AI AND AUTOMATION-The transformative impact of artificial intelligence (AI) on every industry is indisputable, as is its effect on the labour market. The big question is will AI affect the next generation of the labour force or it will change the job market completely in the era of automation?
The World Economic Forum has dubbed the age of AI, Automation is the new dawn of Industrialization, or Industry 4.0, which will change and re-define the way we communicate and transact.
The new age disruptive technologies led by AI will change the job market bringing in more of automation, intelligence and creation of new opportunities. Almost no occupation will be unaffected by the technological change in the AI era. The most affected will be the ones which are rule-based and monotonous, like bookkeeping, record maintenance and manual excel based reconciliation.
Technology leaders are drumming up the thought that the emergence of new technologies is going to be the new drivers of employment.
Unplanned Automation May Cause Havoc
Experts say that if automation is not planned well and addressed holistically, it can lead to disaster without a doubt, affecting 60% to 70% of the current jobs. They will either get marginalized or eliminated once and for all. According to a World Bank research, automation is threatening 69% of the job market in India, while it’s 77% in China.
Automation has economy-wide implications at the macro level and workplace-level implications at the micro level for the worker.
Automation will bring three main changes in the changing job market at the macro level, these include, gender disparity in the redeployment of the workforce, firm re-organisation and changes in skill demand. Skill will be more based on how does an employee and organisation adapts itself to the changing workspace credited to automation.
The New age Human Cloud Platform
Automation has given rise to the new age digital workforce that is increasingly mobile. Dubbed as the Human Cloud Platform, this new breed of workers will redefine the changing Job Market where they can be hired from any location to perform tasks.
Going at the micro level, automation will change how job profiles are looked at, jobs will be described as a set of independent tasks. Expect more of independent workers to perform a portfolio of tasks for pre-determined wage rates. More work will be decentralised and distributed to remote workers who may decide to work on their own terms.