AI will displace many entry-level jobs. Graduates will benefit the most.
Worrying about the next generation is an AI cliché. But graduates are more than entry-level workers, and they stand to do well from the automation of menial jobs.
Must careers start with boring jobs?
Worrying about the prospects of the next generation is one of the most common AI clichés. But opinions diverge: whilst some think that AI will harm graduates’ career prospects, others are not quite sure.
True enough, graduates have different prospects than other entry-level workers. If a university degree means anything, it is that the holder has all the essential skills for a promising career. The concern is that AI is poised to automate entry-level jobs, which are typically the starting point for most careers.
But why are we stuck on the idea that careers must be forged through menial jobs? How would graduates hone their skills if these jobs were to disappear?
More founders, more learners - and more mentors
Most of the coverage about the disappearing graduate jobs focuses on large companies. But many young professionals find startup life appealing. Supported by know-how and capital, young minds can make the world spin faster. If a scarcity of entry-level corporate jobs pushes more graduates to entrepreneurship, that is no bad thing.
Beyond startups, even established companies need flexible thinkers and fast learners. Whilst these qualities are not the preserve of the young, they tend to be more prevalent in that age group. In an era of constant transformation, a learning culture provides pace and agility, and companies can benefit from staffing labs and intrapreneurship programs with young talent.
Companies would also benefit from empowering experienced workers to spend more time mentoring. A recent article calls for companies to rethink entry-level jobs “not to get things done, but to develop people”. Mentoring not only ramps up graduates' skills and experience but also develops the mentors’ leadership capacity.
The degree premium returns
Academic degrees have had a rough ride over the last couple of decades. Not only has the degree premium (the difference in average income between graduates and non-graduates) plummeted, but there is also evidence that many youngsters prefer vocational to academic studies.
The future looks rosier for juniors who can demonstrate critical thinking and the ability to perform jobs that require judgment. As the path to acquiring these skills goes through university, the degree premium will likely increase, and some academic degrees will become more popular. Whilst a more educated population is a positive outcome, debates about meritocracy and the inequality of education will resurface.
AI will once again turn degrees into assets, restricting access to knowledge-based sectors to those with the means and inclination to go to university. The renewed debate will be neither about AI nor about jobs: it will be about access to opportunity.