Contrary to concerns about extensive unemployment due to the integration of Artificial Intelligence (AI) and automation, the ‘Future of Jobs’ report from the World Economic Forum, in collaboration with TCS, foresees the creation of 12 million more jobs through AI by 2025 than the number displaced. The report emphasizes that individuals who failed to embrace new skills and adapt to changing job market demands faced job losses.
Industries Poised to Benefit Most
Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, notes that industries within the manufacturing sector are expected to benefit the most from AI-driven job expansion. Areas such as supply chain, quality control, market predictability, customer service, and sales are likely to witness significant growth.
Workforce Apprehensions and Reskilling
The ‘Future of the Skills Landscape 2024’ report reveals that 82% of employed individuals express concern about the potential obsolescence of their roles amid technological advancements. Continuous reskilling and upskilling are deemed essential to prepare the current workforce for evolving job requirements. Organizations are urged to focus on talent development, while individuals bear the responsibility of continually upgrading their skill sets.
Collaborative Initiatives for Skill Development
Efforts by NASSCOM and the government’s Skill India mission, led by NSDC, align with future job roles and skill competencies. Collaboration between industry, academia, and government bodies is crucial to facilitating a positive impact on job creation through AI. Initiatives are underway to address the rising demand for AI professionals, projected to reach one million by 2026.
Addressing the Skill Gap
As of August 2023, India had 4.16 lakh AI professionals, with a projected demand-supply gap of 60-73% in critical positions like Machine Learning engineer, data scientist, DevOps engineer, and data architect, according to the ‘India Skills Report 2024.’ Job opportunities in sectors such as healthcare, retail, BFSI, logistics, supply chain management, and manufacturing will span technical and non-technical roles, influencing the industry directly and indirectly.
In conclusion, the positive outlook on AI job creation, as indicated by the World Economic Forum report, highlights the need for a proactive approach to reskilling and upskilling to meet evolving industry demands. Collaboration between various stakeholders is essential for maximizing the benefits of AI on job creation.
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