Generative AI could Affect up to 300 million Jobs Globally, but what about the Other side
Workers are adequately prepared for the changes brought about by AI, through reskilling and upskilling initiatives
Generative AI, also known as artificial intelligence that can create new content, is rapidly advancing and set to transform many industries. However, this transformation will not be without its consequences. According to recent studies, generative AI could affect up to 300 million jobs globally, potentially leading to significant workforce disruptions.
One of the areas where generative AI is set to have a significant impact is the creative industry. For example, the use of generative AI in the music industry is increasing rapidly. Companies such as AIVA are using AI algorithms to create music for a range of industries, including film and advertising. This could lead to significant job losses for composers and music producers, who may find it difficult to compete with the speed and cost-effectiveness of generative AI.
The impact of generative AI is not limited to the creative industry, however. A recent report by the World Economic Forum (WEF) found that automation, including generative AI, could lead to the loss of 85 million jobs globally by 2025. The report also predicted that by 2025, machines and algorithms would be responsible for 50% of all tasks in the workplace, up from the current 29%.
The impact of generative AI will be felt across a range of industries. For example, in the finance industry, AI-powered chatbots are already replacing many human customer service roles. Similarly, in healthcare, AI algorithms are being developed to diagnose diseases, which could lead to job losses for medical professionals.It is important to note that generative AI is not all bad news. AI can also create new job opportunities, such as in the development and maintenance of AI systems. However, the speed of technological change may make it difficult for some workers to transition to these new roles.
In response to the potential job losses associated with generative AI, some experts are calling for a focus on reskilling and upskilling. This would involve providing training and education to workers in industries that are likely to be affected by automation, enabling them to acquire the skills needed to work alongside AI systems.
In conclusion, generative AI is set to have a significant impact on the workforce, potentially leading to the loss of 300 million jobs globally. However, it is important to remember that the impact of AI is not all negative. AI can create new job opportunities and improve productivity in a range of industries. Nevertheless, policymakers and businesses must take steps to ensure that workers are adequately prepared for the changes brought about by AI, through reskilling and upskilling initiatives.
