As the world moves from 'globalization' to glocalization, the era of digitization seems to make its entry into global markets too. We've stepped into the age of digital disruption where every new technology succeeds over its predecessor, proving the former a failure.
Increasing digital market environments are becoming a goal for every contemporary business organization. Digital interventions of social, analytics, mobile, big data and cloud technologies are laying the foundation for transformation. When these are integrated into cognitive computing, robotics, internet of things, 3 D printing, they form multiple disruptive scenarios like P2P, remote healthcare, digital banks, etc.
From the industry perspective, digital disruption is blurring lines between practices and learning from one industry being implemented in the other. Proliferation of smart devices and surge of AI, is the new battleground that is taking many sectors by storm.
AI has become the new hiring manager as job losses are projected to be the next big story. A recent World Bank research shows that AI threatens 69% and 77% of jobs in India and China respectively. A report by US-based research firm HfS Research states that about 7 lakh low-skilled workers in IT and BPO industry in India are likely to lose their jobs 2022, due to automation and AI.
Further, AI is set to affect 60%-70% of the current jobs. They will either get marginalized or totally eliminated.
A number of AI-based startups like Skillate, Belong, Stockroom, etc. scan through resumes and contain automatically updating algorithms for CVs. All of these are slowly taking over jobs portals like monster.com, Indeed, etc.
AI is shaking up the recruitment industry. Companies like Airbnb, WeWork, are starting pay-per-use models in both products and services. This has consistently given rise to freelancers who enroll for project-based work in growing gigs economy. Projections show that 43% of the US workforce will be freelancers by 2020.
In the time interactivity, where AI ensures upgrade on the go, jobseekers often complained of websites becoming useless for their resumes. Many even complained of no update on feedback on their interviews.
With AI, the most prime concern is of privacy. It is naive to believe that AI-based platforms only track data in the public domain. A lot of times, a candidate's political bias might potentially affect the employer's decision-making. Or in the digitally-dominated world, potentially employable candidates who don't use a lot of computers, may miss out on opportunities.
It is largely expected by cyber specialists that gradually, a person's digital footprints will significance in the future.