Artificial intelligence is all the buzz lately. Generative AI chatbots like ChatGPT can summarize scientific articles for you, debug your faulty code, and write Microsoft Excel formulas at your command. But have you ever thought how many jobs could be replaced by AI? Goldman Sachs thinks it’s like 300 million.
According to the investment bank, about 300 million jobs could be lost to AI, indicating that technology can and will increase work as we know it. Like previous technological revolutions, AI can help companies reduce costs by automating certain processes, freeing up companies to grow their businesses.
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A global economic research report from Goldman Sachs stated that AI could automate 25% of the entire labor market but could automate 46% of administrative tasks, 44 % in legal occupations, and 37% in architectural and engineering professions. Of course, AI poses the least threat to labor-intensive careers such as construction (6%), installation and repair (4%), and maintenance (1%).
The study also concluded that 18% of the global workforce will be automated by AI. And in countries like the US, UK, Japan, and Hong Kong, up to 28% of the country’s workforce will be automated by AI.
However, the study shows the potential for a balanced and mutually beneficial relationship between workers and AI. The study says that the jobs exposed to automation will use their free time to increase their work productivity.
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But if you’re worried about your job being usurped by AI, Goldman Sachs expects that displaced workers will be re-employed in jobs that emerge as a direct result of the widespread adoption of AI. Displaced workers may also see higher levels of labor demand due to non-displaced workers being more productive.
Consider how IT innovations create a demand for software developers and, with increased income, directly increase the demand for education, which creates a demand for higher education professionals. It’s a domino effect, but an alarming one nonetheless.
AI’s potential to displace 300 million jobs is a major concern for workers and tech moguls. Prominent names in the industry, such as Steve Wozniak, Rachel Bronson, and Elon Musk, signed an open letter to stop AI experiments. The letter stems from fears that AI development is too fast for humans and could topple our society as we know it.
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In early May, tech giant IBM announced that it plans to replace nearly 8,000 jobs with AI, with human resources professionals being the first to go. Many companies within the tech sphere are changing their company goals and cutting jobs as they all fight to win the AI race.
Amazon and Meta have laid off thousands of employees, halted special projects, and discontinued product lines to make way for transformative AI technology. And the goal is not to recreate ChatGPT. These companies are using generative AI to transform advertising and shopping experiences and free up employees in the process.
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In March, the US Chamber of Commerce called for heavy regulation of AI at the federal level to ensure job, national, and economic security. Generative AI is the most game-changing technology humans have created in a long time. And although impressive chatbots lack real intelligence, technology is changing our world every day.