Embracing the AI Revolution: The Bittersweet Truth About Job Losses

Artificial Intelligence (AI) is increasingly being deployed across sectors and industries, with significant implications for the workforce. While AI promises to revolutionize decision-making, streamline processes, and increase productivity, it also raises concerns about job losses, particularly in low-skilled and low-wage sectors.

The Rise of AI-Driven Decision-Making

• AI is being used to make decisions in various industries, including healthcare, finance, and transportation.
• These decisions are often based on complex algorithms and data analysis, reducing the need for human intervention.
• However, this also means that AI may replace certain jobs, particularly those that involve repetitive or routine tasks.

Human In The Loop: A Key Principle of AI Deployment

Despite concerns about job losses, many industries are becoming comfortable with using AI as a tool to augment human capabilities. The Human In The Loop (HITL) principle is a key concept in AI deployment, which emphasizes the importance of human oversight and intervention in AI-driven decision-making.

Agentic AI: A New Form of AI with Lesser Human Intervention

New forms of AI, such as Agentic AI, promise to require lesser human intervention, making them more appealing to industries looking to automate processes.

Agentic AI is designed to learn from its environment and adapt to new situations, reducing the need for human input in decision-making.

Job Losses: A Reality of the AI Revolution

Job losses are already happening, particularly in sectors where AI is being used to automate tasks. However, many are assuring that this is just a question of retraining and reskilling, rather than a permanent loss of employment.

However, as we have seen in manufacturing, many jobs do not come back, and entire demographics are left stranded. Will AI deployment be similar to the impact of technologies in the labour market seen in the past?

The Impact of AI on the Labour Market

1. Historically, technological advancements have led to significant job displacement, particularly in sectors where automation is possible.
2. The rise of AI is likely to follow a similar pattern, with low-skilled and low-wage jobs being the first to go.
3. However, the impact of AI on the labour market may be more complex than this, with new job opportunities emerging in fields such as AI development, deployment, and maintenance.

Preparing for the AI Wave

So, what can be done to avoid being swept away by the AI wave? Here are a few suggestions:

• Upskill and reskill: Invest in training and education programs that focus on developing skills that are complementary to AI, such as critical thinking, creativity, and problem-solving.
• Emphasize human skills: Focus on developing human skills that are difficult to automate, such as communication, empathy, and emotional intelligence.
• Embrace lifelong learning: Recognize that the job market is constantly changing, and that workers need to be adaptable and willing to learn new skills throughout their careers.

Join the Discussion: Webinar on AI and Job Losses

Join us on April 19, 5:00 p.m. for a webinar on “The Bitter Truth About Job Losses Caused by AI”. Our panellists, including Sidharth Sivasailam, Alosies George, and Kalyan Mangalapalli, will discuss the impact of AI on the labour market and provide insights on how to prepare for the AI wave.

Register now for free to ask questions and interact with our panellists. Those who ask the three best questions will receive a free online subscription to The Hindu.

Meet the Panellists

“AI has the potential to revolutionize industries, but it also requires us to think about the impact on the workforce. We need to prepare workers for the changing job market and provide them with the skills they need to succeed in an AI-driven world.” – Sidharth Sivasailam

Register now and join the discussion on April 19, 5:00 p.m.!

Don’t miss this opportunity to ask questions, interact with our panellists, and gain insights into the impact of AI on the labour market.