The impact on the Job Market is a multi-faceted thing. AI-driven automation is expected to help with operations and increase efficiency across various sectors. For example, KPMG estimates that associates may be saved 15 hours a week of work due to AI helping with writing emails, analyzing data, and quality assurance. This allows for employees to get more done and advance further in that saved time. AI will also create new job opportunities. Positions such as data scientists and AI trainers will be more sought after. AI technologies will also allow for improved research, development for companies that are looking to invest in factors of production. There are however some issues with AI's potential to have biases, as well as there are concerns for data safety that can raise red flags for companies and could be tool used by hackers to get into specific companies confidential information or even personal information.
8 comments:
Do they have any restrictions as to what the AI can access in companies? Such as client's information.
It'll be interesting to see what the trade off between efficiency and employment looks like as firms continue to develop AI. In the case of KPMG, if associates are saving 15 hours a week, firms can decide to assign them different work or cut labor costs.
There’s a trade-off between efficiency and unemployment that is very discussed nowadays. Although I think AI could potentially fully perform some types of jobs in the next few years, I don’t think it would necessarily take people’s jobs. Maybe would be a way of reducing workers hours while still maintaining wages and efficiency higher.
This is very interesting, and one of the first instances of AI making its way into the workplace in a more serious fashion. In my opinion, AI will continue to have a bigger and bigger effect leading to a kind of technological revolution leading to a shift in the types of jobs that are being worked.
How do concerns about AI biases and data safety impact consumer trust in AI-powered products and services?
Considering the ongoing evolution of AI technology and its impact on the job market, how do you think individuals and businesses can best prepare themselves to adapt to these changes while maximizing the opportunities presented by AI?
In the next few years this will be interesting to look at in the labor market. Are there enough data/computer science students right now to support the growing demand? And how will this impact structural unemployment? I also think it will be interesting to look at how on the job training can be conducted for these positions because they are so high level.
How is the rise of AI-driven automation expected to reshape the job market, both in terms of enhancing productivity and creating new job opportunities, and what are some of the challenges and concerns associated with this technological advancement, particularly regarding biases, data safety, and cybersecurity risks?
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