Impact of AI & Future of Jobs
Are you worried about the impact of AI on the future of jobs in Australia? You're not alone. Many experts are predicting that AI will have a huge impact on the way we work and that many jobs currently done by humans will soon be done by robots.
So what does this mean for Australian workers? Are we all going to lose our jobs to robots? Or is there still hope for us?
In this blog post, we'll take a look at the impact of AI on the future of jobs in Australia, and explore some of the ways you can prepare yourself for the changing workforce.
What is AI? How does it work?
AI, or Artificial Intelligence, is a technology that gives machines the ability to learn and work independently. This can be done through several different methods, such as programming a computer to recognise patterns or through machine learning, where computers are given access to data and then taught how to recognise patterns themselves.
Once machines have been taught how to learn and work on their own, they can be used for things like speech recognition, natural language processing, and object recognition. They can also be used for tasks like facial recognition, predictive analytics, and machine translation.
What are the benefits & challenges of Artificial Intelligence?
Below we have discussed some of the benefits and challenges that AI will bring to the human workforce over the next few years. Let’s take a look!
The Challenge to the Australian Workforce
Will a robot take my job? Here are some challenges you need to know:
1. AI Will Undoubtedly Replace Some Jobs
Cisco has estimated that by 2028, 630,000 Australian workers will lose their jobs to technology.
AI will undoubtedly replace some jobs. But that doesn't mean we're headed for a dystopian future in which robots rule the world and humans are out of work. In fact, history has shown us that when new technologies are introduced, they often create new opportunities and jobs and displace old ones.
For example, when the steam engine was first invented, it replaced many workers in the textile industry. But it also created new opportunities for railroad workers and other professions that were necessary to support the steam engine.
2. What jobs might be affected by AI?
Cisco is predicting that business and professional services will be the most adversely affected sectors. Nearly 20% of Australia's workforce is employed in business and professional services. Comparatively, technology is projected to displace 210,000 workers in the construction, manufacturing, and transportation sectors combined. Here is our list of 10 significant jobs that will be replaced by AI soon.
Customer service executives
Bookkeeping and data entry
Receptionists
Proofreading
Manufacturing and pharmaceutical work
Retail services
Courier services
Research analysts
Toll-Booth Operators
Translators
The positive impact of AI on the job market
1. Automating routine tasks could free up human time
The truth is that AI automating routine tasks could actually free up a lot of human time. Think about all the tasks that you do on a daily basis that are relatively simple and monotonous.
Now imagine if you didn't have to do those anymore because an AI can help you complete them. Suddenly, you would have much more time to focus on your core tasks.
For example, with the help of AI, an accountant can easily focus on forecasting a company’s financial performance and budget analysis rather than manually handling bookkeeping and data entry.
2. AI will create at least 12 million more jobs than it displaces.
The increase in efficiency and productivity that AI brings will mean businesses can expand and create new roles for people to fill. We are already seeing this happen in many industries where AI is being implemented, such as healthcare, finance, and manufacturing.
AI and Recruitment: The issue of bias
When recruiting new employees, many companies still rely on outdated methods, often leading to unintentional bias. For example, some employers may prefer candidates with certain kinds of experience or educational backgrounds, even if they're not necessarily the best fit for the job. However, by using AI in the recruitment process, companies can remove much of this bias and identify the most qualified candidates regardless of their background or experience.
AI can improve the recruitment process. It can scan resumes and applications more quickly and efficiently. Nowadays, most resumes are rejected by an Applicant Tracking System, or ATS, before reaching a human. This means HR teams can screen more candidates without spending hours on each one.
AI & Machine Learning Skills are pretty famous in today's job market
AI and machine learning skills are some of the most sought-after skills in today's job market. The demand for these skills is growing. With the advent of self-driving cars and voice recognition software, there is a growing demand for experts to design and implement these systems.
Another reason why AI and machine learning skills are also valuable is that they can be pretty challenging to learn. These technologies are constantly evolving, and it takes time and effort to keep up with the latest advancements.
As a result, people with these skills are rare, and companies are willing to pay top dollar to such employees.
Top 10 most in-demand AI jobs in Australia
Artificial intelligence is one of the most in-demand fields in Australia. Listed below are some of the most important jobs in the field,
Data scientist
Senior software engineer
Software Developer
AI researcher
Full stack developer
Machine learning engineer
Business Intelligence Developer
Research scientist
AI data analyst
Software architect
How to prepare for the future of AI-driven automation?
The future of AI-driven automation is something that the Australian workforce should be preparing for. There are several ways workers can set themselves up for success in an automated future.
It is important to stay up to date with technology and developments in AI. This will help workers keep ahead of the curve and ensure they are skilled in using new automation technologies as they come online.
Individuals should consider retraining or upskilling themselves in areas where they feel machines could replace them. However, automation can't bring personalisation and that "Human-touch" which is a crucial element for any business. It will also help candidates to prepare for job interviews.
JUST REMEMBER….that even in an automated future, there will always be a need for an actual human workforce!
Written By Hima Arafath
Hima is a Specialist Consultant in Parity Consulting, a doting mum, a wife, a shopping enthusiast, and a passionate blogger. She enjoys watching crime shows and settling in with a good fiction book in her spare time. With a Bachelor's degree in Computer Science Engineering, Hima has a solid foundation and knowledge as a techie - however, she has an entirely different role at Parity - now Hima specialises in the recruitment of Data Analysts and Engineering professionals across financial services. She enjoys the variety and values this role offers - sourcing and placing suitable candidates with the right career opportunities.
You can contact Hima on 0452 089 967 or harafath@parityconsulting.com.au if you are looking to fill a Data Science & Engineering role or would like a conversation about what’s next for you.