LinkedIn’s chief economic opportunity officer, Aneesh Raman, has raised concerns about the effects of artificial intelligence (AI) on job markets. He warns that "the bottom rung of the career ladder" is breaking as AI eliminates traditional stepping-stone positions.
Decline in Hiring New Graduates
The impact of AI is already evident in the tech industry. A report by SignalFire highlights a significant decline in the hiring of new graduates by the 15 largest tech companies:
- Hiring Drop: Over 50% decrease since 2019.
- Pre-Pandemic Figures: Graduates made up 15% of Big Tech hires.
- Current Figures: This has fallen to just 7%.
This shift indicates a broader trend where tech roles are increasingly being distributed across various industries, including healthcare, finance, and retail.
Job Growth Projections
Despite the decline in hiring new graduates, projections suggest that jobs in software development and related fields will continue to grow rapidly:
- Future Workforce: By 2034, there will be 7.1 million people working in these fields, up from 6 million this year.
- Demand for Skilled Workers: The demand for skilled workers is high and increasing.
- Unemployment Rates: Software developers face an unemployment rate of just 2.2%, compared to 5% nationally for all workers.
Challenges for Displaced Workers
Raman emphasizes that many individuals who have been laid off or displaced due to their skills becoming obsolete may struggle to find work again. He warns that it may be difficult, if not impossible, for them to secure employment at a salary they can afford or even at any salary at all.
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