The Socioeconomic Impact of Artificial Intelligence on Employment and Workforce Dynamics (original) (raw)

Impact of Artificial Intelligence on the Future of Work and the Labor Market

ICPA Journal of Business Administration and Economics, 2023

Artificial intelligence (AI) is rapidly transforming the way we live and work, affecting a wide range of industries and job markets. In this research paper, the focus will be on exploring the potential impact of AI on the future of work and the labor market. This study will examine the current state of AI adoption in various industries, the expected growth of AI usage, and the potential consequences of this growth for the job market, including the displacement of certain jobs, the creation of new jobs, and changes in the skill requirements for workers. Additionally, the paper will examine the ethical considerations surrounding AI and its impact on the workforce, including issues such as job loss, income inequality, and the responsibilities of businesses and governments in managing the transition to an AI-powered workforce. The study aims to provide insights into the future of work in the AI era and to inform policy decisions that can ensure a fair and equitable transition for workers and businesses.

The Impact of AI on Future Employment Patterns

2024

The advent of artificial intelligence (AI) has marked a pivotal shift in the employment landscape, heralding a new era where the interplay between humans and machines is redefining job roles, skills, and employment patterns. This paper explores the multifaceted impact of AI on future employment patterns, elucidating both the opportunities and challenges that lie ahead. As AI technologies evolve, their integration into various industries is expected to automate routine tasks, engendering efficiency but also displacing certain job categories. Concurrently, this technological revolution is poised to create novel job roles centered on AI management, development, and ethical governance. By examining current trends and projecting future developments, this paper aims to provide a comprehensive overview of the changing employment paradigms, emphasizing the importance of adaptive skill sets and policy frameworks that can accommodate the dynamic nature of AIdriven economies.

THE IMPACT OF AI ON US LABOR MARKETS

Computer Science & Information Technology (CS & IT), 2024

This research explores the consequences of AI integration in the labor market. As AI shapes various industries, it brings a dual impact: displacing some jobs while creating others. The automation driven by AI could be a threat to routine tasks, potentially leading to the displacement of specific roles within the routine tasks. However, AI also creates new job opportunities, particularly in AI development and related fields. This study aims to analyze the multifaceted impact of AI on US jobs, considering displacement, creation, and skills. The research considered the following aspects: Evaluation of job displacement and creation, skill shifts, the quality of AI's impact on performance, and exploring the relationship between AI models and human tasks. We were able to show AI's influence on the tasks performed by humans. The negative relationship between AI influence and tasks performed by humans shows that AI indeed has a notable and statistically significant adverse impact on human-performed tasks. We discovered that as AI technology advances and becomes more prevalent, certain tasks and roles traditionally carried out by humans are being automated or replaced by machines. Also, we were able to show the relationship between the AI model and human-performed tasks. It was found that AI models exhibit a substantial and statistically significant positive relationship with tasks performed by humans. Our findings suggest a more optimistic outlook for the labor market, where rather than displacing jobs and workers, AI technologies have the potential to enhance their capabilities and create new opportunities.

Sociology of Artificial Intelligence: How AI Will Transform Work, Unemployment and Our Future

Current Approaches in Social Sciences, 2023

Artificial intelligence is one of the hot themes of the current public discussion with accounts associating it with transformations in especially manufacturing sectors which is usually expected to lead to massive unemployment. The public is keen on speculating about which jobs will be made redundant by the rise of AI and ultimately disappear. In addition to factories, the health sector is one of the sites of contestations as many medical tasks are getting automated. Some other scholars do not agree with this panic atmosphere. They claim that like any other industrial transformation, the rise of AI will also create new jobs. Although social implications of the rise of AI are under the spot, it is hard to come up with a single view among various views shared by scholars of various disciplines and strands of research. This article summarizes and elaborates on various positions on the topic, with a sociologically critical perspective, keeping an eye on AI's highly likely role in exacerbating the already biting social inequalities and injustice. The sociology of artificial intelligence is delineated along with the ethical issues raised by the expansion of artificial intelligence in our daily lives, keeping the possibility of a humane artificial intelligence in mind.

Artificial Intelligence and Employment Transformation

https://www.ijsrcseit.com/, 2024

This academic investigation examines the bifurcated impact of artificial intelligence (AI) on contemporary labor markets, analyzing both displacement effects and employment generation across multiple sectors (n=327) during 2020 2024. Through a mixed-methods approach combining econometric analysis of industry-level data, semi-structured interviews with key stakeholders (n=142), and longitudinal case studies of AI-implementing firms (n=47), we demonstrate that while AI automation has led to a 23.4% reduction in traditional middle-skill jobs across manufacturing, logistics, and administrative sectors, it has simultaneously generated a 31.7% increase in new employment categories, particularly in AI development, human-AI collaboration, and digital transformation roles. The findings reveal significant sectoral variations in job displacement rates (ranging from 8.2% to 37.6%) and identify critical factors influencing successful workforce transition, including the timing of reskilling initiatives, the nature of institutional support, and the elasticity of labor market responses. Notably, organizations that implemented proactive reskilling programs achieved a 64% higher retention rate of displaced workers compared to those utilizing reactive approaches. The article also uncovers an emerging "adaptation gap" wherein 42% of displaced workers face significant barriers to transitioning into new roles, primarily due to misaligned skill development programs and insufficient support infrastructure. These findings have important implications for policymakers, business leaders, and educational institutions in developing targeted interventions to facilitate effective workforce adaptation in an AI-driven economy.

