AI's Impact on the Workforce

AI’s Impact on the Workforce

January 7, 2024in AIby get-admin

According to McKinsey, generative AI has the potential to contribute between $2.6 trillion and $4.4 trillion in value to the global economy across various industries, spanning banking, retail, high tech, healthcare, and life sciences. Its impact is expected to reach diverse professions, including customer operations, marketing and sales, software engineering, and research and development.

The influence of AI on the workforce is significant. A report by Goldman Sachs suggests that AI could replace the equivalent of 300 million full-time jobs, affecting a quarter of work tasks in the US and Europe. However, it also brings forth new job opportunities and a productivity boom.

Despite concerns about job displacement, AI is anticipated to generate numerous new opportunities. Roles like prompt engineer and AI product manager are emerging, with a Salesforce-sponsored IDC white paper predicting a surge in demand for positions such as data architects, AI ethicists, and AI solutions architects over the next 12 months. The report also forecasts the creation of 11.6 million new jobs within the Salesforce ecosystem alone over the next six years.

Recent advancements in generative AI, exemplified by products like ChatGPT with 100 million monthly active users in two months, have reignited discussions about automation’s impact on jobs. While the extent of disruption remains unknown, developers, users, and policymakers should consider its effects on workers. To address challenges and opportunities, Majority Leader Chuck Schumer has launched a SAFE Innovation Framework, emphasizing worker security. The Biden administration is developing a National AI Strategy to address economic and job impacts.

For individuals in the workforce, there’s an opportunity to cultivate existing skills and acquire new ones through platforms like Salesforce’s Trailhead, Coursera, and LinkedIn. AI’s impact on jobs involves eliminating repetitive tasks, allowing individuals to focus on more strategic and creative aspects of their roles. In fields like sales, customer service, marketing, healthcare, finance, and graphic design, AI will transform roles and create new opportunities.

Chris Poole, AI Technical Consulting Lead in Salesforce’s global AI practice, envisions AI becoming ingrained in every aspect of our lives, contributing to fascinating evolution across various fields.

The scale of AI adoption’s impact on workers, especially with generative AI tools, remains uncertain. Potential effects include replacing, complementing, or freeing workers for more productive tasks, or creating new jobs. A Goldman Sachs estimate suggests that about two-thirds of current jobs are exposed to some degree of AI automation, with generative AI potentially substituting up to one-fourth of current work. McKinsey Global Institute estimates that 29.5 percent of all hours worked could be automated by 2030.

Regarding job impact, professional occupations associated with clerical work in finance, law, and business management are most exposed to AI. However, AI is also concurrently creating many new jobs.