📰 TL;DR [ 4 minute read ]

According to Goldman Sachs, approximately 300 million jobs across the globe could be at risk of becoming obsolete or semi-automated in the near future. This raises the question: should we be concerned?

Deep Dive 🤿

• High Paid Jobs Most At Risk: The Impact of AI on the Workforce

• Is Your Profession at Risk?

• The Role of Emotional Intelligence

• Adapting to the Changing Landscape

High Paid Jobs Most At Risk: The Impact of AI on the Workforce

As robots and AI continue to advance, policymakers and industry pundits are increasingly speaking out about the risks and sideeffects associated with the accelerating race to become the leading global AI company. In this newsletter article, we explore how AI is affecting the workforce and we cover which industries and jobs are most at risk.

The Changing Landscape of Automation

Often, when new technology is released, it's low-skilled, low-entry jobs that are replaced by automation. However, the situation we face today is slightly different. Highly skilled jobs that require multiple barriers to entry, such as a university degree or extensive qualifications, are increasingly at risk. If, ultimately, a large language model can learn how to process the same data as covered within that role or be trained on a large dataset to perform a particular task within that profession, then that job is at risk.

The Rise of Generative AI

According to a recent study by Goldman Sachs, approximately 300 million occupations worldwide could become obsolete or semi-automated due to the rapid progress made in the generative artificial intelligence field. Within the next 10 years, machines are likely to take over roles that were once highly coveted as well as menial, low-skilled careers. However, economists aren't intimidated by these developments. Instead, they anticipate an increase in global GDP of up to 7% from AI over the next decade.

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Is Your Profession at Risk?

A study by OpenAI evaluated 1,016 professions to determine which industries are most likely to be made redundant or replaced by automation from Generative AI. Grades were given for each job, with a score of 1 indicating that the task could be completed in 50% of the time. Surprisingly, financial careers, insurance carriers, investment bankers, credit intermediaries, securities analysts, data processors, publishers, and teachers are among the most at risk.

Take a look at the infographic below, adapted from a study by Eloundou et al., 2023, showing the most impacted and least impacted industries.

Not All Doom and Gloom

Creativity, leadership, and individuality are skills and personality types that are less likely to be replicated by AI. Most roles require these skills, and ultimately professions that require them are therefore less likely to be fully automated in the future. Take professions within the humanities and arts industries for example. These are areas that AI can’t easily tap into - so, maybe have a little think about whether you could upskill with this information in mind. However, despite bastions against AI being present, it's important to recognise that in some way or another, every industry position will be affected by AI.

Reacting to AI Disruption

Many businesses are already experiencing this AI shift, including tech giants such as Google, Microsoft, Meta, and Amazon, which have laid off numerous staff and reduced the sizes of their workforces overall. These companies are reacting to changes within the economy and preempting the changes that are likely to result from AI disruption.

The Role of Emotional Intelligence

Don’t worry. While these studies like the study referenced above are useful, they don't recognise peoples’ emotional intelligence, interpersonal communication skills, leadership potential, or capacity for critical thought. It's essential to understand that AI cannot replace all aspects of human interaction and that people will continue to play an important role in the workforce.

Adapting to the Changing Landscape

But how can you stay ahead? To succeed in the changing landscape, it's crucial to stay up to date with AI and learn how to adapt it to various use-cases. Instead of fearing AI, it's essential to embrace it and become skilled in understanding how to utilise it to your advantage. As a recruiter, you’re more likely to hire a person who is skilled in understanding AI and how to adapt it to solving various problems, rather than hiring a cog that completes tasks without interpersonal skills or leadership potential. So, what do we suggest at Promptstacks? Embrace change and become a useful asset in the new AI-driven workforce by using AI whenever it is practical to do so.

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