Artificial intelligence (AI) is transforming the world of work, creating new opportunities and challenges for workers and employers alike. AI can automate tasks, enhance productivity, improve decision making, and generate insights. However, AI can also displace workers, reduce demand for skills, and create ethical dilemmas.
According to a recent report by Xpheno, a specialist staffing firm, there has been a steep decline in job postings in India by the Big 6 tech companies – Facebook (Meta Platforms), Amazon, Apple, Microsoft, Netflix and Google (Alphabet). These companies in total have a 90 per cent decline in active job postings in India in 2023 when compared with the previous year. This has led to speculations that a hiring pause or slowdown is underway among these firms.
The report also revealed that the average salary offered by these companies has dropped by 15 per cent from Rs. 1.5 lakh to Rs. 1.25 lakh per annum. The report attributed this to the impact of the Covid-19 pandemic on the economy and consumer behavior.
The report also highlighted that some of these companies have shifted their focus from hiring new talent to reskilling and upskilling their existing workforce. For example, Google has launched several initiatives such as Google for Startups Accelerator Program (GSAP), Google for Education Program (GFEP), and Google Career Certificates Program (GCCP) to help entrepreneurs, educators, and learners acquire digital skills.
However, not all sectors are affected by AI in the same way. Some sectors are more vulnerable to automation than others due to their nature of work. For example, low-skilled jobs such as data entry operators, cashiers, drivers, etc., are more likely to be replaced by AI than high-skilled jobs such as engineers, doctors, lawyers, etc.
According to a study by McKinsey Global Institute (MGI), AI could eliminate up to 375 million jobs across 15 countries by 2030. However, this does not mean that all these workers will become unemployed or unemployable. Rather, they will need to adapt to changing skill requirements and find new ways of contributing value.
The study also suggested that AI could create up to 133 million new jobs across 15 countries by 2030. These jobs will require higher levels of creativity, problem-solving, emotional intelligence, and social skills than before. Therefore, workers who want to stay relevant and competitive in the age of AI should invest in lifelong learning and continuous improvement.
AI is not only stealing jobs but also creating new ones. The key is to embrace change rather than resist it. By doing so, workers can leverage their human potential along with the power of technology to achieve their goals and aspirations.
