AI and the Future Job Market: Preparing for Tomorrow

As Artificial Intelligence impacts a wide variety of industries from accounting to scientific research, understanding the role it plays in automating tasks and creating new job opportunities is crucial for preparing the future job market. This technological revolution is not just about the tools and systems that emulate human intelligence; it's about a profound shift in the way we work, learn, and interact with the world around us. With AI's rapid advancement, the need to integrate AI literacy and skills into education is increasingly pressing. Students today face a future where AI will be an integral part of their professional lives, making it essential to equip them with the knowledge and skills to thrive in this new era. A recent study by SHRM and The Burning Glass Institute revealed that generative AI will have a major impact on white-collar jobs in industries such as tech and banking. 

Which industries are being changed by AI?

Almost all Industries are going to experience AI transformation. Those already being impacted include:

The financial sector: Tasks such as data management and market analysis can be carried out by using AI.

Technology: Software developers who carry out code generation and debugging activities can be assisted or have their work completely managed by AI. 

Regulatory compliance: The work of compliance checks usually done by lawyers, auditors, and compliance officers, can be carried out faster and more efficiently by GenAI, with fewer errors. 

Healthcare: AI can assist with many administrative tasks in healthcare, for example, it can help to reduce drug administration and dosage errors. In Telemedicine, AI can monitor patients’ health remotely with wearable devices and sensors. AI-enabled robots could be used in surgery to work around sensitive organs and tissues to help reduce blood loss and infection risks.

Supply Chain: Companies in the supply chain sector are using AI systems more to manage inventory, forecast demands, and for procurement. 

Other job roles being impacted by AI are roles involving routine tasks such as data entry and analysis, bookkeeping, and customer management. It is therefore expected that demand for AI tools will lead to an increased need for professionals trained in the use of AI.

AI Career Paths

The proliferation of AI in various industries will lead to a demand for skilled professionals trained in the use of AI. The projected need will include AI specialists, like AI and machine learning engineers, and professionals in other domains who are skilled in AI-powered processes. For example, Robotic Process Automation (RPA) is a significant part of payroll automation today, making payroll professionals proficient with AI and machine learning more in demand.

Career paths in AI include:

Machine learning engineers: The ML engineer’s responsibilities include designing ML systems, training, and retraining systems, analyzing and interpreting large databases, and documenting ML systems and other duties. They must have strong programming skills such as Python, R, Julia, Java, Lisp, JavaScript, and C++ and expertise in machine learning algorithms, data analysis, and model deployment. 

Data Scientists: They apply mathematical, problem-solving, and coding skills to manage big data and extract valuable insights. Data scientists are usually proficient in programming languages, data visualization, statistical analysis, and machine learning.

AI Engineers: They use AI and machine learning techniques to develop applications and systems that can help businesses increase efficiency, cut costs, and make better business decisions. AI Engineers are usually highly skilled in programming languages, statistics, data technologies, algorithms, and AI frameworks such as Theano, TensorFlow, and PyTorch.

AI Research Scientist: They conduct research in the field of AI, exploring and implementing new methodologies and algorithms. AI research scientists are highly skilled in math, statistics, computer science, and programming languages.

AI Ethicist: AI Ethicists are responsible for assessing and addressing ethical implications of AI technologies, and ensuring the responsible and fair use of AI in various applications. They understand the ethical considerations of AI and have legal and regulatory knowledge.

AI Software Developer: Responsible for the development and implementation of software solutions that incorporate AI components, as well as integrating AI algorithms into existing systems. Skills required of AI software developers include knowledge of programming languages and AI frameworks.

AI Consultant: Advises organizations on the strategic implementation of AI, assesses their needs, and provides guidance on AI adoption. AI consultants usually have a broad knowledge of AI technologies, great communication skills, and problem-solving abilities.

Skills Needed for AI Careers

The skills required for technical AI jobs are similar; knowledge of programming languages, data analysis, and machine learning. Most people who will work in these areas will require a background in mathematics, computer and computational sciences, engineering, and related fields. Apart from these, those who wish to work in the AI space must have analytical skills for interpreting data-driven insights, problem-solving abilities, and emotional intelligence. Soft skills such as communication skills and teamwork are also important because a lot of collaboration is required for AI jobs.

AI Education and Training:

As a student, you can prepare yourself for a career in AI by:

Take courses in mathematics, computer sciences, and related fields while studying for your degree. This will be an excellent foundation for a career in AI and your degree will cover the fundamental concepts of programming, algorithms, data structures, and computer architecture, which are essential for understanding the principles of AI.  You can also take additional courses online to sharpen your skills in prompt engineering, data analytics, machine learning, and AI ethics. All this will help you prepare for a career in AI.

The role of Universities in preparation for AI careers

Universities play a pivotal role in preparing students for AI careers in particular and AI in the workplace, in general. University teachers can adopt the following:

Incorporate AI into courses

Today, all students are exposed to one form of AI or another, especially GenAI such as ChatGPT. Students should be exposed to AI early in their field of study and how it impacts their course of study now and in the future.

Encourage students to learn AI ethics, laws, and regulatory framework

Students should be exposed to AI ethics and the legal framework within which it operates while in the university. Many organizations, for example, are developing AI frameworks to guide their hiring processes towards preferred outcomes.

Practical and hands-on learning

Opportunities should be provided for the practical application and use of AI in universities. Beyond being AI users, students should learn to become creators and innovators in the AI space.

Encourage the use of AI technologies

Many professors discourage the use of AI technologies by students because it would encourage cheating when AI is used to write essays and other assignments. Students should however be encouraged to use and explore AI technologies and this will boost their creative skills and critical thinking, which they would need when they eventually go to the job market.

The Future of AI and the Job Market

Aside from the fact that AI will create a variety of new jobs in the future job market, it will also transform many roles and hiring as a whole. AI, if utilized appropriately, can potentially reduce the impact of bias in hiring decisions and reduce the time and cost spent on recruitment processes. AI can also help to increase accuracy and productivity at work, leading to improved employee satisfaction. To harness the full potential of AI's benefits, stakeholders—including company leaders, HR professionals, and employees—must prioritize continuous learning and the adoption of new AI technologies. These technologies need to be applied strategically and within the appropriate context to enhance work efficiency and make the workplace more rewarding.

AI will bring a drastic change to many facets of life and this includes the evolution of new jobs. There are many opportunities in the future job market to tap into and to prepare for these opportunities, building skills and getting the necessary education are paramount.