Artificial intelligence has been all the rage lately. Generative AI chatbots love ChatGPT can summarize scientific articles for you, debug your faulty codeAnd write Microsoft Excel formulas at your command. But have you considered how many jobs AI can replace? Goldman Sachs thinks something like 300 million.
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According to the investment bank, around 300 million jobs could be lost to AI, signaling that the technology can and will disrupt work as we know it. Like past technology revolutions, AI can help companies reduce costs by automating specific processes, freeing up businesses to grow their businesses.
A global economy goldman sachs research report claims that AI could automate 25% of the entire labor market, but can automate 46% of tasks in administrative jobs, 44% of legal jobs, and 37% of architectural and engineering professions. Of course, AI is least threatening for labor-intensive careers like construction (6%), installation and repair (4%), and maintenance (1%).
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The study also concludes that 18% of the global workforce could be automated with AI. And in countries like the US, UK, Japan, and Hong Kong, over 28% of the country’s workforce could be automated with AI.
However, the study shows the potential for a balanced and mutually beneficial relationship between workers and AI. The study indicates that professions partially exposed to automation will use their free time to increase their productivity at work.
But if you’re worried about your job being usurped by AI, Goldman Sachs predicts that displaced workers will be re-employed in jobs that will directly result from widespread AI adoption. Displaced workers might also see higher levels of labor demand due to non-displaced workers becoming more productive.
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Think of how IT innovations have created a demand for software developers and, along with increased incomes, have directly increased the need for education, which has created a demand for higher education professionals. It’s a domino effect, but alarming nonetheless.
The potential for AI to displace 300 million jobs is a major concern for workers and tech moguls. Last week, notable names in the industry, like Steve Wozniak, Rachel Bronson and Elon Musk, co-signed an open letter to suspend AI experiments. The letter comes out of fears that the development of AI is moving too fast for humans and could overturn our society as we know it.
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Last month, the American Chamber of Commerce called for intense regulation of AI at the federal level to ensure employment, national and economic security. Generative AI is arguably the most revolutionary technology humans have created in a long time. And although awesome chatbots lack real intelligence, technology is reshaping our world every day. How far is too far?