We all know that artificial intelligence is here to stay and for many the threat of losing their jobs appears to be an ever-looming threat. According to a Goldman Sachs report, more than 300 million jobs around the world can be disrupted by AI. McKinsey estimates that some 12 million people will change their job scope by 2030.
The good thing is AI is estimated to add between $17 trillion and $26 trillion to the global economy. The McKinsey report also predicts that between 2030 and 2060 more than half the tasks that we do today will be fully automated. The World Economic Forum expects that 83 million jobs will be lost over the next five years and 69 million new jobs will be created. That means that 14 million jobs will no longer exist and the jobs that people still do have will change tremendously.
The impact of AI
The World Economic Forum states that 44% of workers’ core skills will change in the next five years.
The jobs that are likely to completely evolve or to be automated away are, marketing and sales, software engineering, research and development, accounting, financial advising and writing.
However in the long run AI will create more jobs.
Stanford University innovation economics, Erik Brynjolfsson said, “I do not think we’ll see mass unemployment. But I do think we’ll see mass disruption, where a lot of wages for some jobs will fall, wages for other jobs will rise, and we’ll be shifting around into demand for different kinds of skills. They’ll have to be a lot reallocation of labor and rescaling of labor with winners and losers.”
One study conducted by Brynjolfsson shows that customer service agents at call centres who use generative AI technology are 14% more productive. An MIT study also found that software developers finished 56% faster with generative code-completion software. Professional document writing was also found to be 40% faster with generative AI.
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