How Can Artificial Intelligence Impact Jobs?

Artificial intelligence (AI) is predicted to affect almost 40% of jobs around the world, replacing some and complementing others. Consequently, we need a careful balance of guidelines and regulations to tap into its potential for efficiency as well as new job opportunities. International standards for AI, such as ISO/IEC 42001, ISO/IEC 23053, and ISO/IEC 23894, provide consistent guidelines to assure the ethical and responsible use of AI in business.

How Is AI Impacting Jobs?

While AI is creating new job opportunities in sectors like AI development and data analytics, it is also leading to job displacement, particularly in industries that rely heavily on routine and repetitive tasks. 46% of office and administrative support tasks, such as office staff, production workers, and customer service representatives, are considered the most vulnerable to automation. As stated by Goldman Sachs, 25% of routine tasks can already be robotized, and some studies predict that 300 million jobs could be lost or degraded globally by 2030.

Due to AI, we are on the brink of a technological revolution that could jumpstart productivity, boost global growth, and raise incomes around the world. On the other hand, AI could also replace jobs and deepen inequality.

AI may impact about 60% of jobs in advanced economies, and roughly half the exposed jobs may benefit from AI integration, enhancing productivity. For the other half, AI applications may execute key tasks currently performed by humans, which could lower labor demand, leading to lower wages and reduced hiring, and in the most extreme cases, some of these jobs may disappear.

How Is AI Expected to Impact the Workforce?

According to research released by the International Data Corporation (IDC), introducing AI in business setups will result in $19.9 trillion being pumped into the economy by 2030 while contributing up to 3.5% towards global GDP by 2030. Another study done by McKinsey found that 70% of surveyed firms will be using some type of AI technology by 2030. These studies show that AI will have a tremendous influence on the global workforce in terms economic growth and technological innovation.

Integrating AI in the Workforce

An AI-driven future is underway. Embracing this evolution will be very important to secure a workforce with stability, relevance, and success. Standards for AI provide a consistent framework to guide organizations in responsibly and ethically using AI. By adhering to standards such as ISO/IEC 42001, ISO/IEC 23053, and ISO/IEC 23894, organizations can assure that their AI management systems are fair and adhere to regulations.

• ISO/IEC 42001 is a certifiable standard focusing on the governance of AI management systems (AIMS), which are the policies and procedures that contribute to the oversight of AI applications. This methodical approach helps businesses balance innovation and governance while managing risks and opportunities.
• ISO/IEC 23894 provides a framework and best practices tailored to the unique characteristics and risks associated with AI systems, addressing the entire AI lifecycle. The standard assists organizations to develop, deploy, and use AI responsibly and effectively.
• ISO/IEC 23053 establishes a framework for describing generic AI systems that utilize Machine Learning (ML) technology, promoting interoperability and common understanding in the AI ecosystem. This standard promotes ethical and responsible AI development and facilitates clear communication among stakeholders involved in the development, deployment, and use of AI systems.

How Does Compliance to AI Standards Benefit Organizations?

Complying to standards for AI offers various benefits for organizations:

• Enhancing transparency in AI system design and operation
• Improving data quality for reliable AI systems
• Increasing AI system reliability and trustworthiness
• Incorporating societal and ethical outcomes in AI development
• Bridging gaps in regulation by providing a common basis for understanding and compliance

By detailing repeatable guidance, standards support organizations in their implementation of an ethical AI management system.