When it comes to artificial intelligence (AI), most people believe it is one of the major causes of the rise of unemployment. They argue that machines are now replacing jobs once done by humans with artificial intelligence capabilities. These machines complete tasks with better efficiency, accuracy, and efficacy than humans through automation while taking a fraction of the time required by their human counterparts.
Yet, contrary to this popular belief, artificial intelligence, in fact, has helped reduce employment. Sounds unbelievable, right? Well, it actually is true. To prove our point, we have discussed how artificial intelligence is helping reduce unemployment on a global scale rather than promoting it.
Read on to find out!
Simplification of Recruitment Process With AI Talent Management Software
AI-powered talent management software is one of the many tools being used to help reduce unemployment. HR talent management teams use the software to source, screen, and hire employees.
Using talent acquisition management software, companies can identify potential candidates for a job position and evaluate their skill sets. This, in turn, helps find and hire the best candidate available for the job. As a result, companies save time and resources that would otherwise be spent on
- a lengthy hiring process,
- training new hires, or
- not finding a suitable candidate and repeating the hiring process.
Similarly, candidates, too, can find a job that is best suited to their needs, skills, and experience in a short time, thanks to AI talent management software.
Considering the enormous benefits and the importance of talent management solutions, more and more organizations are adopting them at their workplaces. According to research, the global talent management software market is expected to grow at a Compounded Annual Growth Rate of 12.1% between 2022 and 2029.
Thus, AI talent management software is here to stay. It will keep simplifying the recruitment process for companies and candidates alike. It enables them to find better matches and, in turn, helps reduce unemployment.
The Rise of AI-Based Job Roles
The rapid advancement of AI has resulted in the creation of new job roles that never existed before. As per an estimate, in 2020, AI created 2.3 million jobs while eliminating 1.8 million jobs. Thus, the net number of new jobs created by AI was 500,000.
These new job roles are in fields such as
- data science,
- machine learning,
- deep learning,
- natural language processing (NLP), and
- computer vision.
These job roles are very much in demand and are among the best-paying job roles across the world. Individuals in these roles earn hundreds of thousands to millions of dollars annually.
Thus, contrary to popular belief, artificial intelligence is creating new lucrative, high-paying job opportunities rather than taking away jobs.
Up-Skilling and Re-Skilling for the New AI-Powered Jobs
With the advent of new job roles in artificial intelligence, it has become essential for employees to up-skill and re-skill themselves. This is necessary to stay relevant in the ever-changing job market.
There are many ways to up-skill and re-skill for the new AI-powered jobs. One way is to take online courses on platforms like Coursera or Udemy. Alternatively, individuals can join an AI boot camp or an online program offered by leading institutes such as Stanford University, MIT, or other universities across the globe.
Once they have up-skilled or re-skilled for the new AI jobs, they can apply for these roles on job portals such as Indeed, Glassdoor, or LinkedIn.
The Creation of Inclusive Workplaces
Diversity hiring is the process of recruiting employees from underrepresented groups in the workforce. This helps people from minority communities, such as people of color, LGBTQIA+, and others find employment without any discrimination or human bias. Diversity hiring aims to improve an organization’s diversity and create a more inclusive workplace.
Organizations that practice diversity hiring are more successful than those that don’t. This is because diverse and inclusive organizations are more innovative, creative, and productive.
Artificial intelligence is helping improve diversity hiring in several ways. For instance, AI can identify potential candidates from underrepresented groups. Additionally, AI-powered screening and interviewing tools can be used to assess candidates objectively without any bias.
Thus, AI can be crucial in improving diversity in hiring and creating a more inclusive workplace.
The Increasing Demand For Remote Hiring
The COVID-19 pandemic has forced organizations to embrace remote work. As a result, there has been a surge in the number of organizations that are hiring remotely.
Remote hiring presents several challenges. This includes assessing candidates who are not physically present and conducting interviews online. However, these challenges can be overcome with the help of artificial intelligence.
For instance, AI-powered screening and interviewing tools can be used to assess candidates who are not physically present. Additionally, AI can be used to conduct online interviews and provide real-time feedback.
This proves beneficial for recruiters and candidates alike and eventually helps reduce unemployment. For instance, recruiters get access to some of the top talents from across the globe. Similarly, candidates from rural areas or regions with limited job opportunities can get to work with companies, small and big, from all around the world.
Thus, AI can play a crucial role in enhancing remote hiring and making it more efficient. But most importantly, it helps candidates from areas with limited or zero job opportunities find employment related to their skillset and experience.
In conclusion, it can be said that AI is indeed helping reduce unemployment, opposite to the general perception. While it has reduced or eliminated certain jobs, it has also simplified the recruitment process and created new AI-based job roles.
As we saw, AI talent management software is revolutionizing the recruitment process. AI is simplifying it and making it more efficient. Additionally, AI is creating new job roles, thereby helping reduce unemployment. It also allows individuals with limited job opportunities to find work and earn a living. Finally, AI is improving diversity in hiring and creating a more inclusive workplace.
AI is here to stay. And looking at the trends, we reiterate that “AI will reduce unemployment.” So, there is no need to fear.