. However, that does not need to be the case if our individuals repurpose themselves to the more necessary manual work coming our way. Predictions indicate that a quarter of jobs in the USA and Europe may be replaced by AI, resulting in a staggering 300 million job replacements globally. We must also recognize that in this prediction, implementing AI is going to create net-new jobs and requirements for AI management, HITL, etc.! We have plenty of work to do for our talent, as long as we evolve their skills appropriately. 

2. Jobs: Mundane or rote jobs will reduce, but creative and “value-based” jobs will increase. Studies show that more jobs have been displaced since 1980 than created, despite 60% of current ones not even existing in 1940. If AI continues to evolve at its current pace, it is expected to replace a substantial number of mundane jobs but it will also enable a whole new set of jobs that we are just writing the Job Description for! 

3. Learning Curve: To stay relevant in this changing landscape, individuals will need to (unapologetically) prioritize making a conscious effort to upgrade their skills continually. The disruption caused by AI may be challenging for conservative employees to accept. However, learning the latest skills and staying adaptable is crucial to successfully navigate the evolving job market.

4. Ambiguity: Adapting to technology advancements is table stakes. As it always has been, lifelong learning is vital for staying ahead of the curve. However, it is equally important to identify which skills to acquire and how to develop them. Adapting to suitable technological advancements will significantly increase productivity and achievement. Conversely, using the wrong tools may impede progress and hinder the ability to produce impressive results.

Positive Implications:

1. Automation and Augmentation: AI-powered applications not only automate repetitive and mundane tasks but also augment job activities in all industries. The increased speed and efficiency provided by AI technology enhance customer fulfillment and trust. 

2. The Emergence of New Jobs: As AI begins to replace repetitive tasks, it will also generate new roles and employment opportunities. We can anticipate the rise of job roles that will require broad skills and focus on factors such as AI development, creating AI-powered applications and software, as well as managing and supervising AI tools and software. 

The advancement of artificial intelligence presents both challenges and opportunities for industries across the board. The most critical industry where AI has the potential to revolutionize is healthcare. AI can significantly enable the medical industry by enhancing patient care and outcomes by analyzing massive amounts of medical data and assisting in diagnostics. For example, AI-powered algorithms can detect patterns in medical imaging, enabling more accurate and early detection of diseases. It is already being leveraged to analyze variations in retinol images that are across decades. Sooner than later, AI can assist physicians in analyzing patient data and suggest personalized treatment plans, leading to improved precision medicine.

Another sector that stands to benefit from AI is mobility and transportation. Self-driving vehicles powered by AI have the potential to ensure road safety, making transportation more efficient. By eliminating human error, AI-driven vehicles can significantly reduce the number of accidents caused by factors such as fatigue or distraction. Moreover, AI enabled capabilities have potential to reduce congestion and optimize traffic flow, reducing congestion and improving fuel efficiency. This technology holds the potential of transforming public transportation systems, making them more accessible, reliable, and environmentally friendly.

While AI’s potential benefits are vast, addressing responsible AI and the ethical implications and ensuring that AI is developed and deployed responsibly is crucial. That includes considerations such as data privacy, algorithmic bias, and transparency in decision-making processes. Ethical frameworks and regulations are working their way forward to safeguard against the misuse of AI and protect individuals’ rights and well-being. 

Conclusion:

The rise of artificial intelligence has sparked debates about its impact on the workforce. While concerns about job displacement are common, it is essential to take a balanced view and recognize the potential positive outcomes that AI brings. With careful planning and reskilling efforts, individuals can adapt to the transforming landscape and find new opportunities in AI-driven industries. Ultimately, the successful integration of AI into our society depends on the literacy of AI in our companies by our talent resources, responsible development, ethical considerations, and a commitment to harness its potential for the betterment of humanity.

Photo Courtesy: Dr. Henna Karna

About the author:

Dr. Henna Karna is a globally recognized tech entrepreneur with a proven expertise in patented product design, development, and launch with profitable gains. Dr. Karna brings more than 25 years of experience leading innovation leveraging digital/data/analytics in High-Tech, CPG, Risk Management, and Regulated Industries, including Capital Markets, Payments, and Insurance. She has led businesses and advised Fortune 50 companies on digital innovation and disruption and has designed and developed patent-pending technology and applications in the field of genetic algorithms, behavioral analytics, deep neural nets, & digital-data technologies. Most recently, she led GOOGLE’s Global Industry Solutions for Insurance & RIsk and collaborated with over 600 companies worldwide. Dr. Karna is an MIT graduate and currently working on her Harvard Fellowship on AI & People impact on society and corporations.

Published by: Martin De Juan