AI's Impact on Employment: How Generative AI and New Tech Will Transform Job Markets

According to the World Economic Forum's Future of Jobs Report, artificial intelligence (AI) is set to fundamentally alter the global workforce in the years to come. Many businesses intend to downsize their workforces as a result of automation. According to the survey, 41% of companies are thinking of cutting employees as a result of automation and artificial intelligence, which would significantly alter the nature of the labor market.

According to the analysis, 170 million new jobs will be created by 2030, but 92 million jobs will likely be lost as businesses adjust to AI's advances. AI, big data, and cybersecurity skills will be in high demand, but human traits like creativity, adaptability, and resilience will continue to be vital in the changing environment.

The demand for specialist positions will be driven by AI and robotics, especially in the fields of environmental engineering and renewable energy. On the other hand, as generative AI continues to redefine job functions, traditional jobs like cashiers and administrative assistants will see significant decreases, joined by roles like graphic designers.

There will be a noticeable change in the healthcare and educational sectors as a result of demographic changes driving up demand for secondary school teachers and nurses. But there are also hazards associated with this technological shift, according to Till Leopold, Head of Work, Wages, and Job Creation at the WEF. He emphasizes how vital it is that governments and companies work together on reskilling and upskilling programs to close skill gaps.

The study urges governments, corporations, and academic institutions to work together to create a resilient and egalitarian workforce that can prosper in an AI-driven future, since 70% of businesses intend to hire personnel with experience in creating AI tools.

Source : The Mint