Call to Action
Parrado and team say that the findings are a call to action as “AI could exacerbate global inequality,” and he emphasized that the impact will be swift compared to the industrial revolutions of the past.
“These estimates do not directly correspond to job losses, but they do indicate that a large proportion of occupations are vulnerable, and that there is an opportunity to leverage the jobs that will be most affected. We must have a plan for the impact that AI could have.” – Eric Parrado
The IDB Index though isn’t just a harbinger of doom. Parrado says that AI will boost productivity, and we won’t necessarily see mass lay-offs (although some companies including Dell are slimming down now and pointing to AI as a reason). Instead, AI could create new job opportunities, so we might face a period of “readjustment in the job markets.”
“We recommend a significant investment in education and re-training programs that should focus on developing skills that are complementary to AI, such as in areas of critical thinking, creativity and emotional intelligence.” – Eric Parrado
In April, the President’s Executive Office released a report about increasing AI capacity across the Federal Government called the National AI Talent Surge. It has also published an analysis of “AI-vulnerable occupations” in which it warns that we are already seeing AI having an impact.
The vulnerable roles “correspond to roughly 10% of overall employment in the economy,” it explains. “And, these occupations are already showing some signs of decreasing demand, such as slower employment growth and fewer incoming workers.”
The Council of Economic Advisers will continue to monitor and analyze, the report says; but the IDB, among others, suggest re-education and re-training are needed now.
