Will Automation and AI Cause Millennial Unemployment?

Automation and Artificial Intelligence is going to change a lot of things and they might take over a lot of jobs too! According to the recent report published by Gallup, the world may soon witness a collision between business and technology. This research-based consulting company has highlighted that artificial intelligence (AI) and automation will be the two Horsemen that will disrupt future jobs and will create a huge change to the markets. In the aftermath of the AI and automation invasion, a staggering 37% or 4 out of every ten Millennials will be at high risk of losing their jobs in the coming decades. In stark contrast, only 32% of Baby Boomer and Generation X will be at risk of technological replacement. What is more alarming, however, is that this AI-led paradigm shift is going to affect almost every role of Millennials in almost every industry. But the question is, will Millennials be the ones who are most affected by AI and Automation revolution?

Why Are Millennials Most Susceptible To Advances In AI?

According to Scott Dobroski of Glassdoor.com, the high risk to Millennials could be because they are generally inexperienced. People with extensive experience in a particular field are usually the ones who hold leadership or top management positions, so they will naturally be at a lesser risk. It is much easier to replace inexperienced workers since they are at a level of their career where they haven’t really learned or mastered a wide array of job skills. This allows AI to successfully takeover and automate their jobs. Apart from a lack of experience and specialization, another major reason why Millennials will be at high risk is that they still have around 40 to 50 professional years ahead of them. These additional years increase their risk to layoffs as a result of AI advances. To add to the woes of Millennials, It isn’t just the entry-level jobs that carry the high risk. Instead, AI may even replace Millennials with “white-collar” jobs. This is especially true about repetitive financial services and accounting tasks that AI can easily mimic. So, while people are more worried about the future of their online security or highly sophisticated AI-enabled bot attacks, job replacement may be the single-most pressing issue that AI will be responsible a few decades from now.

What Jobs Are Safe?

Despite rapid advances in Artificial Intelligence and Automation, a number of jobs carry a low risk of technological replacement. These include data science, strategy, critical thinking, health care, and case-by-case critical thinking. Hence, financial planners, lawyers, nurses, doctors, data scientists and software engineers will be relatively safe in the wake of an AI-led paradigm shift. In these professions, the most that AI can do is play the role of facilitator, speeding up and improving efficiency of tasks. In the long run, AI will have a deeper impact on organizational change, structures as we know them today. In the post-automation AI-led landscape, human work may not fit into traditional jobs all that well. Millennials may be smack at the receiving end of the AI-led technological revolution and will, for the most part, bear the brunt of replacement at the workplace. But even though they make a sizeable portion of the workforce, sheer size alone will neither guarantee Millennials job safety or a stable future. Perhaps the greatest irony surrounding AI and automation is that Millennials hold key leadership and management positions in the same companies that are developing AI and automation. This way, they will inevitably force their own generation to get new jobs. The best, most productive employees are those who are confident and calm. In the wake of such a daunting challenge, they need to streamline the transition such that they don’t end up on the receiving end of it.

How can we educate others?

It is essential that managers keep their subordinates updated on the implementation of AI. This will better equip managers to make sure that employees handle the transition well. Leadership and top management will also play a pivotal role in this regard. Only by understanding the needs of their employees and explaining them, how AI can actually assist them! Managers and leaders have to make sure that the performance of all their Millennial employees is amplified and engagement is improved.

In a Nutshell...

Artificial Intelligence and Automation are arguably two of the biggest breakthroughs of our era. Although the benefits of these breakthroughs are promising, there’s still some time before we will find out if the benefits outweigh the potential drawbacks.

Automation and AI can make Millennials unemployed in the coming years

Automation and AI can make Millennials unemployed in the coming years

Why Are Millennials Most Susceptible To Advances In AI?

What Jobs Are Safe?

How can we educate others?

In a Nutshell...

Discussion

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