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HomeTechnologyHow has artificial intelligence transformed the labour force?

How has artificial intelligence transformed the labour force?

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The level of technical progress is growing day by day, trends are constantly changing, and the achievements that yesterday seemed to us the prerogative of the future are becoming a reality now. In the context of all kinds of scientific and technical discoveries, people experience not only euphoria from the introduction of the latest technologies into their daily routine. Many fear competition from artificial intelligence, which is gradually replacing one profession after another from the labor market. The positions of a cashier, seller, waiter, administrator, courier, fitness trainer and even a driver will move from humans to artificial intelligence (AI), which means they will soon be fully automated.

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Artificial intelligence and human motivation

As part of the World Economic Forum in 2019, a study was carried out, with the help of which it was found out that by 2025 around 85 million jobs will be utilized around the world. At the same time, the creation of 97 million new professions covers this loss, giving people the motivation and the opportunity to master progressive specialties not only in primary educational institutions, but also in centers of excellence. Having received a demanded profession in time during the period of integration of AI into the labor market, a person can be in demand as a professional at any age.

Financial Sector Will be the most Affected

When we talk about the implementation of AI, the most-affected segment will definitely be the financial sector. Throughout the time, numerous systems have been created that make the processes easier.

Financial Sector

Most notably we can talk about the trading industry, which is one of the most popular activities among people. Trading advisors and robots make everything easier and it is not required for humans to track everything thoroughly. According to the statistics a lot of people in Romania use trading robots. In terms of Forex brokers Romania is one of the leading countries, offering a wide range of choice to customers and it comes as no surprise that these brokers offer automated systems to their customers.

Artificial intelligence will certainly impact the financial industry to great extent and we will see even more trends in the future.

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Certain Professions are Automated

Experts are not afraid of the situation on the labor market. Certain professions are being automated.

Let’s remember the story – 200 years ago the Luddites smashed mechanisms, believing that they would deprive them of their livelihood. However, worldwide unemployment did not occur. On the contrary, the standard of living has increased markedly since then. Yes, for some, the fruits of progress lead to personal disaster, but if we talk on the scale of the entire civilization, then, of course, it is necessary, – the expert says.

Not loss, but transformation

The industry of integrating AI into legal, accounting, marketing and other areas of intellectual work is developing rapidly. On the international market, there are a number of companies that provide almost complete automation, offering services that replace even analytical work, which previously could only be performed by a person. Now such services allow business representatives to save on the services of narrow-profile specialists.

By 2025, the automation of intellectual work will create losses of $7 billion per year for specialists. The dominance of AI in the global labor market does not completely utilize, but transforms narrow-profile specialties.

Well-known creators have published a book where, among other things, they gave several compelling reasons to refute the massive unemployment among lawyers. However, similar reasons can equally “play” in relation to a variety of related specialties.

AI is incapable of solving complex strategic and creative legal challenges – and is unlikely to learn in the foreseeable future. Such tasks will remain with professional lawyers. Therefore, AI will only reduce the use of “manual” labor in law firms and departments.

Secondly, a decrease in the cost of legal services will lead to an increase in demand for them. Smaller companies will be able to afford higher level legal services, and the number of litigation and intra-corporate processes will continue to grow.

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The Bottom Line

There have already been periods in human history when new technologies supplanted some types of labor and profession. However, progress constantly confronts society with tasks that only humans can perform. Turning to history, one can recall the period of industrialization, when technical production replaced traditional human labor. At that time, many professions disappeared, there was no demand and need for them, they were replaced by new types of activities.

The emergence of intelligent systems in the 21st century does not mean that computers will do all the work for a person. The experience of our time shows that jobs that do not require high qualifications are becoming automated, but a computer is not yet capable of replacing professionals. At the same time, new technologies give rise to modern activities. AI will not be able to completely replace a person, but rather will be his assistant and colleague. An intelligent system is capable of being responsible for automating tasks, while natural human intelligence is creative, it can develop strategies and innovations.

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