Artificial intelligence is no new technology. The way AI is gradually engulfing our way of life is fact for study. Of course, that is what a new technology can do. AI has affected all aspects of our lives; healthcare, transportation, social interaction and especially employment and labour market.

The evolution of AI into the labour market has been received with open arms.. However, the foreseen impacts in the nearest future is somewhat discussed with mixed emotions.

Before we look into the impact of AI, we must understand what AI is all about. 

The replication of human intellectual functions by machines, particularly computer systems, is known as artificial intelligence. Expert systems, natural language processing, speech recognition, and machine vision are some examples of specific AI applications. Large volumes of labeled training data are often ingested by AI systems, which then examine the data for correlations and patterns before employing these patterns to predict the future.

Here are the impacts of artificial intelligence in the labour market now and the future;

AI enables businesses to automate repetitive, labor-intensive processes so staff may concentrate on more strategic and sophisticated duties. Employees have been able to improve their problem-solving techniques, sharpen their creative thinking talents, and cooperate more successfully as a result of this.

• Another impact of AI is its capacity to support decision-making. AI can analyse data and provide insights to help people make decisions more quickly and correctly. This has proved useful in many fields where judgments must be based on vast volumes of information, including finance and healthcare. AI reduces the need for human mistake and considerably increases decision accuracy because to its capacity to handle vast volumes of data fast.
• The employment process has been significantly impacted by AI. In order to locate eligible candidates for available positions fast, businesses may now use AI-driven recruiting platforms. These systems can quickly screen applicants, evaluate credentials, and provide managers with comments by utilizing machine learning algorithms. This streamlines the recruiting process.
• Also, AI may enhance worker and organizational performance. The integration of AI into the workplace also presents opportunities for employees to learn new skills and advance their careers.  AI may be used to track worker performance and give feedback, enabling managers to spot gaps and potential development areas. Additionally, AI may be utilized to automate employee training and development, allowing staff members to keep up with emerging technology and market trends. In the end, this results in a workforce that is more informed, motivated, and prepared to accomplish the objectives of their firm.
• The qualifications needed for some occupations will change as AI technology spreads. Jobs that traditionally needed physical labor, for instance, may now call for more technological abilities, including programming and data analysis. As a result, people will need to retrain and acquire new skills in order to compete in the employment market which is a good thing because it will improve the level of human capital. 
• Demand for soft skills will rise as AI replaces many repetitive activities; the positions that remain will call for greater creativity and critical thinking. Soft skills like teamwork, communication, and problem-solving will thus be in higher demand. This will also improve the level of human capital required for certain tasks. 

On the other hand, they say whatever has an advantage has a disadvantage. There is belief that AI would in years to come, destroy all that people have laboured for. The supposed negative impact of AI are summarized below:

• People are scared that AI will take over their jobs. This is because machines can perform tasks more efficiently and accurately than humans. Some occupations will become outdated as AI becomes more prevalent. This may include easily automatable tasks like data input and customer support. Workers in these sectors may experience unemployment as a result of this. 
• Another way that AI is changing the labour market is by causing salary stagnation or even wage declines. The demand for human labour in various fields declines as AI replaces specific functions, which lowers salaries.
• The constant use of AI for automation could promote laziness and dependency. People become so relaxed since AI can do the work. This will need to depreciation of human capital because most people won’t see the need to train since AI can do the job. 
• AI could be wrong. This is simply the Garbage in-Garbage out theory. 
• Another potential downside of AI is that it could exacerbate existing economic inequality as the benefits of AI technology disproportionately accrue to those who are already Wealthy and have access to the best resources. 
• Also, AI could create new security risks as Malicious actors begin to use AI technology for malicious purposes. 
• In addition, AI could raise ethical concerns as AI Technology increasingly begins to impact our human lives in ways that we may not be comfortable With.

In summary, AI is significantly changing the work economy. The influence of AI is extensive, ranging from changes in the skills needed for professions to the automation of monotonous work.

To remain competitive in the labor market as AI develops, it’s critical for workers to be informed and take charge of their upskilling and retraining.