Even with an unemployment rate of 5.9%, the EU. labor market still faces significant challenges. We are currently in the midst of an industry-wide mentality transformation. As the cost of living continues to rise at a rapid pace, workers are no longer contented with their low wages. Likewise, societal standards for an acceptable work environment have evolved. The majority of workers seeking gratifying employment today desire the flexibility of a hybrid working model that allows them to spend more time at home.
As we drive down the main street and see help-wanted signs on everything from the post office to the local bistro, we need more sophisticated solutions that account for the requirements of the open, competitive market in order to succeed. This is where we should leverage the power of artificial intelligence (AI) to enhance the jobs that are available, how we discover them, and the candidates that consumers are attempting to match with available positions.
Noticing the AI Elephant in the Room
First, we must discuss the dread of artificial intelligence. You cannot open a newspaper on your tablet without encountering an article about how artificial intelligence is displacing industrious Europeans. These sentiments parallel those expressed by technological advancements such as steam engines, the light bulb, refrigeration, laundry machines, the internet, and now artificial intelligence.
The true source of human power is not our cognitive and creative abilities, but rather our innate drive to adapt. With each new emerging technology, we generate previously unimaginable opportunities. AI is not unique. Yes, we will see many mundane, repeatable duties turn to automation and AI advancement, but that only means more emphasis will be placed on gentler skills and creativity. If we are able to think creatively, we should be able to endure this tempest without difficulty.
The positive effects of artificial intelligence on the labor market
Now that we’ve gotten that speed impediment out of the way let’s speak about how AI is assisting. The reason why automation is such a controversial topic among traditional laborers is because it significantly increases productivity and efficiency. In the majority of industries, AI is making task scheduling, quality control, and logistics improvement simpler. This frees up vital human assets that can be allocated to new product development, customer relationship enhancement, and business improvement strategy.
All of this activity results in the creation of new employment. The new blue-collar employee has the appearance of a data scientist, AI developer, or machine learning engineer. All of this progress is shedding light on the occupations we lack. Those who do not wish to enter the IT or AI industries can readily find high-demand, above-average-paying positions in plumbing, electrical work, contracting, and other fields where AI is ineffective.
Even in non-AI-based industries, technology is making things safer. It is actively utilizing sensors and reminders to reduce potential perils and hazards around a worksite. The more we monitor such activity, the safer we can make the workplace in order to increase productivity and employee satisfaction.
What Concerns HR?
Human resources is a predictable area where AI is impacting European laborers. We already know that AI can completely support the majority of administrative duties. What we may overlook is how this relates to the recruiting, dismissing, and maintenance of existing workforces.
Approximately 80% of businesses are already utilizing AI in their operations and decisions. That is mostly an after-effect of the Covid 19 outbreak that required most businesses to respond to emergent technologies a lot quicker than other time periods in our history.
This has led to the development of predictive algorithms, also known as “supervised machine learning.” These tools can be used to assist with duties such as resume analysis, predicting job performance, suggesting areas for workplace development, addressing potential cultural issues, and even identifying applicant stability based on facial analysis during an interview.
Yes, it does mean that we may be erecting additional barriers to employment, but it also means that there is a greater likelihood of the most qualified applicant landing the ideal position. Consider AI systems as an orchestra trying to find a new first violinist. This is typically done behind a wall or partition and is known as a “blind audition,” in which the decision-makers cannot see the candidate. Their only criterion for evaluation is their competence.
Imagine a world where applicants are evaluated solely on their skills, assets, and abilities, and not their heritage, culture, religion, or race! How would removing prejudice from the employment process alter the power structure in our country?
Most Affected Industries by AI and Automation
There are certain industries that AI affects significantly more than others. Any aspect of manufacturing, logistics, or products management will evolve. As back-end office tasks are automated, the healthcare, financial, and banking sectors will expand their customer service capabilities. Even eCommerce will grow as AI-powered chatbots take over customer service positions that are traditionally outsourced to foreign countries.
It all comes down to the AI-powered processes. As opposed to issues necessitating the complex problem-solving of a creative mind, they are typically associated with mundane, repetitive duties. Additionally, in the world of gambling, AI has also made its mark, influencing strategies like the Fibonacci Betting System in the gaming industry.
Preparing for the AI Workforce of Tomorrow
The greater the use of AI to improve our world, the greater the demand for subtle skills. Recent research from the U.S. Department of Labor has identified the following list of subtle skills that give candidates a competitive edge:
- Professionalism or diligence
- Oral and written exchanges
- Skills in teamwork and collaboration
- Critical reasoning and problem-solving abilities
- Networking
- Enthusiasm
This will necessitate upgrading or retraining our personnel for adaptation. Due to the age and adaptability of the workforce, this could be a difficult task; therefore, efforts must be made to make any upskilling as cost-effective and successful as feasible.
We must fundamentally incorporate a new framework of thought regarding labor, and this must begin with the education of our youth. We must transition from an industrial to a creative and AI-augmented mindset.
