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Over the past two decades, we have seen a rise in e-learning platforms to meet demand in the technology sector. A lot of people delved into it, as at the time it seemed to be the next big thing to get into. Salaries were generous and there was always room for growth. At the time, it seemed like a win-win situation.
However, with the rise of generative ai having a significant impact on today’s diverse industries, a big concern for many of these mature organizations is being able to fill the skills gap. If organizations want to remain competitive, they need to have a skilled team to support them.
ai can automate various tasks, which naturally eliminates certain job roles. So where does that leave us?
So is it still a win-win situation, or is it a matter of life and death? A little dramatic, I know.
According The World Economic Forum (WEF), the new technologies that are among us and their continued growth will disrupt 85 million jobs worldwide between 2020 and 2025 and create 97 million new jobs. Wow, only 2 more years to go. This was published in 2020 and they also stated that analytical thinking, creativity and flexibility are among the top skills that will be needed by 2025.
As you can see in the image from the World Economic Forum (WEF) report below, this is the expected impact of macro trends on employment between the years 2023 and 2027. On the left side, you can see how the expected trends will create or displace Job positions.
<img decoding="async" alt="40% of the workforce will be affected by ai in 3 years” width=”100%” src=”https://technicalterrence.com/wp-content/uploads/2023/10/1698603081_553_40-of-the-workforce-will-be-affected-by-AI-in.png”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2023/10/1698603081_553_40-of-the-workforce-will-be-affected-by-AI-in.png" alt="40% of the workforce will be affected by ai in 3 years” width=”100%”/>
Image by FEM
To view the full report, see here.
Another study from the IBM Institute for Business Value stated that
“4 in 5 executives say generative ai will change employee roles and skills. While workers at all levels will feel the effects of generative ai, lower-level employees are expected to experience the biggest change.”
It appears that Generation Z, who had more access to technology growing up and would likely have felt the effects of recessions, will also have the biggest impact when it comes to generative ai and job searching.
Looking at the image below from the IBM reportAs we expected, executives and senior management will have the least impact. But as you have less experience, the impact becomes greater. Entry-level employees will have less impact than experienced, entry-level managers, which may contradict the above statement.
Is this due to the ability to upskill entry-level employees more quickly than experienced, entry-level management employees?
<img decoding="async" alt="40% of the workforce will be affected by ai in 3 years” width=”100%” src=”https://technicalterrence.com/wp-content/uploads/2023/10/1698603081_227_40-of-the-workforce-will-be-affected-by-AI-in.png”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2023/10/1698603081_227_40-of-the-workforce-will-be-affected-by-AI-in.png" alt="40% of the workforce will be affected by ai in 3 years” width=”100%”/>
Image by IBM report
The new skills paradigm
One part of the IBM report that I found interesting was the new skills paradigm. When we think about keeping up with technology, most people think about learning hard skills like coding or technology product management. This report from IBM shows that executives estimate that 40% of their workforce will need to be reskilled due to artificial intelligence and automation.
The new skills paradigm focuses on soft skills and how they have changed from the year 2016 to 2023. As we can see in the images below, skills such as mastery of STEM and basic computer and software applications that we all consider highly desirable over the years. have proven to lose importance. Skills such as time management, effective teamwork and communication are at the forefront.
<img decoding="async" alt="40% of the workforce will be affected by ai in 3 years” width=”100%” src=”https://technicalterrence.com/wp-content/uploads/2023/10/1698603081_936_40-of-the-workforce-will-be-affected-by-AI-in.png”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2023/10/1698603081_936_40-of-the-workforce-will-be-affected-by-AI-in.png" alt="40% of the workforce will be affected by ai in 3 years” width=”100%”/>
Image by IBM report
The IBM report also states that, on average, 87% of executives expect job roles to be augmented, rather than replaced, by generative ai. 87% is a lot.
What this means is that nearly three-quarters in marketing (73%) and customer service (77%) and more than 90% in procurement (97%), risk and compliance (93%) and finance (93% ). and the tasks will increase.
Does this mean that the workforce will work hand-in-hand with technology quickly, or will it still require us to upskill?
The answer to that question that we live today will always be to improve our skills.
So what should you take away from this?
Many things are changing and they are changing quickly. To keep up with the moves, you’ll need to embrace reskilling or upskilling, as well as leveraging artificial intelligence tools to enhance your capabilities, rather than be replaced.
It should comfort you to know that executives have stated that upskilling while using generative ai does not mean learning how to code, but rather how to manage time and collaborate.
nisha arya is a data scientist and freelance technical writer. She is particularly interested in providing professional data science advice or tutorials and theory-based data science insights. She also wants to explore the different ways in which artificial intelligence can benefit the longevity of human life. A great student looking to expand her technological knowledge and writing skills, while she helps guide others.
