Recently, Telstra announced it had hired software firm Infosys to automate its software engineering capabilities and accelerate its use of artificial intelligence (AI).
Days later, the company announced it would cut 9 percent of its workforce. Though it says the two announcements aren’t linked, few believe that to be true.
Therefore, Telstra’s announcement has raised concerns about AI’s impact on the Australian workforce. So, how is AI impacting the Australian workforce? What opportunities does it present, and how can these be balanced against the risks it poses?
With thanks to the Sydney Morning Herald, Amazon, and The Australian Financial Review, we explore the rise of AI and its impact on the Australian workforce.
The range of jobs AI could impact is wider than you may think. In terms of job displacement, even higher-skilled roles could be affected. AI can analyse data faster than humans, so Data Analysts and Researchers could be impacted. AI could also have the ability to enter data and report finances.
Some believe there is a rush to deploy AI without considering potential risks and consequences.
AI also relies on the use of algorithms, which can be biased or discriminatory in nature. For example, AI software used in recruitment may favour male candidates over female candidates.
In addition, AI can be used to generate misleading content. In some cases, this content can damage people’s reputations and employment prospects.
Some forms of AI can also be highly dangerous if not appropriately regulated. Many believe that the high-risk use of AI, such as in surgery, should be banned.
However, it’s not all bad news. AI will also create job opportunities in other areas. Many AI systems will require humans to develop, maintain, and operate them.
Over the last four years, the Federal Government has led the way in organisations advertising jobs requiring human capital for AI. Commonwealth Bank, Deloitte, Amazon, and Macquarie Bank were among the other organisations that have invested heavily in human capital for AI during this time period. The New South Wales and Victorian Governments also featured highly on the list.
This means the public sector is competing with the private sector for AI skills, meaning those with AI skills are among the most in-demand workers in the country.
Source: Sydney Morning Herald
Both employers and employees are recognising the shift that is occurring. 63% of employers say they want to hire employees with AI-related skills. 90% of employers believe they will use some form of AI by 2028. Workers believe having AI skills could help enhance their career progression and career satisfaction.
Generative AI refers to automated technology that can generate content and ideas quickly. 84% of workers expect to use this in the next five years, and 90% believe it would benefit their work. Innovation and creativity was the top benefit of Generative AI identified.
AI is expected to significantly boost the Australian economy in the coming years. The Australian Government has said that AI could add between $170 billion and $600 billion to Australia’s GDP by 2030. Workers and employers both believe that extensive use of AI can increase productivity.
To prepare for the increase in AI, employees should retrain or upskill in areas where they feel machines could replace them.
While AI is expected to make some roles redundant, it is also expected to open up new career opportunities.
Are you unsure where your career is heading next? Public Service Resumes can help. We are pleased to offer various services, including career development coaching and interview skills coaching.