AI's Impact on Job Displacement & Economy PDF

AI’s Impact on Job Displacement and the Economy MIS 4200 Team 3: Alex Hawkins, Ben Elgin, Cam Lewis, Kevin Diaz, Lauren Fitzgerald, Sam Ross  Job displacement refers to workers losing their jobs because AI systems...

AI’s Impact on Job Displacement and the Economy MIS 4200 Team 3: Alex Hawkins, Ben Elgin, Cam Lewis, Kevin Diaz, Lauren Fitzgerald, Sam Ross  Job displacement refers to workers losing their jobs because AI systems are now performing roles Ethics Issue: traditionally done by humans. Job AI systems now perform tasks like Displacement data analysis, technical support, and even decision-making that once Due to AI in IT required human professionals. & Analytics Ethical concerns arise about the future of employment, particularly for mid-career professionals in these sectors.  AI's Role in Automating Technical Roles AI and Workforce Transformation: AI has led to the automation of tasks in industries like data analysis, system management, and even customer service. Efficiency vs. Employment: While AI improves efficiency and reduces costs for businesses, it creates ethical dilemmas regarding job loss and economic inequality. Business Impact: Companies prioritize adopting AI because it leads to productivity gains and cost reductions, but at the expense of human workers. Economic and Social Impacts Short-Term Impact: Loss of jobs in technical and analytical roles leads to economic instability for workers. Long-Term Impact: As more companies adopt AI, the demand for skilled human workers in these fields diminishes, contributing to growing income inequality. Ethical Questions: Are companies responsible for mitigating the social harm caused by AI adoption, and how should they balance innovation with their employees' welfare?  AI Replacing Data Analysts Example: AI tools like predictive analytics platforms can analyze large datasets faster and with fewer errors than humans, reducing the need for traditional data analysts. Impact: Many data analysts are finding their roles becoming obsolete or transitioning into more advanced roles requiring new skills, leading to significant retraining challenges. Outcome: Companies may no longer need entire teams of data analysts, raising concerns over workforce redundancy.  Example: AI chatbots and automated systems are now handling basic to intermediate IT support tasks, reducing the need for human IT support professionals. AI Replacing Impact: Entry-level positions in IT support are disappearing, creating fewer IT Support opportunities for young professionals Staff entering the field. Outcome: Ethical concerns about how to transition displaced workers into new roles, especially without sufficient retraining resources. Quiz Questions