Jul 15, 2024
The Future of Work in the AI Era
Artificial intelligence
The very nature of work is on the brink of a significant transformation. The remarkable technological breakthroughs in AI that we have witnessed over the past year have opened up new opportunities that we couldn’t have previously envisioned. Yet the stage is also set for the many challenges that lie ahead.
In the future, we will need to rethink the nature of work as many jobs will disappear and new ones will emerge. We must address important questions about the relationship between humans, machines, and fairness, as well as consider the skills our children will require not only to survive but also to succeed.
The future of work involves not only incorporating AI into our current work environments but, more importantly, changing our habits and reorganizing our industries. It's hard not to be concerned when the World Economic Forum's "Future of Employment Report" predicts that 23% of jobs will shift by 2027, resulting in 83 million job losses. According to McKinsey, AI is expected to disrupt 400 million jobs globally.
It's valid to ask how we can effectively navigate this ever-changing environment and ensure everyone reaps the benefits of technological advancements.
If we look at the past three industrial revolutions - mechanization around 1780, electrification around 1870, and automation around 1970 - it's evident that each time, the labor market has undergone significant changes, for better or worse. Given this, what steps can we take to ensure that the 4.0 revolution, characterized by digitization and the integration of digital technologies, brings about positive changes and minimizes negative impacts on the population?
Job creation and transformation
The most talked-about issue is the fear of being replaced by machines. According to a survey by Forbes Advisor, 77% of respondents say they are worried about possible job cuts caused by the advent of AI. We admit that, at first glance, it can be frightening.
It is important to understand that while 83 million jobs will be lost, 67 million will be created, according to the forecasts of the Report on the Future of Employment. To fill these new positions and enable a wide range of employees to access them, companies and governments will need to support the transition through training and education programs. Additionally, social structures will need to be established to minimize negative impacts on the population and prioritize the individual in decision-making.
The other thing to bear in mind is that artificial intelligence, in most cases, will not replace human beings but rather accompany them in their daily tasks and increase their productivity.
So yes, perhaps your work is destined to change. But that doesn't mean you'll end up worse off. Have you considered how much more you'll be able to accomplish with the time saved by AI and the positive changes it could bring?
4 days a week for equitable distribution of AI benefits
Speaking of productivity, did you hear about the bill pushed by Bernie Sanders in mid-March? His new legislation aims to reduce the traditional 40-hour workweek to 32 hours without a pay cut. Sander’s main justification is explained in a post on X (formerly Twitter):
"With exploding technology and increased worker productivity, it’s time to move toward a four-day work week with no loss of pay. Workers must benefit from technology, not just corporate CEOs. "
The senator believes that employees today are up to 400 times more productive than they were in the 1940s. So why not let them benefit from the growth they bring? To back up his bill, he references an extensive study on a 4-day week trial in the UK. The results were so positive, both financially and in terms of employee well-being, that 92% of the participating companies have decided not to return to a 5-day work week.
Even though we don't yet know the outcome or reception of this bill, Bernie Sanders is correct about at least one thing: it's high time we reconsider how we think about work in light of the impending industrial revolution that will drastically change the labor market.
