AI could automate 300 million jobs. Here are the ones who are most (and least) at risk

Artificial Intelligence is in the news recently. Generative AI chatbots like ChatGPT can summarize scientific articles for you, debug your faulty code, and write Microsoft Excel formulas on your command. But have you considered how many jobs AI could replace? Goldman Sachs thinks something like 300 million.

According to the investment bank, around 300 million jobs could be lost due to AI, indicating that the technology could transform and advance work as we know it. Like previous technological revolutions, AI can help companies reduce costs by automating specific processes, freeing up companies to grow their businesses.

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a global economy goldman sachs research report says AI could automate 25% of the entire labor market, but could automate 46% of tasks in administrative jobs, 44% in legal jobs, and 37% in architecture and engineering occupations. Of course, AI poses the least threat to labor-intensive careers such as construction (6%), installation and repair (4%), and maintenance (1%).

The study also concludes that 18% of the global workforce could be automated with AI. And in countries such as the US, UK, Japan and Hong Kong, more than 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 states that businesses that are partially exposed to automation will use their free time to increase their productivity at work.

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But if you’re worried that your job is being usurped by AI, Goldman Sachs estimates that displaced workers will be re-employed in jobs that will emerge as a direct result of widespread AI adoption. Displaced workers may also see higher levels of labor demand as displaced workers become more productive.

Think about how IT innovations created a demand for software developers and with increased incomes the need for education directly increased, creating a demand for higher education professionals. It’s a domino effect, but a dangerous one nonetheless.

AI’s potential to displace 300 million jobs is a primary concern for workers and tech moguls alike. Notable names in the industry, such as Steve Wozniak, Rachel Bronson and Elon Musk, co-signed an open letter calling for AI experiments to stop. The letter stems from fears that the development of AI is moving too fast for humans and could topple our society as we know it.

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In early May, tech giant IBM announced it was planning Replace nearly 8,000 jobs with AI, HR professionals are the first to go. Many companies in the tech sector have changed their company goals and cut jobs as they all struggle to win the AI ​​race.

Amazon and Meta laid off thousands of workers, special projects on hold, and discontinued product lines to make way for innovation with AI technology. And the goal is not to recreate ChatGPT. These companies are using generative AI to transform advertising and shopping experiences and letting go of employees in the process.

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In March, the US Chamber of Commerce called for deeper AI regulation at the federal level to ensure job, national and economic security. Generative AI is arguably the most gaming-changing technology humans have come up with in a long time. And although effective chatbots lack true intelligence, technology is reshaping our world every day.