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From Algorithms to Pay checks: The AI Impact on Employment and Job Creation

We live in a rapidly- evolving world where the matter of the moment has become the growth of Artificial Intelligence (AI). AI has progressed from simple machine-learning algorithms and theoretical concepts to transforming the ways companies function and redefining the very essence of work. However, what does this mean for the future of job creation and employment?



There is a common misconception that the growth of AI means that human jobs will be completely replaced. It's important to look at it from another perspective. AI will help to automate repetitive tasks and as a result, enable employees to invest more time and effort in innovative & creative pursuits leading to higher levels of efficiency. This encouraged the hiring of skilled employees able to operate and derive value from AI solutions. In the past 5 years, AI-related jobs such as data scientists and machine learning engineers have skyrocketed with a 344% rise in demand. This shows the potential of AI to enable the creation of new, high-paying jobs. Furthermore, the advent of AI has levelled the playing field for startup entrepreneurs. With the help of AI platforms and tools, startups are now able to introduce fresh solutions to mass markets, fueling economic growth and returns on enterprise, with AI-related startups hitting an all-time high of $43 billion in 2019 leading to job creation within the ecosystem.


It's clear that the introduction of artificial intelligence (AI) has fundamentally altered the labour market, but it's also important to recognize the detrimental consequences it has had on human employment. Automation using AI can speed up various stages of production and lessen the need for human involvement, which would cause job opportunities in certain fields to disappear. Furthermore, the growth of AI-driven algorithms for activities like data analysis and decision-making may jeopardise employment opportunities in the financial, medical, and even artistic sectors especially with the creation of AI art tools like DALL-E and Midjourney. Additionally, growing reliance on AI might worsen economic inequality as low-skilled individuals may experience job instability while those with the knowledge and expertise to create, install, and manage AI systems profit. It is therefore critical to concentrate on reskilling and upskilling the workforce to adapt to the changing employment environment led by AI technologies in order to reduce these negative consequences.


In conclusion, the rapid advancement of artificial intelligence is undoubtedly revolutionising the workplace. While adopting and adapting AI offers numerous advantages, such as increased productivity, the creation of jobs in fields related to AI, and opportunities for new businesses, it also poses complex and nuanced challenges, such as the replacement of menial labour with the proposal of AI-controlled robots and the potential for rising income disparity. A balanced approach is necessary for navigating these chaotic times effectively. The workforce must be upskilled and reskilled in order to provide them with the tools they need to adapt to the changing job landscape .Governments and businesses should collaborate to ensure that the benefits of AI are realised while minimising its negative impacts in order to promote a future where AI and human potential coexist happily in a sphere of creative, efficient and equitable workplaces.


Written by- Akshay Srinivas, Abdurrahman Buhari

Edited by- Ivannah Jacob, Yajush Jayakrishnan, Dhruv Mathur


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