‘AI will create job redundancies, but plenty of new roles too'

livemint.com:

Mumbai: The rise of artificial intelligence in digital transformation will present more opportunities, and looking at the right kind of upskilling avenues will transform AI’s impact on job redundancies, concurred a panel of senior industry executives at Mint Digital Innovation Summit 2024 on Friday. Speaking at the Summit, in a panel titled 'Macro View: What it means to become a Digital and AI leader’, Jayashree Satagopan, corporate president and chief financial officer of Coromandel International, said, “There will be job redundancies that will happen because of AI. But this is nothing new.

We have seen old jobs become redundant and processes becoming dependent on machines during the Industrial Revolution. But that does not mean work will be taken away from us. With the right kind of upskilling, we will be able to find better jobs to pursue.

New jobs will be created too." Dilipkumar Khandelwal, chief executive officer of Deutsche India, and managing director and global chief information officer of corporate functions at Deutsche Bank, concurred. “There will be change, but different things will add value to human work. One needs to be adaptive themselves, and the level of jobs will be lifted," he added.

Others, too, agreed that to ensure redundancies give birth to new employment opportunities, “upskilling and reskilling" of the present workforce will be crucial. “Upskilling and cross-skilling is not a challenge, it’s a reality. The message is to not get lost in translation," said Sigal Atzmon, founder and chief executive officer of US-based healthcare firm Medix Global.