 |
| Photo: Collected |
Rising Unemployment in the Tech Industry: The Implications of Artificial Intelligence
With the arrival of the new year, workers are back at their workplaces. However, growing concerns about job security dampened enthusiasm. Despite advances in technology leading to career growth, a wave of unemployment attributed to the rise of artificial intelligence (AI) is becoming evident. Statistics reveal that globally, four million people have lost their jobs in the last two years due to these technological changes and the pervasiveness of AI.
In the previous year, Google's search trends were dominated by terms like ChatGPT, DeepFake, and AI. However, the full potential of artificial intelligence has yet to be fully realized, leading to increased unemployment. Research indicates that instead of contributing to the workforce, AI is causing 582 workers to lose their jobs every hour, or more than 24 people every minute. This staggering rate of job losses is a worrying consequence of the failure to fully develop the potential of artificial intelligence.
This technological boom has affected various industries, with the technology sector being the worst hit. According to layoff.fyi, a website dedicated to tracking layoffs, about 36,000 people have been laid off in India alone. Start-ups focused on retail, consumer services and financial technology witnessed the highest number of layoffs. The website also provides insight into layoff statistics, which demonstrate the growing plight in the tech industry.
Social media platforms, online gaming and online delivery services have all grown in popularity. However, this increase in use has not translated into job security for everyone. Layoffs.fyi paints a grim picture, indicating that 10,000 employees have been laid off in the past two years.
The wave of unemployment has created a sense of anxiety and distress among individuals worldwide. As the world grapples with the growing role of AI, efforts are needed to align technological advances with the job market to ensure a sustainable future for the workforce.