Elon Musk's warning on AI signals a new order in the job market

Although new technology benefits society, it always poses a challenge to employment

The topic of employment in the country is currently in discussion due to the recent statement made by two big personalities in the technology sector, Elon Musk and Narayan Murthy. Elon Musk has warned against the rapid development of artificial intelligence (AI) and has said that AI is one of the most disruptive technologies in the job market so far. On the other hand, amidst the reports that the companies in the information technology (IT) sector of the country are cutting down on the new recruitment of employees, Narayan Murthy has called upon the youth of the country to work 70 hours a week.

There will come a time when jobs will no longer survive due to AI. However, it is difficult to say when this time will come. But there will be a time when the jobs will have disappeared. Musk's warning came in an interview with British Prime Minister Rishi Sunke at the AI ​​Safety Conference. AI will have the power to do everything. AI has both good and bad sides. Musk likened AI to a magic lamp that fulfills your every wish. However such wishes do not end well. He advised that it is necessary to take care before making a wish.

According to a recent report, there is a 60 to 70 percent decline in campus hiring at private engineering colleges in the country. This reduction is being seen due to cuts in IT spending by clients. Thus, if we look at it one way, when the picture of new employment is dim, it is also a question how many opportunities the youth get to work seventeen hours a week. The continuous change in the technology sector is also believed to be the main reason for the dim picture on the employment front in the country.

After globalization, automation, the massive digital transformation seen now due to artificial intelligence has changed the job market, especially in the IT sector. The shift towards digitization during the Corona era has increased the demand for a digitally skilled workforce, but it has proved insufficient. Due to social distancing and new work methods like work from home during the Corona period, there was a huge increase in the demand for digitally skilled talent. Amid the changed business environment due to automation and artificial intelligence, companies are being forced to provide new types of training to their employees and change their working methods. Looking at the rapid development of AI in the world at present, it is difficult to predict what kind of technology will be developed and what kind of technology will be destroyed in the future, while there is no doubt that the skilling process will have to continue continuously among employees, especially IT professionals. How many jobs become vulnerable to AI? Such questions are also being asked from many levels and the answers are also getting different.

Frequent reports on automation cite the threat of automation to employment, but the exact extent of the threat is rarely forthcoming. There are varying estimates of the impact of automation on employment, but the data coming in is alarming. What does the impact on employment due to AI mean? There is no clear explanation in this regard in any study.

Adding to the massive employment in India's IT services sector in the near future does not seem likely to be lost at present but the process of automation is clearly changing the employment picture of the IT services sector.

Automation has permeated most components of the IT services sector, but conflicting views are being expressed about its impact. There does not appear to be clear guidelines coming out at the government level as to what kind of jobs are being lost and created due to automation or artificial intelligence and what kind of education and training is required for them. It would be safe to say that the government has to rely more on assumptions than on specific studies to know how automation will affect employment, wages and inequality levels. It cannot be ruled out that these assumptions may create uncertainty going forward.

It cannot be denied that AI will radically change the way work is done with new experiences. If we look at the development of technology so far, it has been seen that the work load of man has decreased with the advent of new technology. With the invention of new technology comes volatility in the labor market. A similar situation is being observed due to AI. While the use of AI will benefit the society, the lessons are currently being heard that the elimination of work will create an ugly picture in terms of employment.