Artificial intelligence (AI) has become a game-changer in the business world. With its rapid evolution and widespread adoption, AI is revolutionizing operations across different industries already. In fact, Deloitte considers this era the "Age of With," where human work gets "augmented and enhanced with AI." Nearly 95% of leaders say AI will be extremely important to organizational success over the next five years. As a student, it’s best to understand these technological advances and business trends to prepare yourself for future employment. In part one of this series, we tackled the rise of AI, including how it’s shaping the future of business and impacting the job market. Now let’s further expound on each effect.
AI is taking over some jobs
Hiver cites that over 25% of professionals value AI for handling routine, repetitive tasks. Likewise, 22% appreciate it for analyzing data insights and predicting customer needs. However, many employees are worried about how this technology has started replacing some of our jobs. Companies now use automated software for business functions like bookkeeping and accounting, reducing manual work and automating tasks with minimal-to-zero human intervention. We see businesses incorporating chatbots into their websites, which could potentially replace real customer service representatives. Some organizations have even already begun employing intelligent VAs, which can handle business functions like customer service and support. Most recently, AI tools like ChatGPT and Gemini can create content such as articles, photos, videos, and even codes, potentially replacing content creators. This may sound alarming, but AI isn’t really taking over the job market—it’s transforming the way humans work.
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AI is opening doorways for new jobs
Yes, AI has replaced some workers and taken over monotonous tasks. However, a report by the World Economic Forum cites that while automation could displace 85 million roles, AI might also create 97 million new jobs by 2025. "While modern technology works wonders for our business, some areas demand human creativity and decision-making,” says Albert Kim, Vice President of Talent at Checkr. “We suggest looking for work requiring authentic human intelligence and artistic skills." Here are just a few examples of new opportunities coming to fruition:
- AI development: AI has created a demand for developers, engineers, and even specialists who create models like natural language processing, machine and deep learning, and generative adversarial networks.
- Data analysis: The rise of AI requires data analysts and scientists to employ AI tools and analyze datasets in various companies and organizations.
- Content creation: AI draws a line between high-level content creators and beginners. The latter strikes a balance between AI and human creativity to deliver high-quality articles, photos, and videos.
- Web design: AI has paved the way for low- or no-code development in website creation. The industry demands AI web development skills such as user experience (UX) design.
- Software development: Software developers are now very much in demand. With the advent of AI, they must learn how to incorporate this technology into software apps or tools.
AI is creating a skills gap in the workplace
While AI technology is incredibly crucial to business, it does create a significant gap in skills among current and future employees. In fact, the McKinsey Global Institute's report emphasizes the disparity in the future of work and stresses the urgent need to reskill and upskill the workforce to keep up with job market demands. With automation and AI integration, businesses should regularly train their employees to leverage the latest tools and technologies. Companies also need to train employees to use AI to acquire skills in data processing, digital infrastructure, and remote work. AI technology is ever-evolving, so businesses and employees should constantly be updating themselves.
Educators should also incorporate online learning and encourage students to “go digital” as well. Like many colleges and universities across the country, "We've considered how AI has impacted the world of employment, so we've started offering online courses that keep us updated on this technological trend,” says Grant Aldrich, founder of Preppy and OnlineDegree.com. “We recommend students take courses that will enhance their technical knowledge and skills and prepare them for future AI-relevant jobs."
Related: How to Navigate Virtual Classrooms and Digital Learning as a Student
AI can boost accuracy, efficiency, and productivity
Not only does AI assist employees in their work, but it also empowers them in various ways. Deloitte cites the top three benefits of intelligent automation adoption as increased productivity, cost reduction, and improved accuracy. “AI will be all over the place, optimizing businesses and improving lives,” says Logan Mallory, Vice President of Marketing at Motivosity. “You must consider harnessing its power and prepare yourself for future employment.” AI is already aiding employees with:
- Robust performance monitoring: AI-powered software apps save and track customer information and business data.
- Precise performance measurement: Digital tools help set key performance indicators (KPIs) and measure against them.
- Assisted data analysis: Analytics tools help analyze data for business.
- Targeted business forecasting: Predictive analytics forecasts key essentials like work volume and potential sales.
- Generated business reporting: Customer relationship management (CRM) platforms automatically generate reports for informed decision-making.
AI can optimize the recruitment process
AI can also streamline the hiring process, with many employers now leveraging AI-powered tools to attain, train, and retain the best talent. "Employers should invest in AI-powered ATS [applicant tracking systems] to simplify their hiring process and manage applications all in one place,” says Brooke Webber, Head of Marketing at Ninja Patches. “But on the flip side, students about to graduate should sanitize their online space. Doing so makes them an easy target for recruiters and potential employers." Here's how AI can optimize the recruitment process:
- Job application submission: Job portals enable applicants to send résumés and cover letters, and employers using AI-powered ATS can better manage applications and target potential candidates to find the best talent.
- Online screenings: With AI, tests and assessments can now be done online with intelligent virtual assistants that guide applicants.
- Virtual job interviews: The pandemic paved the way for the rise of remote interviews and work. AI-integrated tools help both interviewers and interviewees in making appointments and connecting virtually.
- AI-assisted onboarding and training: AI assistants can help new hires transition to their roles, and AI-powered virtual and augmented realities are great for training.
AI requires skills training in education
Colleges and universities are also realizing the impact of AI technology on business. Skills development, particularly in STEM fields, is crucial for preparing graduates for an AI-driven job market. Preparing yourself early can make you a great STEM student and allow you to pursue lucrative STEM fields and majors, which will help you develop skills in technological literacy and management, software design and development, creativity and innovation, and the ethical and moral implications of AI use. "AI technology has the potential to benefit businesses and improve people's lives, [but] it also has possible drawbacks, such as using it for fraudulent activities,” according to Jonathan Feniak, General Counsel at LLC Attorney. “The education sector should take the lead in educating students about its pros and cons."
Related: A New Learning Ethos: What Does the Future of AI Look Like for Education?
AI’s impact on the future of business and the overall job market is strong. As a current student and future employee, you can use this newfound understanding to start honing your AI skills early on. Ultimately, it will help you make informed decisions about your future employment and career path.
Wondering what AI-driven jobs you can start exploring? Read the final part of this series to find out. You can also learn about other skills you need for college and the workforce with Our Best Advice on Building Important Skills as a Student.
