Will AI create havoc in the Labor Market?
August 1, 2024
To those investors betting on AI the technology has become the new Dorado given its high returns (six percent).
By Beatrice E Rangel
To businesses and to S MES AI represents an added item in the cost structure with uncertain productivity gains. To workers AI emerges like a dark cloud munching employments everywhere. And all could be right should governments and businesses fail to see the merits of coupling AI with workers skills.
To be sure, AI is a technology designed to boost peoples.
skills: reduce the spoiling effect of repetitive tasks enhance vision of the market, anticipate consumer desires, and effectively guide employees in their development as workers and as human beings.
But to deliver on these promises AI needs to be inserted into the workspace with foresight and full understanding of the contributions it can make to specific tasks in the dimension of job enriching.
The insertion of AI thus must be preceded by a short introductory pep talk that describes the technology its properties and the ways it can be used to enrich tasks and facilitate the meeting of production targets.
This was the approach taken by the network of vocational schools in Massachusetts when confronted with the strong possibility of losing federal funding should their pupils under perform in math and language tests as established by the No Child Left Behind Act. The idea behind the act being that all children should have the ability to enter college and enrich their education through college entry should they decide to change their work course through life.
Vocational schools did not teach math or reading as they were supposed to prepare youngsters for early market entry as welders, carpenters, electricians, masons etc.
Faced with the prospects of losing federal funding the vocational schools leadership inserted into the proceedings coaches that inserted math and reading in every practical training. In time coaches merged with teachers as assistants and over a period of ten years children in vocational schools reached the same proficiency level as regular high school students. Today at least 20% of vocational school graduates enter college with an advantage over their regular high school peers: they have a trade that helps them get more rewarding part time jobs to ease the debt piling. In short, AI is here to stay and help us enrich our jobs while positively impacting overall productivity. We thus need to prepare ourselves and our employees for the deployment of this technology and the earlier the better.
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