3 - 6 minute read
The advent of artificial intelligence (AI) in the workplace has sparked concerns among many Americans about their job security. A recent Pew Research report revealed that 62% of Americans believe that the implementation of AI in the workplace will have a major impact on the country’s workers in the next 20 years.
Of the 11,004 adults surveyed in the United States, only 13% believed that AI would help American workers, while 32% believed that it would hurt them. However, 32% believed that AI would equally help and hurt American employees, and 22% were unsure.
Many survey respondents expressed concerns about the potential for increased surveillance, data mismanagement, and misinterpretations in an AI-enabled workplace. Additionally, 71% of respondents opposed the idea of AI being used to make a final decision in the hiring process.
Despite the mixed views on what AI would offer to the workforce, two-thirds of respondents said they wouldn’t want to apply for a job where AI was used to make hiring decisions. The study also found that 81% of American workers expressed concern about being watched “Big Brother” style if AI was implemented in their workplace.
While 62% of Americans believe AI will have a major impact on workers generally, just 28% believe its use in the workplace will have a major effect on them personally. https://t.co/ExpDNlOsWl pic.twitter.com/biMSX1AUln
— Pew Research Center (@pewresearch) April 20, 2023
While AI has the potential to improve hiring processes, there are concerns about the algorithms identifying suitable candidates based on gender, race, or age. Survey respondents believed that AI may reinforce the same prejudices that companies are trying to eliminate. This could create an environment where certain groups of workers are systematically excluded from opportunities.
While respondents did acknowledge that AI could help identify and select candidates based on their skills and experience without any biases, they also recognized that AI lacks the human touch that is needed to evaluate a potential employee’s character and personality.
Investors should take note of the rapidly changing technological landscape and how it may impact the future of work. As AI continues to gain traction, the job market will be affected in various industries. Investors should consider investing in companies that utilize AI technology intelligently to reduce bias and achieve better hiring outcomes.
On the other hand, companies that are slow to adapt to AI may experience difficulty attracting top talent and face increased competition from companies that are more adept at hiring with AI. Investors should also monitor how governments regulate AI in the context of the workforce, as rules and regulations that impact the use of AI could affect companies and their valuations.
Artificial intelligence presents an opportunity to streamline the hiring process and eliminate biases. Companies that can harness AI to increase diversity and inclusion can be more competitive in the recruitment process. Additionally, companies that develop AI for use in the workplace, such as AI-based software that helps employees collaborate and automate mundane tasks, are likely to experience an increase in revenue and a reduction in costs.
However, companies that refuse to adopt AI technology may find themselves lagging behind competitors, thereby losing top talent to companies that have embraced the technology.
The Bottom Line
The rapid rise of AI technology in the workforce is likely to have a profound impact on the future of work. While AI has the potential to improve the hiring process and eliminate bias, investors should take note of the potential risks to companies that refuse or fail to adapt to the changing landscape. Be sure to follow along as the conversation around AI and the workforce evolves.
