Redefining the Job Market with AI

Artificial intelligence (AI) has taken the world by storm since its invention, quickly becoming a leading tool in increasing efficiency, reshaping work, ideating and producing. AI is considered by some professionals to be a strategic partner for both people and performance, redefining the concept of productivity and how the workforce operates. Following the current trajectory, AI is leading the world’s industries towards a people-first future, through support in all areas of work as well as job creation. These new jobs are better fitting to the modern employee’s needs and expectations, making AI a revolutionary tool in employee satisfaction.

Studies have shown that AI is changing the job market in three key ways. First, these tools are actively promoting change through the job application process, supporting new applicants in activities like writing resumes or cover letters and even preparing for interviews. Artificial intelligence can even help hopeful applicants to learn new skills needed for a job or interview or to research potential employers. Passively, AI is creating more jobs. In fact, experts predict that nearly 170 million jobs will be created by artificial intelligence over the next ten years. This number is equivalent to approximately 14% of today’s global employment. AI is also making the workforce more adaptable, transforming and expanding the way that existing jobs function for different employees. This means that AI can be used to support those with disabilities, making more roles accessible and saving time for those who may need to adapt and allocate it elsewhere. These changes are strongly aligned with overall modern expectations of employment as the standard workplace environment continues to evolve and grow.

AI and recruiting is giving the modern employee not only what they want, but also what they need in the coming years. Priorities are shifting to accommodate these wants and needs, with many respondents telling experts that the areas of work demanding change are pay structures, work-life balance, employee ability and job stability. In terms of pay, AI is fostering this need through offering employees avenues by which to earn more money. Studies show that learning AI can increase pay by a staggering 25%. Additionally, there are wage premiums available for job vacancies that require AI in the United States.

In terms of work-life balance, over 60% of business leaders say that AI has improved this balance. Because AI can take care of administrative tasks and tedious work, many employees have more free time, experience greater productivity, can take on more complex tasks, see a high return on investment and may even enjoy a four day work week. Business leaders who are open to a four day work week report feeling much more confident about it with the help of AI. Similarly, the capability of employees to work at their highest potential is abundant when AI is involved. 30% of hours in the US economy can currently be automated, meaning that burnout rates of workers not using AI are nearly 15% higher than those taking advantage of automation.

Greater job stability is also a positive byproduct of AI in the workplace, as many Americans feel that their comfort level with AI increased their confidence in their role. An educated and capable workforce is worth fostering in today’s market. These factors have all been found to be major drivers in employee loyalty, resulting in retention and growth of talent across the board.

It is important to understand generational differences in AI usage given its overall newness to the world and to the workplace. However, early adoption is evident, especially amongst Generation Z and Millennials. Over half of these younger generations are already using AI daily, many to reach their goals and take the next step in their career. Studies show Generation Z focuses more on meaning, while Millennials are very money-focused, both traits that can be influenced positively by AI. Refusing to take these steps can result in employee turnover, especially amongst younger generations, further emphasizing the importance of using tools like AI to the company’s advantage.

When this is done properly, employee retention becomes easy. Employees, even top talent, are more inclined to stay with a company when they are reaping the benefits of personalized engagement strategies, increased workplace efficiency and an overall reduction of stress. Employee loyalty also increases under these systems, as the workplace becomes more pleasant and the business thrives. The best talent today are attracted to companies that are using AI because these skilled employees know that it is the key to an efficient environment. Artificial intelligence is not just being used to reshape the job market, but it is more importantly reshaping humans, how we work and the emotions associated with a positive work environment.