The news of a report by Goldman Sachs that an estimated 300 million full-time jobs could be replaced by AI has raised further questions about the future of the job market and how to navigate this sea change. .
The report estimates that AI could replace one-fourth of routine U.S. jobs, which could increase the total annual value of goods and services produced around the world. It all sounds like good news, but if it increases productivity and profits and reduces the number of work tasks people have to generate, is it really a good thing?
The pace at which AI is taking hold in society is astounding, and CHAT GPT is now regularly used by consumers and organizations to speed up and streamline their work and lives. Although the content created is said to be indistinguishable from human work, errors and factual inaccuracies require many companies to fact-check their work. Of course, this changes as technology develops.
Looking at the report by sector, 46% of government jobs could be performed by AI in the future. It will also reduce demand for creative writing jobs such as writers and journalists, as even average and poor writers will be able to use his CHAT GPT to enhance their own writing. By comparison, employment losses are minimal in manual labor such as construction.
Beyond job losses, AI will certainly impact wages. In industries where AI will take over most of the work, demand will fall, resulting in lower wages across the sector. This has already been seen with black taxi drivers. Knowledge of London’s roads was once invaluable, but demand is now declining as Uber satellite navigation takes customers around the capital as fast as black taxis. This reduced the wages of carriage drivers, but did not reduce the number of drivers.
I liken this digital transition to the Great Agricultural and Industrial Revolutions. None of these moments stopped population growth or reduced employment, they simply made a difference. The most recent example of technological progress is the birth of the computer. The report’s research reveals that 60% of his workers are now in occupations that did not exist in 1940. This shows that society is adapting as ever, and we will adapt as AI transforms the job market.
WorkL, an employee experience platform I founded in 2017, uses AI to help measure, track, and improve employee engagement and employee happiness at work. We are now using AI to power our job marketplace, with millions of real job postings worldwide. This is just one example of how AI can help people find jobs and employers more accurately and quickly find the right person for the role.
The report also says the UK government is embracing AI, but is cautious about emphasizing that AI is committed to complementing the current job market rather than taking jobs away. also clarifies. We’ll see to what extent this is possible in the coming months, but employers should look to adopt AI and use it to improve the lives of their employees. Change is a good thing and there is no doubt that we will see big changes in the coming months.
From Sir Mark Price, Founder of WorkL
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