The rapid adoption of artificial intelligence (AI) in various industries has sparked concerns about its impact on job markets worldwide. Within three years of becoming available to consumers, AI has been embraced by businesses of all sizes, with over 50% of companies with more than 5,000 employees using AI by 2024. While AI promises increased productivity and lower costs, it also poses significant risks to workers, particularly young college graduates and those in precarious employment situations.
The consequences of AI adoption are already evident in the job market. The number of young college graduates entering the workforce has hit an all-time low, full-time salary jobs are being replaced by gig work, and resume dishonesty has become more prevalent as job seekers struggle to stand out in a competitive market. This trend is not surprising, given that technological advancements often exacerbate existing inequalities rather than alleviating them, as noted by scholars such as Albert Einstein and Stephen Hawking.
AI systems have already demonstrated significant gender and race bias due to the data they are trained on. Experts warn that the combination of prejudiced software and global rollout is driving exploitation. A recent report from the United Nations’ International Labour Organisation (ILO) suggests that AI is likely to widen the gender gap in employment. The report found that in high-income countries like the US, women face a 9.6% risk of ‘high automation potential,’ three times that of men at 3.5%. Jobs frequently held by women, such as administrative, clerical, and data entry roles, are particularly vulnerable to automation.
While the gender gap in labor hours worked has narrowed in recent years, the gender pay gap persists, with women’s work often being undervalued and directed towards household tasks. To mitigate the negative impacts of AI on women and other vulnerable groups, significant changes are needed in the current labor environment. As AI continues to ‘revolutionize work,’ it is crucial to safeguard against AI-driven austerity and ensure that the benefits of technological advancements are shared equitably.
