Can AI cause Mass Unemployment?

Can AI cause Mass Unemployment?

Artificial Intelligence is a word that is buzzing in every sector today. The AI-powered systems, as well as chatbots, are taking a major segment of industries by storm. Technologies created by using machine learning and artificial intelligence are genuinely enhancing the efficacy of processes and tasks. But, a factor that is becoming a significant concern for people is the impact of modern technology over jobs that are human-centered. The word is out that jobs that need human effort are soon to be obsolete since automation is going to pervade most areas of work.

Most professionals are intimidated especially after Elon Musk stated over the internet that systems supported by Artificial Intelligence will replace human jobs in a short while. He also went on to say that all the nation must adopt a universal basic income program in order to enable their citizens to cope with the effects of this revolution.

The current business scene is hot for tech geeks and laborious language programmers who can formulate algorithms for automating processes. So, all humans are not going out of work after all. Since languages and programs build the core of AI systems and they are designed by tech geniuses. Hence, AI provides a competitive edge to professionals in the job market. Therefore, the market of best AI certifications is sizzling at the moment.

However, the unsettling reality is that machinery braced by Artificial Intelligence has the capacity to reach a point of uniqueness where it can program, learn and implement itself. Which leads to an important question – what role will humans play in the future?

Does AI have the power to put humans out of work?

A company in Japan, Fukoku Mutual Life Insurance, has dared to take this valiant step. The organization declared that by March 2034, they will be replacing their workforce with AI systems to evaluate payouts on the holders of policies. Though this can be considered as a minor action taken by the firm to reduce costs, if you examine at the wider picture, the future of employment is in deep danger.

If you see it from the perspective of the organization, by taking this initiative, they will be able to avoid giving heavy paychecks to employees at the end of the month. But, machines also do not come for free since there are several costs that the company would still have to bear in the form of installation and development changes. Nevertheless, from a pragmatic point of view, the money spent will be considerably less. And, this just one example. There is a long list of companies that are thinking on the same lines. As might be expected, the labor space is going to see a plethora of job opportunities budding for tech professionals with relevant AI certifications.

In a study conducted by Michael Osborne and Carl Benedikt Frey, it has been revealed that there is a high possibility for around 702 jobs to get automated as a result of which almost 47% of people in the United States are prone to losing their jobs. It disclosed that AI and machine learning are going to be the reason for putting a substantial number of people from a variety of occupations out of their jobs in the near future.

It is needless to say that many other nations will go through a similar phase. It is anticipated that in the United Kingdom, approximately 35% of professionals are at risk of being replaced by machines and 49% will face the same fate in Japan.


Last updated:8/23/2020 9:12:25 AM
Aileen Scott

Aileen Scott

Alin Scott is a professional writer, a blogger who writes for a variety of online publications. She is also an acclaimed blogger outreach expert and content marketer. She loves writing blogs and promoting websites related to education, fashion, travel, health, and technology sectors.

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