Since introducing information technology in the 1960s, there has always been a clash between those who support these technologies and those who oppose them. Those who argue against new technologies often stress that they will create job disparity and threaten to upend our civilisation as we know it. For others, it is still too early to judge these new technologies, as they are still in their infancy.
While it has been repeatedly proven that these doom predictions about new technology’s impacts are misleading, the same cannot easily be said about artificial intelligence. In a recent World Economic Forum meeting, a report from the IMF revealed that AI will affect 40% of jobs worldwide, and specific sectors will have 60% of their workforce facing lower salaries, lower job opportunities, and even job extinction.
Given this report’s analysis, many now wonder if there will be plenty of jobs in the future if new technologies can upend specific jobs in critical industries.
The simple answer is yes. There will still be plenty of jobs in the future, even if new technologies are introduced to various industries. But how?
Reimagining Work in the Modern Times
Before technology is introduced to any industry, people often need help to imagine what life would be like if only a few people worked in specific fields. Even economists in the past would not have anticipated the development of the job sector today. This sentiment is valid for the most part because technology was still developing in those days.
While it is true that new technologies are causing problems and bringing uncertainty, we must focus on creating new jobs with their help.
New technologies are often developed to satisfy human needs by improving products and services or offering new products. These technologies can help create new roles that address these needs.
New sectors can accommodate the changes as new roles are introduced and society transforms. New jobs will then be created to find new ways to make things more efficient.
With demand increasing, it is indisputable that new technologies will make specific jobs obsolete. But most of the time, they will support current jobs and make their work more efficient. New technologies can even reduce the cost of operations and make things more affordable. As services become more affordable, demand will naturally increase.
Finally, policymakers will also lead the change to ensure proper rotation of the labour market in offering new jobs.
More Investment in New Tech and Jobs
Aside from looking into the new technologies and their impacts from another perspective, new jobs will be created despite these new technologies. Contrary to popular belief, it is not the large organizations that build new jobs but small and middle-sized businesses. This is why these businesses will be integral in developing their businesses as new technologies are introduced.
With a free and flexible labour market, businesses and industry leaders will find it easier to navigate changes and adapt positions to accommodate new technologies. Countries with free markets will also create jobs to replace those lost due to new technology. However, if the government does not support businesses and investors, it is unlikely for these nations to report high levels of unemployment. It will also take a lot of work to create new jobs.
The destruction of jobs due to new technologies will take some time to get used to and affect many people and countries. However, governments can take this opportunity to alleviate the negative impacts of job destruction and provide their people with opportunities or programs that will allow them to develop new skills and get unemployment benefits they can rely on while reskilling.
Final Thoughts
Whether we like it or not, new technologies will continue to exist as we try to find more effective and efficient ways to be. Everyone will need time to adapt to them and find solutions to their impacts on the community. However, if we open our minds about these technologies and how they can be applied in industries and work, we can take a fresh and unbiased look. We will be able to create new jobs and foster positive change for everyone.
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