Fear of AI replacing jobs is a genuine concern: Shrijeet Mishra | Mint
Active Stocks
Tue Feb 27 2024 13:38:43
  1. State Bank Of India share price
  2. 750.45 -1.13%
  1. Tata Steel share price
  2. 143.55 0.67%
  1. Sun Pharmaceutical Industries share price
  2. 1,569.55 0.81%
  1. Power Grid Corporation Of India share price
  2. 292.00 1.48%
  1. ITC share price
  2. 409.50 0.07%
Business News/ Ai / Artificial Intelligence/  Fear of AI replacing jobs is a genuine concern: Shrijeet Mishra
BackBack

Fear of AI replacing jobs is a genuine concern: Shrijeet Mishra

Need a policy framework and governance to mitigate the risks posed by AI to employees, says chief innovation officer and head group services at Aditya Birla Group

Shrijeet Mishra, chief innovation officer and head group services at Aditya Birla Group, addressed the Mint AI Summit 2023Premium
Shrijeet Mishra, chief innovation officer and head group services at Aditya Birla Group, addressed the Mint AI Summit 2023

Employees need to become AI-literate to mitigate the risk of job loss stemming from the rise of generative AI, says Shrijeet Mishra, chief innovation officer and head group services at Aditya Birla Group, during his address at the Mint AI Summit 2023.  

Addressing the session on ‘Generative AI for Enterprises’, Mishra said the fear of artificial intelligence (AI) replacing jobs is a genuine concern, necessitating enterprises to develop a strategic workforce. 

In response to the perceived threat of job displacement, employees should collaborate with HR to comprehend the AI initiatives undertaken by the enterprise. They should also participate in developing transparent change management initiatives and foster robust partnerships within the ecosystem. 

Mishra also laid focus on the need for a policy framework and governance to mitigate the risks posed by AI to employees.

Mishra also highlighted the various opportunities AI offers across various fields and sectors. While acknowledging that AI now surpasses humans in tasks such as weather prediction, medical diagnostics, music creation, R&D, personal therapy, care, and financial analysis, Mishra clarified that AI cannot replicate human capabilities in creativity, critical thinking, emotional intelligence, and leadership.

Mishra outlined three key aspects through which enterprises can leverage Generative AI: focusing on the value proposition, managing government risk, and ensuring compliance.

The rise of AI has sparked concerns among employees who perceive it as a potential job killer in various industries such as manufacturing and automation, transportation and logistics, healthcare, finance and banking, retail and e-commerce, customer service and support, agriculture, and legal services.

According to a report by Goldman Sachs, there could be a loss of 300 million jobs due to AI. The report specifically highlights that AI's impact varies across sectors, with 46% of tasks in administrative and 44% in legal professions susceptible to automation. In contrast, only 6% in construction and 4% in maintenance are deemed automatable, according to the report.

Meanwhile, a report by Microsoft’s Work Trend Index 2023, which came out in June, estimates that around 74% of Indian workers say they are worried that AI might replace them from their jobs.

However, experts also believe that the existence and rapid adoption of AI will naturally create a demand for jobs in that field. As companies seek ways to capitalize on the efficiencies and profitability of AI systems, they will need humans to lead the charge. 

There is also a rise of new fields with the rise of AI, including AI ethics specialists, AI trainers and educators, machine learning engineers, AI policy and governance experts, virtual reality designers and developers, AI systems designers and AI-based personalized medicine specialists, etc.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 08 Dec 2023, 06:45 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App