HSBC’s new report called “Future of Work” argues against the common idea that job losses are mainly caused by artificial intelligence (AI) and automation. The report says there are more things that affect job cuts in the job market today. Many companies are required to downsize when the economy is not expanding at a fast pace. As a result, they have to reduce the number of employees they have, which means there are fewer job opportunities. Enhancing the economy is of utmost significance as it opens up more job avenues and possibilities for people to secure work. As prices for regular items increase, businesses face more pressure to cut costs
This situation can lead to companies releasing workers from their positions and abstaining from fresh hiring. This problem is important for policymakers to solve because it affects people who are searching for stable jobs and who have to face high living costs. This will lessen money worries for both businesses and their workers. Moreover, the outbreak of the COVID-19 pandemic has exacerbated challenges in the job market. Saying that job losses are only because of technology advancing is too simple.
Due to the pandemic, businesses are increasingly adopting AI and automation. The coronavirus pandemic brought about new and unexpected issues that made businesses change rapidly and sometimes led to problems with jobs. However, it is crucial to address the impact of the pandemic and establish favorable conditions for increased job opportunities in order to revolutionize the future of work. Many companies hold a favorable perspective, contrary to common belief.
More than half of the companies think that new technologies, such as artificial intelligence (AI), will make more jobs instead of taking them away. Companies acknowledge that implementing artificial intelligence (AI) can enhance effectiveness, streamline processes, and create avenues for expansion.AI assists people by handling tasks that are done repeatedly. This gives people more time to focus on important things and helps organizations to grow.
The report recognizes the possibility of certain job displacements and underscores the crucial role of training and skill enhancement in preparing workers to thrive in an AI-dominated economy. The employment landscape is experiencing a shift due to artificial intelligence (AI), which aids job seekers by providing valuable assistance during their search for work.
These smart platforms assess individuals’ capabilities, work history, and areas of interest, and subsequently connect them with job listings that align with their profile. This greatly increases the chances of people finding the right job. In addition, AI tools that review resumes have made it simpler for companies to hire new employees. These tools look at resumes by themselves and analyze them to find good candidates very quickly.
These AI helpers talk to people who are applying for jobs and provide useful information and updates about their job applications. This special and simple way of searching for a job is helpful for people who are looking for a job. It adds excitement and proves advantageous. As AI technology improves, it will become more crucial in the job market.
The outcome will be a better job market where both job seekers and employers benefit and are more productive. HSBC’s report reveals that lots of companies are altering their views on AI and technology. Rather than leading to job cuts, these new ideas and advancements are seen by many companies as a means to create more jobs.
This positive view comes from the understanding that AI can make businesses more efficient, make tasks easier, and create new opportunities for business growth. The application of AI assists in finishing mundane tasks, allowing human workers to concentrate on more substantial assignments that necessitate creativity, critical thinking, and emotional involvement within organizations. But, according to the report, some individuals are still concerned that AI could make them unemployed.
Around one-fourth of the individuals surveyed share this sentiment. Jobs that involve repetitive tasks are more susceptible to automation, making machines a likely choice to perform them. Acquiring these abilities will contribute to their success in a technologically driven future. This will help make sure we have a lot of people who are able to work and are reliable. According to a report by HSBC on the “Future of Work,” AI can take over certain jobs, but it is important to use AI for beneficial purposes. Through the utilization of AI, businesses, governments, and workers can form a powerful alliance, resulting in advantageous outcomes for employees and the emergence of fresh ideas. This will make work in the future better