The Future of Work with Artificial Intelligence and Automation

Abstract

The emergence of artificial intelligence (AI) and automation signals a new era in the global employment landscape, initiating substantial shifts in job structures, economic productivity, and the competencies required within current labour markets. The thesis delves into the multifaceted impacts of these technological advancements, analysing how they are reshaping various industries and altering traditional employment patterns. Through comprehensive research and analysis, the study addresses the main research question: "How does the integration of artificial intelligence and automation technologies impact future employment patterns, economic productivity, and skill requirements in current labour markets, and what are the potential mitigations to adverse impacts on workforce and society?" A comprehensive exploration begins with a literature review, clarifying the historical development of AI and automation, and their projected advancements. The thesis acknowledges the dual-edged nature of technological shift, where AI and automation displace certain jobs while simultaneously creating new employment opportunities. Further investigation revolves around economic growth and productivity, addressing the challenges of job displacement and income inequality. The study also emphasizes evolving skill requirements and highlights the increasing demand for cognitive skills. It touches on global economic shifts and ethical considerations of AI in employment, including the aspect of energy consumption and cost associated with AI and automation. The findings suggest that while AI and automation will cause significant shifts, their full impact depends on humans and a symbiotic future with AI enhancing human potential should be encouraged. Final recommendations propose approaches for a balanced transition into a technology-integrated future.