Layoffs have infiltrated nearly every work-related headline in recent months, but less workers don’t necessarily mean there is less work to do.
During the pandemic, a spike in demand for tech products and services meant these companies needed extra help to address growing appetite. However, a few years on, that same demand has fallen and left organizations with an influx of employees.
The logical step? Mass layoffs. And for many of these fired employees, they may never return to the workforce.
But what happens if demand grows again? For several companies, there is a more permanent solution that avoids the expensive, complicated hiring process.
Instead, companies are turning to artificial intelligence and automation to take over tasks.
Falling birth rates falling means falling workplace participation, suggesting that companies may not have access to the same pool of talent that they had just years prior during times of increased demand.
Incorporating AI means that menial, repetitive tasks can be completed without the assistance of humans. But in order for this technology to truly become a sustainable tool for the future of work, advancements will be necessary.
The next likely step in the implementation of AI at work will see humans work alongside automation, guiding tools to improve decision-making skills until it can do so on its own.