The impact of Artificial Intelligence (AI) on the global job market as analyzed by the International Monetary Fund (IMF), states that AI could affect about 40% of jobs worldwide, with a more pronounced impact (60%) in advanced economies like Australia and New Zealand. AI is changing the nature of work, enhancing productivity, and even redefining job roles. Examples include the use of chatbots for customer inquiries, automated workflows for IT and HR, and AI-assisted customer service agents. Although there is concern for jobs performing manual tasks, the advancement in AI also presents numerous opportunities for reskilling and engaging in more fulfilling work. Furthermore, AI's role in driving productivity, where routine tasks are automated, allowing workers to focus on strategic and creative tasks. It cites the transformation of IT service desks with AI, using chatbots and prioritized ticketing systems as key examples.
Newly released analysis from the International Monetary Fund (IMF) has indicated that approximately 40% of all jobs worldwide could be influenced by advancements in Artificial Intelligence (AI). For advanced economies like Australia and New Zealand, this figure rises to a staggering 60%. The IMF’s findings paint a nuanced picture of the future employment landscape. While concerns about job displacement and wage reductions loom large, the truth of the matter is that the potential benefits borne by AI are huge. From enhanced productivity to the creation of more dynamic and efficient workforces, the positives can vastly outweigh the negatives.
Challenges and Opportunities
AI’s transformative power is evident in its capacity to redefine the nature of work. As noted in the IMF’s analysis, roughly half of the exposed jobs in advanced economies may benefit from AI integration, leading to increased productivity. You’ve likely already experienced this in your daily engagements: chatbots that answer your customer enquiries, automated workflows that simplify the offerings of IT and HR services, AI-powered platforms that support customer service agents when answering enquiries. The list goes on!
However, the other half faces a more uncertain fate as AI applications take on manual tasks traditionally performed by humans, potentially lowering labour demand and hiring. But there’s an upside to this too: manual and repetitive tasks should be automated to free people for more rewarding work, and with advances in AI and technology the opportunities for reskilling and upskilling are limitless.
Paving the Path to Productivity
When discussing the revolutionary impact of AI on the workplace, it’s crucial to focus on the opportunities that can be augmented by AI. The IMF’s analysis highlights a significant potential for AI to elevate productivity across various sectors. We’ve seen this already in early adopters: tasks that were once time-consuming and manual can now be automated, enabling workers to redirect their efforts toward more strategic and creative endeavours.
A clear example of this is the IT service desk. Once upon a time, service desk agents would be focused on servicing enquiries from the start of the workday to the end of it, answering questions from the simplest to the most urgent without visibility into what requires the most attention. Today, efficient service desks leverage AI to answer questions through chatbots that work 24×7, they implement ticketing systems with embedded workflows that prioritise time-sensitive tasks and reroute easily answerable enquiries to FAQs and knowledge-base articles.
All of the above examples and more are just the beginning of the productivity revolution brought about by AI!
AI as a Catalyst for Skill Enhancement
Contrary to the popular narrative of job loss and displacement, research suggests that AI can act as a catalyst for skill enhancement, particularly for less experienced workers. The opportunity to reskill and upskill is huge with AI. Tools such as low-code/no-code allow anyone within the business to build apps and contribute to innovations within the organisation. Not only does this allow employees across the business to contribute to the organisation’s success, this also creates a new outlet for innovation for leaders, allowing those on the frontline to create solutions for the most pressing issues for the business.
Furthermore, the ability of AI to augment human capabilities can accelerate learning, empowering workers to adapt quickly to changing demands. This opens up new avenues for continuous learning and career advancement, dispelling the notion that AI is solely a threat to job security and opening up new possibilities for all workers, regardless of their educational background. With low-code and no-code capabilities, even those without a tertiary qualification in tech can create apps that improve business processes!
Inclusive AI-Driven Workforces
As referenced above, AI can also open doors to those who come from traditionally underrepresented backgrounds. With low-code capabilities and agent/worker augmentation, the barriers to entry for tech-based roles is lower than ever. Additionally, the opportunities for learning and the accessibility of tools fosters an inclusive, AI-driven workforce. By emphasising accessibility, education, and the human-AI collaboration, leaders in the tech industry have the potential to shape an inclusive work environment where AI is a force for positive transformation.
An AI-Enabled Future
The IMF’s recently revealed research emphasises that the AI workplace revolution is an unfolding reality. The opportunities presented are real. By focusing on skill enhancement, inclusivity, and leveraging AI to augment human potential, we can drive positive change to benefits individuals, businesses, and society at large.