Kris Duggan on the Impact of AI on Employment: Threat or Opportunity?

Artificial intelligence is transforming the job market in ways we’ve never seen before. It’s creating new roles, transforming existing ones, and yes, sometimes replacing human workers entirely. 

But AI tech investors like Kris Duggan, who frequently posts about AI issues and opportunities, are urging us not to panic. AI brings both challenges and incredible possibilities for the future of work.

As Ginni Rometty, Executive Chairman at IBM, puts it: “I’ve always felt the purpose of Artificial Intelligence (AI) is to augment humanity.” She’s spot on. AI isn’t here to replace us; it’s here to work alongside us, boosting our creativity and problem-solving abilities.

The pace of change is mind-boggling. According to the McKinsey Global Institute, AI could deliver additional global economic activity of around $13 trillion by 2030, or about 16 percent higher cumulative GDP compared with today. That’s a lot to wrap our heads around!

So what does this mean for you and your career? Let’s explore the jobs that might disappear, the new opportunities emerging, and how you can prepare for an AI-powered future.

Job Displacement: The Reality Check

Let’s talk about the proverbial elephant in the room – job displacement. It’s a hot topic, and for good reason. AI is shaking things up, but the numbers might surprise you.

Recent data shows about 14% of workers have already experienced job displacement due to AI or automation. That’s not insignificant, but it’s not the robot apocalypse some feared either.

In May 2023 alone, AI was responsible for 3,900 job losses in the United States. That’s about 5% of all job losses that month, making AI the seventh-largest contributor to job displacement. It’s a trend worth watching, but not cause for hysteria.

Some industries are feeling the heat more than others. For instance, the McKinsey Global Institute reports that activities accounting for up to 30% of hours worked across the US economy could be automated by 2030. This includes roles in office support, customer service, and food service.

And the silver lining? While AI might displace some jobs, it’s also creating new ones. The World Economic Forum projects that AI could create 97 million new jobs by 2025.

New Opportunities on the Horizon

As AI reshapes the job market, exciting new roles are emerging:

AI Product Manager: Like other product managers, but with a focus on developing AI applications. You’ll need to understand the nuts and bolts of AI, from hardware to algorithms.

AI Research Scientist: If you love diving deep into computer science and developing new AI techniques, this could be your dream job. Fair warning: it usually requires advanced degrees.

AI Ethics Specialist: As AI becomes more prevalent, we need people to ensure it’s used responsibly. You’ll help develop ethical guidelines and review AI projects.

Cybersecurity Analyst with AI Expertise: Combine your love of cybersecurity with AI knowledge to protect against evolving digital threats.

AI-Assisted Healthcare Professional: Use AI to enhance patient care and medical research. This field is booming!

Preparing for an AI-Driven Future

So how can you thrive in this changing landscape? Kris Duggan offers some tips:

Embrace lifelong learning: The most valuable skill in an AI-driven world is the ability to learn and adapt. Stay curious and keep updating your skills.

Develop your “human” skills: Focus on abilities that AI can’t easily replicate, like creativity, emotional intelligence, and complex problem-solving.

Understand AI basics: Even if you’re not in a tech role, having a grasp of AI fundamentals will be increasingly valuable.

Be flexible: The job market is changing rapidly. Be open to new opportunities and willing to pivot your career if needed.

Stay informed: Keep up with AI trends in your industry. Knowledge is power!

The rise of AI brings both challenges and opportunities. While some jobs may disappear, new and exciting roles are emerging. By staying adaptable, focusing on uniquely human skills, and embracing continuous learning, you can position yourself to thrive in an AI-powered future. The world of work is changing – are you ready to change with it?