The tech industry is experiencing a significant wave of job cuts, with over half a million layoffs attributed to the rise of artificial intelligence.
From a study by the layoffs.fyi, identifying disturbing trends on social media in the recent past. The tech sector has experienced over 100000 job losses this year, in addition to 212000 layoffs last year and 165000 the year before.
Some big companies that participated in the cuts include Microsoft, Facebook, Cisco, intuit, Amazon, and Apple. They have blamed the cuts on both economic downturns and a hiring binge for 2020.
Many companies use artificial intelligence as a scapegoat for their actions. For instance, Microsoft recently pledged a major push to AI, and in the same week, it said it would cut 10,000 workers.
The same could be said for Facebook, which announced its plans to invest big in AI just as it slashed the same number of people in the workforce. Intuit also did the same. It pointed out that it became very important for companies to adopt AI after laying off 1800 employees.
AI remains a topic of debate in many countries as part of the business process. On the one hand, AI is expected to improve productivity and create new means for products and services. On the downside, it is also feared to threaten employment.
This shift has led to a massive increase in IT unemployment, now above the national unemployment average for the first time since the dot-com bust in 2000.
The use of AI technology is not without some drawbacks. Cases of AI-produced fake news, unsupervised actions, and other technology complications have occurred.
For instance, Google AI once gave users false information regarding the presence of cockroaches in a penis. Several chatbots have been reported to exhibit disgusting or incorrect behaviors.
However, such problems do not stop AI’s growth. Its progress increases exponentially faster than the rate at which programmers enhance their abilities. Citibank research found that 57% of banking positions are potentially at risk of being replaced by AI, and another 12% could be supplemented by it. This scenario is quite dangerous to employment in many industries worldwide.
The future of work in an AI-driven world
AI employment is best viewed in the context of technology unemployment that predates the AI revolution. On the one hand, advanced technology opens new and better-paid occupations. On the other hand, it completely eradicates some occupations.
The task remains to guarantee that with the opportunity of technology, fresh opportunities replace the observed job losses.
This wave of AI-facing layout means that flexible workforce and education policies must be implemented. This is necessary to cope with the constant change the AI age brings.
Without actions that preclude job losses and enhance economic opportunities, regions could become similar to Detroit, where the collapse of industries does not open up new opportunities.
As AI advances, corporate entities and governments must act cautiously when implementing AI. This situation will require striking a balance between the efficiency of new opportunities and the availability of employment.
