If you haven't heard of artificial intelligence (AI) yet, you might be living under a rock. AI has become the buzzword across various industries and is changing the business landscape in unimaginable ways. As a result, AI has also been shaking and shaping the realm of employment. If you're a soon-to-be college grad who will be entering the workforce in the near future, it's best to prepare for what lies ahead—including acquiring technical know-how and skills with AI. This three-part series will explore the rise of AI in today's business landscape, show how it’s impacting the job market, and share some AI-related jobs for current and future college graduates. Let’s dive in!
The rise of artificial intelligence
AI is a popular technology that’s shifting how business is done across various industries with computer systems that simulate human intelligence, allowing it to think and work like humans. Picture AI-powered chatbots that answer frequently asked questions on websites, generative AI like ChatGPT for written content and DALL-E for visual content, or customer relationship management (CRM) platforms that let businesses manage customers, analyze data, and generate reports. All of these are perfect examples of how to use this technology. But there are so many more AI-integrated digital tools and technologies you can leverage. Here are some of the most notable:
- Robotic process automation (RPA): Software robots perform routine, repetitive, and rule-based operations to eliminate manual work and accelerate processes (like your Roomba vacuum, for example).
- Machine learning (ML): This involves algorithms that learn from datasets, enabling them to make predictions and decisions based on patterns and trends.
- Deep learning (DL): DL systems use multi-layered neural networks to comprehend complex data patterns and make informed decisions.
- Natural language processing (NLP): NLP software allows computers to interpret data and communicate using human language.
- Generative adversarial networks (GAN): These consist of two neural networks that generate and assess synthetic data.
- Computer vision: This technology allows machines to perceive and understand visual information.
- Speech recognition: This technology can convert verbal language to text format.
Related: 4 Smart, Responsible Ways to Incorporate AI and ChatGPT in Test Prep
How AI is shaping the future of business
The rise of AI shows no signs of stopping or even slowing down. In August 2023, Statista reported the global AI market could grow from $305.90 billion this year to $738.80 billion by 2030. It’s projected to expand at a 15.83% compound annual growth rate (CAGR).
Statista’s report also cites how AI has already infiltrated various industries. Companies and organizations have started embracing this technology for various operations. In fact, a whopping 80% of leaders use AI technology for different business strategies and decisions. Think of leveraging AI in health care for disease diagnosis, drug development, and personalized medicine. Consider its use in customer service and support, from chatbots to virtual assistants. AI enhances business functions by improving data accuracy and boosting efficiency and productivity. It aids in robust performance monitoring and measurement, assisted data analysis, targeted business forecasting, and generated business reporting.
How AI is impacting the job market
It’s safe to say that AI technology will continue to develop and evolve. Evidently, it’s expected to disrupt the job market and hiring world, and it's crucial to understand how this impacts your job search so you can make informed decisions as a college graduate. With that said, here's how AI is reshaping the job hunt for graduates in both good and bad ways.
It’s replacing human employees
AI is taking over some jobs—there’s no denying that. Positions such as bookkeeping, customer service, and content creation are all things being shifted to AI-automated processes. This technology is capable of handling routine tasks and analyzing data, which is causing job displacement concerns. However, a lot of tasks and many positions in the workplace still require human creativity and decision-making.
It creates new job opportunities
While AI is replacing some jobs, it’s also creating new opportunities. These roles include AI developers, data scientists, web designers specializing in no-code/low-code development, and software developers who integrate AI into new and pre-existing applications.
It opens a workplace skills gap
AI's impact on business has created a significant gap in skills, emphasizing the need for urgent reskilling and upskilling of the workforce to meet market demands. Continuous learning and training in AI development, data processing, digital infrastructure, and remote work will become vital for new grads and job seekers.
It streamlines job recruitment
AI optimizes the hiring process by streamlining job applications, online screenings, virtual interviews, and enhanced onboarding and training. Employers use AI-powered tools like applicant tracking systems (ATS) and intelligent virtual assistants to manage applications, conduct assessments, and facilitate onboarding.
It impacts the education sector
The widespread adoption of AI technology necessitates training in education, with a focus on STEM fields to prepare graduates for the skills needed in an AI-driven job market. Many colleges and universities are already emphasizing technological literacy, technical skills, creativity and innovation, and ethical considerations in their curricula in response to these changes in the workforce.
Related: A New Learning Ethos: What Does the Future of AI Look Like for Education?
There’s no denying the rise of AI in today’s business landscape, disrupting the workplace and the job market in equal measure. As a student, you need to consider the impact AI will have on your future employment. That way, you can start developing your AI skills now and prepare yourself for a fulfilling career. It will ultimately pay off in the long run for your career growth and success!
For a deeper dive into how AI is impacting the future of business and the job market, check out part 2 of this series here. You can also pick up more tips for your burgeoning career in our Internships and Careers section.
