AI Affecting Jobs

A Thunder Bolt for Jobs; Report Shows It Is Already Replacing Thousands of Jobs.

Ever since tools like ChatGPT and other AI chatbots and Agent AI became popular there has been growing concern about how this technology could change the job market.

Many tech leaders have warned that artificial intelligence could lead to the elimination of a huge number of jobs.

But until now there has been no concrete evidence that this is happening.

Also Read: Microsoft Magma: Agent AI, The Next-Gen AI That Works in Both Digital and Physical Worlds

AI affecting jobs | New report shows over 27,000 jobs lost to ‘AI’

A recent report from CBS News using data from Challenger, Gray & Christmas shows that artificial intelligence is already causing job cuts across the United States.

• In July alone over 10,000 jobs were cut because of AI.

• Since the start of 2023 more than 27,000 job losses in the U.S. Itself have been directly linked to AI use.

This data is a clear sign that the rise of AI is having a strong impact on employment especially in industries where routine tasks can now be done by machines.

Recently news came: Offshore services giant TCS is laying off 12,000 resources in India, which is about 2% of its workforce.

 

Young workers facing the most impact | What statistics explain

The report highlights that young workers especially recent college graduates are being hit hardest by these changes. Even Entry-level office jobs are disappearing faster than ever.

• Negative Sign: Entry level roles for college graduates have dropped by more than 15% in just one year.

• Positive Sign: At the same time – the number of employees listing “AI” in their job descriptions has increased by 400% over the last two years.

Experts say the job market is being reshaped. Companies are choosing to use AI tools instead of hiring people for some roles especially when they can get more work done faster and at a lower cost.

AI affecting jobs | Corporate jobs most at risk

Many past studies have shown that white collar jobs are more likely to be replaced or changed by AI. Basically these are jobs that usually involve working on a computer, in an office or doing tasks that AI can now perform.

During an Interview with NBC News, Senior VP at Challenger – Gray & Christmas Mr. Andrew explained –

“There are roles that can be significantly changed by AI right now“.

“But not many HR leaders are saying AI is fully replacing jobs yet.”

Still, some big companies are already planning to reduce their workforces using AI technology.

Also Read: Artificial General Intelligence: AGI – The Future of AI or Biggest Serious Threat to Humanity?

AI affecting jobs | What big companies are doing

In July Amazon CEO Andy Jassy shared that artificial intelligence would help the company become more efficient. This also means fewer corporate jobs as tasks will be done by machines or with the help of AI tools.

Other companies are following a similar path even choosing AI to cut costs and streamline their operations.

Not just AI— Other reasons for job cuts

While AI is playing a big part in recent job losses there are also other reasons people are losing jobs in the U.S. and other countries as well

• Over 292,000 jobs have been lost because of decisions made by the Department of Government Efficiency.

• This department was earlier managed by Elon Musk and is known for major workforce reductions.

AI affecting jobs | Alarming situation ahead

It is now clear that artificial intelligence is changing the way companies operate and plan.

More than 27,000 AI-related job cuts were previously predicted by 2023, but now that figure is rising exponentially. This transformation is no longer just a prediction: it is already happening.

The most affected are young job seekers and entry level workers. As companies getting adopted more advanced tools to increase work Efficiency related existing jobs roles involving manual input are decreasing significantly.

Staying updated with these changes and learning how to work with AI may become more important in the future – especially for Job seekers.