Technology and impact on the workforce
We have already noticed changes in the workforce due to Automation and Artificial Intelligence.
Business leaders and policymakers can move forward and grow by understanding these shifts that change the fundamental nature of work.
Robert Solow argues in his publication: “A contribution to the theory of economic growth, Quarterly Journal of Economics”, that most of the increases in human living standards come from improved productivity. New technologies and new techniques of production and distribution lead to productivity growth.
So what does advanced technology promise? Higher productivity, which leads to economic growth, safety, reduced human error – as a result of efficiency, and the list can go on.
Does workforce automation result in job losses? The real value is brought by the affirmation: Jobs lost, jobs gained. Automation holds the promise of improving many jobs — and creating new, more satisfying ones. Let’s try and look at the bright side: AI and automation can reduce the workload of repetitive, tiresome tasks, allowing us to focus on the human’s part of work that we need for our brains to work more effectively and creatively.
What do statistics say when it comes to existing work tasks? Let’s take a look at the data below, based on a report that covers 12 industries.
We see a decrease in the number of hours performed by humans during this period of time: 2018 – 2022. This is when machines replace an additional 13% of human work.
Ravin Jesuthasan and John Boudreau argue in an article from SHRM.org that we should: “Start with the work, not the “job” or the technology. Much work will continue to exist as traditional “jobs” in organizations, but automation makes traditional jobs more fluid and an increasing amount of work will occur outside the traditional boundaries of a “job”.”
How did Automation and Artificial Intelligence influence your industry, business, and processes so far? Leave us a comment below.