Unemployment
Finance

Is Artificial Intelligence Fully Liable For Technological Unemployment?

On the one hand, many people say technology is responsible for job loss. In their opinion, advanced digital technologies are eliminating the requirement for people in an increasing number of jobs. But on the other hand, many people do not agree with their views.

This creates a paradox and people are not able to understand that is Artificial intelligence (AI) really destroying the job opportunity?

You might be wondering for the best answer, and if you are, then you are going to receive the best answer in this blog. We have to talk about technological unemployment in detail. And we have also mentioned how you can cope up with it.

Let’s execute with fundamental…

Before we know the effect of AI over the job, it is important to know about technological unemployment.

Unemployment
Unemployment

What is Technological Unemployment? 

This is the term that is introduced by new technologies. The jobs replaced by intelligent machines, systems. Now, you can feel that significant changes around the world, and now it is very hard to imagine the world without machines and artificial intelligence.

After the world embrace, the technology people are losing their job. There are several reasons behind it that we have discussed later in this blog. This job loss due to technological or AI is known as technological unemployment.

Is an Artificial Intelligence boost job opportunity or destroying it?

 We cannot provide the answer in one single line. It would be easy for you to understand the effect of AI with an example.

Suppose you run an industry where you require 10 workers (without technology). It means you end up with the extra cost. And the biggest problem that you may face is an error. Working with the help of humans may introduce errors and high costs.

But! If you embrace the artificial intelligence, then you will see some changes such as:

  • Reduce the cost of production
  • Error-free work
  • Accuracy and quality

However, you may need to invest money initially, but it will give you long term benefits.

Now, it is clear that introducing machine technology is introducing unemployment. But it is not one side of the coin. Let us introduce the other part of it.

The introduction of new machinery means reducing labor cost and it will decrease the commodity price. It means people can afford the price that will automatically boost demand. And to meet the requirements a company has to hire new employees. It means it is not only cut the cost but introduce new people too.

Is technology introducing competition in the job sector? 

In simple words, YES! 

“Today’s world needs mental intelligence as well as physical fitness.”

In earlier days, people with good physical gets works easily. But now, everything gets changed, to grab jobs these days, you must have skills and intelligence. This is because today’s machine can easily manage the physical work but to maintain them, you need intelligence.

This is the reason people are not getting a job (those who lose it). And it is surprising that jobs are available, but people with excellent skills are not available. Many companies, such as Google CEO said:

We do not want to know about your education if you have skills you are welcome.”

You can see that all you need is skills. In this cut-throat competition, you must have a learning attitude.

How to develop skills to get a job? 

You cannot learn skills in one day. You need proper training under experts. It would be better if you join some coaching where you can grab the knowledge about the latest technology.

Or,

Nowadays, many well-established businesses and companies are teaching youth about new skills. Though they may charge some fees but invest in it is not a bad choice. After all, it is something for your future.

If you think that you will not be able to manage the cost of the short term courses. In that scenario, you can either choose savings (if you have one) or short term loansIt may happen that due to some reason you were not able to save money, then you can choose a loan.

At this moment, you need instant money. So, it would be better if you approach direct lenders in the UK rather than conventional loan providers because they may provide you with instant approval without any rigid rule.

You can see how easily you can cope up with the money problem. Now, everything matters are your dedication. You can only survive in this competition if you have a learning attitude. In this world, technology is rising day by day. It means you have to learn a new thing every day.

 

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