Within the next decade, the world will see a major disruption of the workforce due to advances in artificial intelligence (AI) technology. According to a McKinsey Global Institute report, 375 million workers, or about 14 percent of the global workforce, may be required to shift occupations as digitization, automation, and AI technologies start to take over the workspace. In a separate 2018 report by the Organization for Economic Cooperation and Development (OECD), half of the global workforce is expected to be impacted one way or another by machine-learning technologies.
AI technology will be at the forefront of the Fourth Industrial Revolution, and it will prove to be a far greater challenge than the ones that preceded it. If the world does not prepare, robots and technology could cause mass unemployment. There are growing calls for policies such as Universal Basic Income (UBI) in many countries, but it will likely be a supplement to initiatives in reskilling and education.
AI is going to revolutionize many industries and bring great advancements to society. It will push us forward in many ways, but governments and the private sector will need to take bold initiatives. There are a few fundamental aspects that should be part of any approach taken by governments and companies.