The impact of Artificial Intelligence (AI) on employment is not an overnight phenomenon, so there’s no need to panic yet. While some companies are investing heavily in AI, the returns haven’t been substantial just yet. Experts predict that radical advances in AI technology might be a decade away.
Instead of replacing humans with machines, focus on how AI can assist existing staff. Companies like Klarna have already gone through this process, laying off support staff when they initially believed in AI hype, only to bring them back later as customer satisfaction plummeted.
The bigger concern is that AI could lead to job displacement and a decrease in product quality and safety as companies compete on price. This “race to the bottom” could result in less desirable working conditions.
Source: https://garymarcus.substack.com/p/on-employment-dont-panic-yet