Artificial Intelligence: The debate regarding Artificial Intelligence has intensified across the world. On one hand, it is being considered as the biggest technological revolution of the future, on the other hand, there is increasing concern about its impact on jobs. Meanwhile, a new report by Goldman Sachs has come out in which it has warned that in the coming time, AI can handle about 25 percent of the working hours automatically. However, the report also makes it clear that this is less likely to lead to complete job loss.
How many tasks can AI do on its own?
According to this research led by Goldman Sachs analysts Joseph Briggs and Sarah Dong, about one-fourth of the work currently being done is such that it can be automated through AI in the future. Based on data from the US Department of Labor, the report states that AI will not only change the way of working, but will also change the definition of skills required in different sectors.
These jobs will be affected first
According to the report, the impact of AI will not be the same in every sector. The greatest danger has been said to be those white-collar jobs, where repetitive mental work is done. Professions like data analysis, office paperwork, basic coding, accounting and legal research can be quickly affected by AI.
AI will increase productivity
Despite the potential for such huge automation, Goldman Sachs believes that it will not completely eliminate jobs. The report says that due to AI, labor productivity can increase by about 15 percent. Based on past data and experience of technological changes, it has been estimated that about 6 to 7 percent of jobs will be affected during this period, but in the long run the system will balance itself.
Unemployment may increase initially
The report also indicates that unemployment may increase slightly during the transition period. When the old roles expire and the new roles are not fully prepared, there will be a danger of temporary job loss. It is estimated that the unemployment rate may increase by about 0.6 percentage points due to which about 10 lakh additional people may become unemployed for some time.
History tells another story
Goldman Sachs sees AI as linked to a long history of technological change. The report states that only 40 percent of the people working today are in professions that existed even 85 years ago. This makes it clear that technology not only destroys old jobs but also creates new jobs. For example, today millions of people are doing computer related work which did not exist 30–40 years ago. Similarly, sectors like gig economy, e-commerce, content creation and gaming have also provided employment in large numbers.
What will the future decide next?
According to the report, how positive or negative the impact of AI will be will depend on how fast workers, companies and governments are able to adapt. Learning new skills, changing the education system and creating new types of jobs related to AI will be the biggest need in the coming times.
Also read:
Is the child lost in his mobile all the time? These 3 easy tips will bring back his attention and focus in studies
