Artificial intelligence (AI) is transforming the job market, with 41% of companies planning to reduce their workforce as AI takes over some tasks, according to a recent survey by the World Economic Forum (WEF).
According to the survey which looked at hundreds of big firms worldwide, 77% of companies plan to retrain and upskill staff members between 2025 and 2030 so they can work with AI systems. The WEF’s report, published last week, marks a shift in tone from its 2023 edition. Unlike before, the latest report stops short of describing technologies, including AI, as having an overall positive impact on job creation.
The WEF highlighted during a press release that the labor market is changing due to advancements in renewable energy and AI. While demand is growing for roles in technology and specialized fields, some positions, such as graphic designers, are facing reduced demand.
Saadia Zahidi, managing director of the WEF, discussed in the report how generative AI is transforming industries and tasks across all sectors. AI can generate images, texts, and other types of content in response to user inputs, opening up new opportunities while rendering certain roles less necessary.
Jobs such as payroll clerks, postal clerks, and executive secretaries are expected to decline most rapidly in the near future. The report also noted that roles like legal secretaries and graphic designers are now appearing just outside the list of the top ten fastest-declining occupations—a first-time occurrence. This trend underscores generative AI’s growing capability to handle complex tasks that were traditionally reliant on human expertise.
On the other hand, the demand for AI-related skills is rising sharply. Nearly 70% of the surveyed firms said they plan to hire employees skilled in developing AI solutions and tools, while 62% are looking for talent adept at collaborating effectively with AI technologies.
Despite concerns about job losses, the report struck an optimistic tone, suggesting that generative AI’s most significant impact may lie in enhancing human capabilities through collaboration between people and machines. This could make human-centric skills even more vital in the future.
Nonetheless, AI-driven job displacement has already become a reality for many. In recent years, companies like Duolingo and Dropbox have cited AI advancements as a factor in workforce reductions. Some companies, such as Klarna, have gone further, fully embracing AI to the extent of eliminating hiring altogether.
As tech firms like C3.ai Inc. (NYSE: AI) bring even more innovations onto the market, the jobs landscape is bound to evolve even more as some people will be rendered redundant while new career opportunities open for those will skills that leverage AI.
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