Will artificial intelligence take over the workplace and wipe out our jobs? With AI becoming more and more sophisticated, and the rise of tools such as ChatGPT, many of us are beginning to fear that we’re at risk.
In March a study by investment bank Goldman Sachs suggested AI could replace the equivalent of 300 million full-time roles in the US and Europe. It also claimed that automation could eventually wipe out a quarter of work tasks raising significant job fears.
Generative artificial intelligence (AI) tools like ChatGPT are capable of creating content indistinguishable from human work and at a faster rate, too. We explain what ChatGPT is, and whether you can make money from it.
What could the rise of AI mean for you and your job? We take a look below.
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What could AI mean for your job?
Generative AI could cause ‘significant disruption’ to the labour market. Up to two-thirds of jobs are expected to be affected by its rollout, Goldman Sachs’ report stated. However, the impact of AI is likely to vary from industry to industry.
Administration, legal professions, architecture and engineering are among the sectors likely to be worst affected. According to the report, up to 46% of tasks in administrative sectors could be replaced by AI. In the legal field, Goldman Sachs forecasts that up to 44% of tasks could become automated.
However, more practical sectors involving manual labour are likely to be less hit. Only 6% of jobs in construction are predicted to be affected, and this falls to 4% of roles in maintenance and just 1% of cleaning jobs.
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Which jobs are most at risk of being replaced by AI?
These are the jobs most likely to be hit by artificial intelligence, according to Goldman Sachs:
- Office and administrative support
- Legal
- Architecture and engineering
- Life, physical, and social science
- Business and financial operations
- Community and social service
- Management
- Sales and related
- Computer and mathematical
- Farming, fishing, and forestry
- Protective service
- Healthcare practitioners and technical
- Educational instruction and library
- Healthcare support
- Arts, design, entertainment, sports, and media
Which jobs are least vulnerable to AI?
According to Pew Research, the following five jobs are least vulnerable to being supplanting by an artificially intelligent equivalent:
- Barbers
- Childcare workers
- Dishwashers
- Firefighters
- Pipelayers
These roles are all more focussed on craft, labour and trade. While AI has powerful neural capabilities, it seems a way off being able to carry out manually intensive work.
Generative AI is expected to have a significant impact on jobs in the coming years
How worried should I be about AI?
AI looks set to have a significant impact on jobs but it’s not all doom and gloom. Goldman Sachs’ report also flags potential pluses to AI advancement.
“Although the impact of AI on the labour market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI,” the report says.
It also predicts the adoption of AI could increase the total value of goods and services created worldwide by 7% in the next 10 years.
In addition, there seems to be another hint of hope in the report, which cites research showing 60% of workers today are in jobs that didn’t exist in 1940.
For instance, the resarch showed a significant rise in the number of workers who nowadays define themselves as ‘professionals.’ There has also been a spike in administrative and clerical staff since 1940.
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What is the UK government doing about AI?
On 29 March, the UK government published a new white paper outlining its approach to AI in the coming years.
The paper outlines plans to invest in the field of AI as well as measures to regulate the industry and reassure the public about its potential impact.
Furthermore, the paper highlights that AI contributed £3.7 billion to the UK economy last year. It says Britain is home to twice as many companies providing AI products and services than any other European country.
The document states: “Alongside hundreds of millions of pounds of government investment announced at Budget, the proposals in the AI Regulation White Paper will help create the right environment for artificial intelligence to flourish safely in the UK.”
Read more: What is ChatGPT and can I make money from it?
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