AI Won't Steal Jobs, It Will Reshape Them

The rapid advancement of artificial intelligence (AI) has fueled concerns about widespread job displacement. However, a recent assessment by Morgan Stanley indicates a different trajectory, suggesting AI will primarily shift job roles rather than cause mass unemployment. The report highlights that employees will need to reskill for emerging positions as AI augments some existing jobs and creates entirely new ones.

Drawing on historical precedents, researchers noted that major technological revolutions over the past 150 years, including electrification and the internet, have reshaped the workforce without eliminating human labor. For instance, the advent of spreadsheets in the 1980s reduced the need for some bookkeeping roles but simultaneously freed up analysts for more complex tasks and spurred the creation of new financial professions.

Looking ahead, the widespread adoption of AI is expected to create roles such as 'chief AI officers' and surge demand for AI governance experts focusing on data compliance and policy oversight, particularly in sensitive sectors like healthcare. In the consumer and industrial sectors, new job titles like 'AI personalization strategists' and 'predictive maintenance engineers' are anticipated to emerge.

Furthermore, a study by the National Bureau of Economic Research found that AI's immediate impact on employment and productivity has been negligible, with over 90 percent of surveyed firms reporting no changes in the past three years. Despite this, these businesses remain optimistic, expecting AI to increase productivity and output in the coming years, with a significant majority planning to implement AI technologies.