Why 2020 is the year AI can Save Your Jobs

The rise of Artificial Intelligence is revolutionising how businesses operate and in turn, reshaping how entrepreneurs consider the makeup of their workforce. Much of the news coverage and public discussion around implementing AI centres on how machines will replace people and result in mass job losses. According to the World Economic Forum, AI is estimated to displace 75 million jobs by 2022, around the size of the German and French labour forces combined. The impact would be dramatic, with nations around the world facing dramatic levels of unemployment.

The reality doesn’t have to be so sinister. The very same advances in AI that are driving automation also enable businesses to better understand their workforces and make sure that nobody is left behind by the changing nature of work.

Although technology will continue to change the skills that businesses require to be effective and successful, investing in the right technology means businesses can make sure that their workforces adapt and thrive. In doing so, they can help make sure that jobs aren’t lost but change and grow with progress.

As the scale of change that AI might bring becomes clearer, businesses have a duty to help their staff to understand the new working reality and be adaptable to both the changes and the opportunities that new technology brings.

And, to avoid being left behind, businesses will need to understand the skills they require and the skill gaps that are emerging in their organisations.

AI and fulfilling work

Importantly, AI offers huge opportunities for businesses to make work more fulfilling.

AI enables us all to be more productive and cut administrative burdens.  By automating repetitive and basic tasks like data entry and booking meetings, humans can instead spend their time on work that really makes a difference.

For instance, in the automotive industry, automated production lines have allowed humans to focus on new and innovative roles, including research and development of electric and autonomous vehicles.

The human touch will always exist, but technology is freeing us to think more without having to do more. We can radically transform the enjoyment we get from going to work by eliminating the worst parts of the day.

This change in the nature of work will take time. Many employees will need help to use their new time effectively, innovatively and creatively. Companies have a duty to support their staff through the transition.

Achieving productivity gains

You may have read that the increase of productivity, efficiency and sales achieved by AI is impressive and undeniable. To keep up with the competition, investing in new technology is no longer a nice to have, it’s a necessity.

The same transformation applies to upskilling your team.

AI technology takes care of the repetitive tasks in learning and development management, and generates data-driven insights that help teams to make more effective and informed decisions.

AI can learn from your employees and anticipate what your staff want to learn, what they need to know, and then enable you to fill the skills gaps in your workforce.

Meanwhile, your human staff can focus on the bigger opportunities that require creative thinking and innovative ideas. Bringing both together can produce greater organisational performance and ensures that our workforces are the best they can be, amplifying the value of a business.

Redesigning our roles

Over time, role requirements change and new jobs emerge. Work will always need to respond and adjust to disruption, customer demands and competitive pressures.

The explosive growth of predictive analytics, for example, has transformed how businesses make informed decisions on critical commercial issues like demand, pricing and maintenance. To best take advantage of rapid progress, businesses must help their employees upgrade their proficiency and gain the necessary new skills, rather than wastefully and slowly rehiring.

The growth that AI drives will also create entirely new categories of businesses and work.

According to PWC’s report on the impact of automation, the largest job gains from AI will be in sectors where new technologies boost demand, either directly, or indirectly through increasing levels of income and wealth. As these additional incomes are spent on goods and services, this will generate increased demand for labour. Well prepared businesses will adapt and seize these opportunities.

Embracing change

As the use of AI by financial services providers shows, key AI technologies like natural language processing mean that sooner or later, we’ll all be interacting with human-like machines on a daily basis.

To ensure that this seismic shift benefits both employer and employee alike, businesses should embrace technological progress and use it to grow our jobs together.