Source | The Economic Times : By Madhavi Lall
As artificial intelligence (AI) becomes more sophisticated, the threat that this automation will displace a wide number of jobs is very real. This obviously creates a distressing picture for many of us.
However, evidence shows that if technology really destroyed jobs, there would have been no work today for anyone. The technological revolution we have seen in the past 30 years has been unparalleled and exponential, and yet there are more jobs today and probably better salaries than before.
Therefore, we need to shift the dialogue from the type of jobs that can be protected to a conversation about jobs that can and will be created.
As an example, the banking industry has undergone changes over the years, where some of the traditional tasks like passbook updating, cash deposit, verification of KYC details, salary uploads have been automated for operational efficiency . The focus is shifting from transactions to advisory and consultation. In the near term, AI is not going to replace `judgment’ aspects and therefore dealing with complex cases, which are high-value in any domain including banking, will be what is required. Employees will need to build skills on reading data, making sense out of the reams of analysis that will become available and be able to provide solutions that work.
Across industries, though some jobs will be automated in the next few years, jobs with higher skill levels will still be in demand. This would mean a focused approach towards reskilling the existing workforce and preparing for the future.