AI And The Economy - How Technology Is Redefining Employment And Income Distribution

There's a profound transformation occurring in employment and income distribution, primarily driven by the rise of artificial intelligence. In recent years, automation and machine learning technologies have begun to reshape industries, challenging our long-held perceptions of work and economic structures. As AI systems become increasingly sophisticated, they not only enhance productivity but also raise pivotal questions about job displacement and wealth inequality. This blog post examines into the intricate relationship between AI and the economy, exploring the implications for the workforce and our society at large.

The Impact of Artificial Intelligence on Human Workers

Journal of Communication Education, 2023

The impact of artificial intelligence on human workers is a complex and ongoing topic of research and debate, and the extent to which AI will replace human jobs is still uncertain. Therefore, this research aims to answer following research questions. How does artificial intelligence affect human workers? What jobs will be replaced by artificial intelligence? What jobs can endure without being replaced by artificial intelligence?. This research was conducted in qualitative approach based on secondary data from previous studies. Data analysis techniques through four stages, namely data collection, data reduction, data presentation and drawing conclusions. After reviewing the remaining articles for eligibility in terms of the inclusion criteria, 45 papers were included in the data analysis. This study conclude that artificial intelligence has the ability to augment human talents, generate innovation, offer new career possibilities, and improve decision-making. Adopting AI technologies not only improves employee skills and productivity, but also enables organizations to function more efficiently. This study found that the negative effects of AI, such as job displacement, lower labour demand, employee deskilling, erosion of privacy and autonomy, exacerbation of wealth inequality, and shifting employee requirements. AI has the potential to disrupt traditional work functions in routine and repetitive tasks, manual labour, high-paying occupations, decision-making roles, HR operations, and certain service industry jobs. AI struggles to imitate creative endeavours, emotional intelligence, physical dexterity, human interaction, and complicated decision-making. These professions will continue to thrive as technology advances, reminding us that the essence of human experience is irreplaceable.

Dissecting the Paradox of Progress: The Socioeconomic Implications of Artificial Intelligence

iNTECHoPEN, 2024

The rapid ascent of artificial intelligence (AI) and other general-purpose technologies has marked the advent of the fourth industrial revolution, triggering substantial transformations in business practices and productivity potential. While these emerging technologies offer numerous benefits, they also present a range of threats, concerns, and challenges. This chapter aims to investigate the dark side of the fourth industrial revolution, based on the available literature. One major concern revolves around employment, encompassing the potential rise in unemployment rates and the emergence of structural unemployment. The set of skills needed for the changing nature of work is significantly different, thus there is a need for rapid reskilling and deskilling to ensure the future employability of the existing workforce. Furthermore, high dependence on machines might lead to major ethical concerns, including, but not limited to, breaches of privacy and discrimination. More so, high unemployment might lead to further social and income inequalities, relegating many to the lower class and decreasing their purchasing power, while placing few in the upper class.

Artificial intelligence, employment, and income

Human Systems Management

Artificial intelligence (AI) will have many profound societal effects It promises potential benefits (and may also pose risks) in education, defense, business, law, and science In this article we explore how AI is likely to affect employment and the distribution of income. We argue that AI will indeed reduce drastically the need fol human toil We also note that some people fear the automation of work hy machines and the resulting unemployment Yet, since the majority of us probably would rather use our time for activities other than our present jobs, we ought thus to greet the work-eliminating consequences of AI enthusiastically The paper discusses two reasons, one economic and one psychological, for this paradoxical apprehension We conclude with a discussion of problems of moving toward the kind of economy that will he enahled by developments in AI ARTIFICIAL INTELLIGENCE [Al] and other developments in computer science are giving birth to a dramatically different class of machinesPmachines that can perform tasks requiring reasoning, judgment, and perception that previously could be done only by humans. Will these I am grateful for the helpful comments provided by many people Specifically I would like to acknowledge the advice teceived from Sandra Cook and Victor

The Future of Work in the Age of AI

The Oxford Handbook of Ethics of AI, 2020

This chapter examines the effects of artificial intelligence (AI) on work and workers. As AI-driven technologies are increasingly integrated into workplaces and labor processes, many have expressed worry about the widespread displacement of human workers. The chapter presents a more nuanced view of the common rhetoric that robots will take over people’s jobs. We contend that economic forecasts of massive AI-induced job loss are of limited practical utility, as they tend to focus solely on technical aspects of task execution, while neglecting broader contextual inquiry about the social components of work, organizational structures, and cross-industry effects. The chapter then considers how AI might impact workers through modes other than displacement. We highlight four mechanisms through which firms are beginning to use AI-driven tools to reallocate risks from themselves to workers: algorithmic scheduling, task redefinition, loss and fraud prediction, and incentivization of productiv...