Automation has already decimated labor markets in manufacturing and other industries, and artificial intelligence (AI) is poised to do the same, according to a new report from the World Economic Forum.
However, that probably won’t mean massive unemployment and the complete disruption of society as we know it. The report also found that workers will simply need to re-skill and re-train in order to stay relevant.
To reach their findings, report authors surveyed executives and human resources personnel across 12 industries. The researchers found that about half of all companies will shrink their workforce by 2025 due to automation and AI. Survey responses also indicated that about 54 percent of employees at large corporation will need to revamp their skills in order to stay relevant.
The report wasn’t without good news. About 40 percent of respondent said they anticipate expanding their workforce and greater than 25 percent of respondents said the emerging technologies will actually create new jobs in their organization.
Executives at the surveyed businesses expected job gains of 1.7 million by 2022, as opposed to losses of more than 980,000 jobs. The World Economic Forum said the report’s findings indicated 75 million jobs could be displaced by a change in the division of labor among humans, robots, and algorithms, while more than 130 million new jobs may bubble up as a result of this new division of labor.
For businesses, automating operations is just one portion of the equation; they must also train employees to adjust to that automation. Whether organizations will prove ready to take the next step is a big question. It’s reasonable to believe that many businesses just won’t engage in what the World Economic Forum dubbed reskilling and upskilling.
For IT professionals who are experts in AI, the rising automation of companies across the world offers a distinct opportunity. A recent study by Indeed indicated that New York City, San Francisco, Washington DC, and Boston are all cities with a high concentration of open AI jobs.
As a result of demand, wages for those with AI skills have increased over the past few years. Even those not in highly-specialized AI fields can see six-figure salaries.
Those getting into AI-related field can also expect job security, according to experts. Many of these in-demand jobs call for comparable abilities, including strong abilities in mathematics and machine learning. These jobs typically have the same technical requirements, like a computer science degree or programming abilities. According to information from the job search website Indeed, a background in programming languages like Python or Java and past experience in AI or natural language processing are all top abilities organizations try to find in job seekers for their AI-related positions.
Those looking to pursue these jobs should investigate online courses, join the tech industry organization and make sure they have a solid business background.
At Software Specialists, we help job seekers get the jobs of today while preparing their career for the future. Please contact us today to find out what opportunities we have for you.