It is undeniable that artificial intelligence holds a transformative influence across each and every business sector. The financial job market is no exception. Let’s dive deeper into the matter.
Opportunities and challenges
When it comes to the impact of artificial intelligence in the job market, opportunities and challenges go hand in hand. Particularly in the financial field, artificial intelligence can enhance automation, improve analysis and support decision-making.
On the other hand, innovations in artificial intelligence also present risks that are able to potentially affect the fragility of the financial markets. Overall, artificial intelligence has the capacity to improve the workflows in the financial industries thanks to its processing and structuring of data.
Restructure of the labor market
In the financial labor market, job cuts, increasing efficiency and job creation are all noticed at the same time. If the core value of a job relies on its manual work, then artificial intelligence poses no risk to the respective workers. However, if artificial intelligence has the power to perform and even improve the value of a certain job, cuts ensue.
Jobs that can easily be replaced are mostly those based on standardized tasks. However, there is a rapidly growing demand for other types of jobs, a phenomenon that is a reality only because of the evolution of artificial intelligence.
Now, professionals who are equipped with strong problem-solving skills and are capable of efficiently responding to the changes in the market are more valuable than ever. They are the ones needed to lead the workforce in the era of artificial intelligence.
Shifting demand and diverse skills
The demand for professionals continues to irreversibly change due in great part to artificial intelligence. The demand is significantly lower for job positions comprised of manual and cognitive tasks.
Simultaneously, it is in constant growth for talents whose skill set centers around communication, creation, logic, creativity and technology. In the financial labor market, the next wave of recruitment trends will much likely be founded on the following considerations.
Employers will hunt for candidates with, at least, basic knowledge in artificial intelligence, and the best combination of soft skills. As machines and software brought to existence by artificial intelligence will be able to perform a wide range of activities, job seekers need to keep focusing on developing their soft skills.
Why? Because a big part of the technical components of their job will be in charge of technological innovations. With a diverse skill set, applicants will be eligible to work in a broad selection of industries.
In conclusion, the impact of artificial intelligence in the job market is a continuous tale of balancing opportunities and threats, improvements and struggles.