The jobs already disappearing
And what ideas are being proposed
If you follow any tech or mass media site, you've probably heard of the AI Revolution. A recent analysis of 380,000 CVs by Indeed illustrates its impact on demand and supply of today's job market. Unsurprisingly tasks being automated such as customer service and driving are causing these job-seekers hardship whereas sales roles, which require strong EQ are harder to fill.
The Task at Hand: AI is already automating certain jobs and will put an estimated 210 million people out of work; food prep, construction and cleaning are at highest risk.
The Solution Proposed: Politicians, futurists, tech leaders have floated ideas to solve the impending workforce disruption. Let's break them down.
1) Redefining what a job is. As the population ages, we'll need more support workers to care for them, should stay at home spouses and caregivers be given a salary? We should be paying for human capabilities
2) Work share or job share: instead of lay offs, employees can cut down their hours and work 10 hours a week or multiple employees can split the work of one
3) Re-training employees: for example Singtel has pledged $45 million dollars to train its 12,600 local workforce over the three years. It's not going to come easy or cheap
4) UBI: Finland trialed unconditional universal basic income in 2017 by distributing $634 to 2,000 random participants and found one year later people were happier and less stressed, but employment rates did not change
5) Ignorance: look at how the industrial revolution produced more jobs, the AI revolution will be the same. I would like to point out the glaring different that machines replaced our arms and legs back then, but AI is aimed at replacing our brains.
None of the above can work in silos but since talent is every company's limiting factor, it's also going to be everyone's problem to solve.
What are your thoughts?