The danger posed by AI to white collar jobs
Artificial Intelligence (AI) or the so-called Blue Collar jobs are currently changing and taking the market by storm. With the advancement in scientific innovations, firms seek to have AI and robots that are fast and showing progress in the job place.
The latest report by Organization for Economic Cooperation and Development (OECD) reports that in the developed countries, there is a possibility of automating 14% of all Jobs. Automation starts from the first Jobs, where image recognition and machine learning have grown at high speed.
Some of the white-collar jobs under threat in the present world due to AI are in the fields of finance, medicine, law and recruitment.
Handling finance in an organization involves logistical issues such as assessing investment risks and estimation of overseeing compliance. The work also includes managing portfolios for the firm, the same as many accounting processes required.
Financial institutions are opting to use AI with the percentage growing to 32% as a study by Deloitte auditing firm notes. The firm also reported that an additional 40% of financial institutions are in consideration of using AI. When a company employs such a technology in its financial management, it is likely to cut its staff by 30% hence a threat to such a white-collar job.
The world is moving from the traditional methods of treatment where doctors could give prescriptions. Radiology, for example, is one of the specialties under which we attain image recognition.
Through the use of the algorithm in the US, doctors can detect 96% of cases for tuberculosis. Such is a high number hence a high substitution of human resources in the health operations. The study has also shown that AI is capable of diagnosing health conditions through the use of CT scans attaining accuracy of 91%.
Other technologies, such as data bank created by the French Society of Radiology with 500 million radiology files to enable AI-based analysis to pose a threat to the white-collar jobs in this sector.
A study in 2018 comparing the accuracy and efficiency of detecting errors in a contract between AI and 20 US lawyers found that AI has the capability of detecting errors in multiple contracts simultaneously within 26 seconds and with an accuracy of 94%.
On the other hand, the same task cost 20 US lawyers about 92 minutes while achieving an accuracy level of 85%.
The above outcome is a clear indicator of how Lawyers are at risk of losing their jobs to the AI, which is more effective and efficient in that line of work.
Algorithms such as HireVue have taken the marked aiding in the selection of the best candidates to avoid the habit of trying to impress the interviewer in a job interview.
The software assesses video interviews of a job seeker through the utilization of AI. Large firms such as Goldman Sachs use this technology, which is in use by more than 600 farms.
Such programs pose a threat to human job interviewers in large firms; hence, AI is taking charge slowly and bringing completion in the white-collar job market.