Daily Times

Artificial intelligence (AI) is transforming job markets worldwide, impacting various sectors and the workforce. This article explores the current state of AI in the workplace, supported by data, its benefits, challenges, and strategies for

According to a 2023 report from McKinsey, AI has the potential to automate up to 30 percent of tasks in about 60 percent of occupations. This indicates a significant shift in how work is performed across industries, from manufacturing to healthcare.

A 2022 survey by Deloitte found that 79 percent of executives reported that AI is a critical part of their business strategy.

Global investment in AI technologies reached $77 billion in 2023, up from $50 billion in 2021, highlighting the increasing reliance on

The World Economic Forum predicts that by 2025, 85 million jobs may be displaced by a shift in labour between humans and machines, but 97 million new roles may emerge that are more adapted to a new division of labour.

Initiatives like the “AI for Workforce Development” program in Canada aim to bridge the skills gap by aligning training with industry needs.

Roles such as AI specialists, data analysts, and robotics engineers are on the rise. For instance, LinkedIn’s 2023 Workforce Report noted that job postings for AI-related positions increased by 74 percent from 2019 to 2022.

A study by Accenture found that companies using AI could increase their productivity by up to 40 percent. This increase can lead to cost savings and potentially more job opportunities as businesses expand.

While new jobs will be created, many roles will be at risk. The same World Economic Forum report estimates that lower-skilled jobs, particularly in manufacturing and administrative roles, are the most vulnerable to automation.

The Future of Jobs Report 2023 highlighted that 54 percent of workers will require significant reskilling by 2025. Industries like technology, finance, and healthcare are particularly in need of skilled workers who can work alongside AI.

Research from the Brookings Institution suggests that AI may disproportionately affect low-income workers, potentially widening economic disparities. Workers with lower levels of education are at greater risk of job displacement.

Education and Training Investment in education is critical. The US Bureau of Labor Statistics projects that jobs requiring higher education will grow by 13 percent between 2020 and 2030. Programs focusing on AI, data analysis, and technology are essential for workforce development.

Partnerships between government, educational institutions, and businesses can create effective training programs. For example, initiatives like the “AI for Workforce Development” program in Canada aim to bridge the skills gap by aligning training with industry needs.

Promoting lifelong demand for continuous learning is vital. A report by the Institute for the Future indicates that 85 percent of jobs that will exist in 2030 have not yet been invented. Encouraging a culture of lifelong learning can help workers adapt to rapid changes.

AI is reshaping job markets, presenting both challenges and opportunities. While there are legitimate concerns about job displacement, the potential for job transformation and the creation of new roles cannot be overlooked. By focusing on education, reskilling, and collaboration, society can harness the benefits of AI and ensure a more equitable workforce in the future.

With proactive strategies, we can navigate the changes brought about by AI and create a thriving job market for all.

The writer is a freelance columnist.