How Artificial Intelligence Is Snatching Away Our Jobs

It's happening, the worst nightmare for anyone working in the corporate world is becoming true. Artificial Intelligence is slowly taking away jobs. From the clattering looms of the 18th century to the power looms, to robots in factories to artificial intelligence, each wave of technological advancement has gnawed away human jobs. But AI is different.

PAYTM & GOOGLE TO FIRE 1000s OF EMPLOYEES

India's Paytm is axing jobs to cut costs, highlighting a broader trend in the tech industry, and emphasising the growing impacts of AI in workforce dynamics. One 97 Communications, parent of fintech firm Paytm confirmed the lay-offs. "We will be able to save 10-15% in employee costs as Artificial Intelligence (AI) has delivered more than we expected it to," the spokesperson told Reuters. On Friday Google parent Alphabet Inc announced 12,000 job cuts. That's 6% of its global workforce. Google is the latest tech giant to retrench after years of abundant growth and hiring.

MACHINES ON THE MARCH: CAN WE ADAPT?

Each leap in technology, from the telegraph to the smartphone, has chipped away at human labour, making once-vital jobs obsolete. Today, computers are getting smarter at every click of the mouse, and with every web search, it is learning and evolving. Machines are becoming efficient in using algorithms to crunch numbers and solve problems. Self-driving cars are navigating the streets, so drivers won't be in much demand soon. Chatbots are getting smarter and may soon replace tele-callers and answer questions, pushing the boundaries of automation further.

THE IMPACT OF ARTIFICIAL INTELLIGENCE - WIDESPREAD JOB LOSSES

In the 1950s, the automation of switchboard operations in the US alone displaced 400,000 telephone operators. In 1900, 41 percent of Americans worked in agriculture; by 2000, it dwindled to only 2 percent. Again, in the post-World War II years 30 percent of Americans were employed in the manufacturing sector, today it has dropped to around 10 percent. According to a survey done by Oxford Economics, a UK-based research firm, lower-skilled regions, which tend to have weaker economies and already high unemployment rates, are much more vulnerable to job losses. Again a recent study by the Bank of Korea said some 3.9 million jobs in South Korea were at risk as AI adoption grows.

WHAT JOBS WILL AI REPLACE?

AI is replacing and will continue to replace some jobs. Workers in industries ranging from healthcare to agriculture and industrial sectors can all expect to see disruptions in hiring due to AI. There are some professions which are especially vulnerable. According to experts, jobs like Telemarketing, Accountants, Receptionists, Proofreaders, Doctors, Chemists & Computer Support Specialists.

HOW CAN WE OVERCOME THE AI WAVE?

While new opportunities arise, not everyone can surf the wave of automation. The skills gap between those displaced and the jobs of the future widens with each passing year. But amidst the gloom, flickers of hope remain. While AI undeniably automates some tasks, it also creates new ones. Adaptability and reskilling will be key for individuals to navigate this shifting technological landscape. Machines will continue to evolve, there is no stopping them. But we humans need to rise to the challenge and ride the AI wave.