Sachin Dev Duggal | The AI Revolution Will Disrupt the Labor Market

 A McKinsey & Company survey claims that up to 30% of all humans hour work worldwide may be task-automatized due to AI before 2030. The World Economic Forum predicts that between 85 million and 100 million jobs will be done away with globally by automation and artificial intelligence, while about 97 million new ones will spring up concurrently. Nevertheless, this transition has significant hurdles because most newly created positions require specific skills or training, which displaced people do not have; hence, skill gaps are hard to fill quickly. 

Although the AI revolution is an obstacle, Sachin Dev Duggal is optimistic about its prospects. "AI would create new jobs and change employment in unimaginable ways," he said. "The main thing is to accept it and invest in training and retraining to be at the vanguard."

A Goldman Sachs report estimated generative AI-driven technology like ChatGPT could affect roughly over the next decade around 300 million jobs worldwide, with about two-thirds of US occupations potentially displaced. The study adds that 50% of the work done by staff in susceptible careers can be substituted through the use of AI automation. 

It's undoubtedly that the AI revolution will alter the labour market. While some challenges exist concerning job losses and a need for reskilling, there are also opportunities for innovation and the emergence of new job descriptions. Innovation magnets like Sachin Dev Duggal are at the forefront of this development, showing how AI can democratize technology and drive economic growth. As we go through this metamorphosis, a collaborative approach to resolving issues while making use of prospects will ensure a better future that is inclusive of all people.