The AI revolution is threatening some working professionals who live in fear of losing their jobs due to the widespread usage of Artificial Intelligence in businesses. “Future of the Skills Landscape 2024,” a report by Hero Vired, reveals that more than 80% of working professionals are concerned about job losses attributed to emerging AI technologies.
Mass layoffs became a prevalent term in news stories throughout 2023 as companies resorted to drastic measures to trim a substantial portion of their workforce in response to evolving market conditions. Notable names like Spotify, Amazon, Google (Alphabet), Nokia, Linkedin, Cisco, Intel, SalesForce, FedEx, and others implemented mass layoffs during the year. This bold move, involving the reduction of approximately 4 to 6% of the workforce for various reasons, has instilled a palpable sense of job insecurity among working professionals.
While not all layoffs were solely attributed to AI, some were a consequence of internal company restructuring, project closures, and similar factors. Nevertheless, it appears that AI could emerge as a significant factor contributing to mass layoffs in 2024 and beyond. Companies are aggressively embracing AI technologies to mitigate workforce impact on operations and enhance precision. Unfortunately, this trend has resulted in a decline in available job roles, thereby escalating the global unemployment rate.
Most of the major lay-offs associated with technology remain speculative or are contemplated future measures. While some companies have indicated their intent to expedite workforce reductions contingent on the proven utility of AI for their business, the actual implementation necessitates a high level of skill and a highly accurate model for decision-making. It is important to note that AI has not yet attained human-level proficiency, and the available tools are still limited.
On a positive note, the impact of AI is expected to result in a heightened demand for skills related to this technology in the next five years, according to a report. About 78% of working professionals also express the belief that upskilling can serve as a means to remain competitive in the job market.