Adapting to Change: How AI is Shaping the Job Market of Tomorrow

Numerous news stories focus on how AI will replace workers in their positions. Hollywood performers and writers have also expressed concern about AI because they fear that their work may be used to teach machines that will eventually replace them.

Yet, research by Emma van Inwegen, a Ph.D. student at MIT’s Sloan School of Management, has shown that AI also has the potential to level the playing field for non-native English speakers searching for jobs by aiding them in better presenting themselves to English-speaking employers.

She examined 480,948 job applicants who applied for positions requiring English proficiency between June 8 and July 14, 2021, but who predominantly resided in countries where English is not their mother tongue.

7.8% more people were hired when they deployed AI. According to her working paper, which was co-authored by MIT Sloan Ph.D. student Zanele Munyikwa and MIT Sloan professor John J. Horton, they also made 8.4% more money than those who didn’t employ AI.

Additionally, their study revealed that those AI users made an average hourly wage of $18.62 as opposed to $17.17 for those who received no resume assistance.

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Small Firms Leverage AI’s Benefits

No evidence that employers were less satisfied with employees who employed AI to land a job was also discovered by the study.

Small firms can compete better against larger corporations if AI helps them become more productive and efficient. Small firms have found it challenging to keep prices down in the face of high inflation and growing wages, but some have found assistance through AI.

Anip Patel, the owner and founder of CaPatel Investments, an early-stage venture capital firm that primarily invests in businesses that uphold South Asian values, claims that AI has improved his business’ productivity.

With AI, creating brochures and presentations that once required days of research and writing can now be completed in a matter of hours, giving his helper more time to complete other tasks.

AI, according to Anip Patel, the owner and CEO of CaPatel Investments, an early-stage venture capital firm that predominantly invests in companies that maintain South Asian values.

His assistant now has more time to finish other work since AI can create brochures and presentations that traditionally required days of research and writing in a couple of hours.

Not just Patel but others also notice that. Constant Contact, a digital marketing and automation platform for small businesses, reported that of the 486 small businesses it surveyed in June, 91% of those using AI said the technology has increased their business’ success.

They are also using it to gain back valuable time in their week, reduce manual errors, and expand more quickly.

Furthermore, 28% claimed that during the following 12 months, AI and automation will enable them to save at least $5,000.

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Source: MSN