Your last point I think is the crux for now, if you can get so much more value out of talent then the market will eventually price that into wages. I think the idea some have instead is that I can use cheap, unskilled people to get the same value as before, which is probably true for some aspects of the industry. My experience of that so far for boutique software is AI propels unskilled employees at light speed into dead ends, similar to how a junior would spend two weeks following ideas from stack overflow and being unable to execute on it.
However AI definitely is capable of lower end software tasks and really well trodden ground, especially when managed by a developer, so perhaps what we will see is a bigger gap in pay and talent not too different from the off-shore vs on-shore market comparisons.
The key for me though for me is that, if AI makes your employees 20% more valuable, that will either get priced into their wage or captured by the business, but it still doesn't replace the need for good talent (software engineer, agent handler, whatever it will get called).
However AI definitely is capable of lower end software tasks and really well trodden ground, especially when managed by a developer, so perhaps what we will see is a bigger gap in pay and talent not too different from the off-shore vs on-shore market comparisons.
The key for me though for me is that, if AI makes your employees 20% more valuable, that will either get priced into their wage or captured by the business, but it still doesn't replace the need for good talent (software engineer, agent handler, whatever it will get called).