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AI’s eventual impact on job loss: Reasons for concern – and optimism

By Lee Cleveland, FightSaga - April 9, 2023

AI can automate the most annoying parts of your job. But what if it can do your whole job?

Artificial Intelligence is transforming the way we interact with machines. Generative AI chatbots like ChatGPT have made it possible for us to automate mundane tasks, from summarizing scientific articles to debugging faulty code and writing Microsoft Excel formulas.

This technology has also enabled us to reduce our cognitive load and save valuable time, making it easier than ever to complete complex tasks quickly and efficiently.

AI is the talk of the town and rightfully so, but how many jobs will be impacted? How many will be lost?

Goldman Sachs has predicted that the AI technology revolution is likely to totally disrupt our current notion of work. As a result, expect automation using AI to reduce costs and help firms save resources, enabling them to focus more on expansion.

However, it’ll threaten a lot of jobs as well.

Also, according to Goldman Sachs’ global economics research report, AI has the potential to automate up to 25% of jobs across all industries., globally. The automation rate for administrative roles is estimated at around 46%, 44% for the legal field, and 37% for architecture and engineering.

AI is unlikely to replace labor-intensive fields like construction (6%), installation and repair (4%), and maintenance (1%) in the near future.

According to the research, as many as 18% of global workers could be replaced by AI-based technologies. And in countries like USA, UK, Japan, and Hong Kong, this number surges up to nearly 30%.

The data also suggests great cooperation between human employees and AI. Occupations with only partial automation will be able to use their extra time productively at work. This can prove to be very beneficial for both parties in the long run.

Although there’s a fair chance AI could take your job, Goldman Sachs predicts that people who are displaced due to AI adoption will be quickly reemployed for new jobs created by the technology.

Hence, those who were let go from their job may see more opportunities arise due to the productivity boost among those who remain employed.

IT advancements, for example, have eliminated many jobs over the past three decades but have also sparked a high demand for software developers, thereby raising the bar for salary and job opportunities. This, in turn, has led to an increasing requirement for higher education professionals.

It’s like a chain reaction but alarming at the same time.

Last week, tech visionaries like Steve Wozniak, Rachel Bronson, and Elon Musk, joined forces to sign an open letter halt to pause AI experiments. This is largely due to the fact that AI has the potential to displace 300 million jobs globally and may be moving at a faster pace than humans can keep up.

If we’re not careful, some fear that embracing and advancing AI technology too fast could have devastating consequences for society.

Last month, the U.S. Chamber of Commerce urged for the strict regulation of AI on a federal level to protect job security, national security, and economic stability.

Generative AI is one of the biggest changes in technology that we’ve seen in recent times and it should be regulated accordingly. And chatbots, while not being able to think and reason like humans, can still be incredibly powerful and have an immense impact on our lives. But we must consider how far is too far when it comes to implementing such technology.


Tags: AI