Lay off: San Francisco-based cloud major Oracle has reportedly laid off more than 3,000 staff from its recently-firm, Corner. Corner is an electronic healthcare records firm and had 28,000 employees during its June 2022 acquisition. The news regarding layoffs came from Insider, formerly Business Insider, an online news company Elsewhere, telecom giant BT has announced it will prune its workforce by more than 55,000 by the end of 2020s. BT employs approximately 130,000 people but this number will go down because of emerging technologies like AI and automation.
What is AI?
Artificial Intelligence is a technology that replaces many human jobs with computers and robots. Though AI or Artificial Intelligence has been around for several decades, its impact has begun to be felt only recently. AI chiefly replaces repeatable jobs like computer programming.
Chatbots, powered by Artificial Intelligence, can also substitute for customer service agents. In fact, a 2013 University of Oxford study concluded that AI can replace over 47% of all US jobs over the next 20 years.
Many tech watchers also agree that AI can take over legal, sales and marketing and writing jobs as well. Coming back to the Oracle example, much of the layoffs have happened in the sales, marketing and legal departments. This implies that AI is indeed impacting a lot of white-collar jobs.
Earlier in May 2023, Buzzfeed announced the company was restructuring its operations. Most of the content-writing work of Buzzfeed would come from ChatGPT and similar AI technologies, the company’s managers said.
How will AI impact the economy?
While Artificial Intelligence will take away several jobs, this technology will impact the global economy significantly. McKinsey says that AI will add another $13 trillion to the global output by 2030. This figure will constitute 1.2% of the global GDP.
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