Job Market. Experts from the World Bank have warned that within the next five years, artificial intelligence technologies will reduce the job market. For example, ChatGPT and its derivatives will “take over” or transform approximately 25% of jobs on the planet.
Say what you will or even applaud progress loudly, but 25% is a catastrophic figure that could impact a vast number of people. This transformation involves the implementation of digital technologies, the transition to clean energy, and the redistribution of supply chains.
Job Market, the Forecast is Threatening.
Analysts from the World Bank believe that the initial introduction of artificial intelligence into daily human life will disrupt the job market at first. However, within five years, the situation will stabilize, and the impact of most new technologies will become quite positive.
Regarding changing trends in professions, the emergence of ChatGPT and similar technologies will automate or replace positions related to communication and process coordination.
At the same time, the demand for specialists in cybersecurity, big data, and sustainable management technologies will be the primary factors driving employment growth worldwide.
Forecast.
Approximately 75% of the 800 companies surveyed by the World Bank admitted that they plan to integrate AI into their operations, which will result in up to 26 million job losses.
The most likely to lose their jobs will be employees in administrative and accounting positions, including cashiers and accountants.
Previously, analysts at Goldman Sachs predicted that generative AI would replace humans in at least 18% of work tasks and impact 300 million jobs worldwide.
Smaller disruptions directly related to AI will primarily affect countries where agriculture and craftsmanship dominate.
Which Professions Will Disappear?
Artificial intelligence could affect many professions and create a need to adapt to new conditions. Some of the professions that may disappear due to AI development include:
• Office workers handling data entry and processing. AI can process large amounts of data much more efficiently and quickly than humans.
• Finance and accounting specialists. AI can generate precise and detailed financial models, which can be highly beneficial for the finance sector. This could also impact accounting, as AI could automatically input and refine data.
• Transport and logistics workers. With the development of autonomous vehicles, the number of transport and logistics workers may decline.
• Lawyers and attorneys. AI could assist in creating legal documents and analyzing legislation, potentially reducing the number of lawyers and attorneys needed.
• Industrial workers. With the advancement of robots capable of performing various industrial tasks, the number of workers in the industrial sector may decrease.
However, it is important to note that AI could also create new professions related to artificial intelligence, as new technologies and business requirements continue to evolve.
How to Retrain for the New Conditions?
Retraining is a process that enables people to adapt to new job market conditions and remain competitive. Here are some tips on how to successfully retrain for the changing job market:
Assess your skills and knowledge.
Evaluate what skills and knowledge you possess and which of them could be useful in the new market environment. Consider your experience, skills, and preferences to determine where you might have the best opportunities.
Education and training courses.
Look for education and training programs that can help you develop new skills and knowledge. Nowadays, numerous online courses are available, tailored to the needs of the modern job market.
Networking.
Engage in professional networks to gain new insights and connect with people working in the new industries you are interested in.
Job market experience and volunteering.
Participate in volunteer work to gain experience in a new industry. For example, you could intern at a company or join a project that can help you acquire relevant experience.
Understanding market needs.
Carefully research the market and the specific industry’s needs. This will help you determine which skills and knowledge to develop to stay competitive in the new market environment.
Retraining is a challenging process that requires time and effort, but it is essential for remaining competitive and adapting to new job market conditions.
It is happening already, whether you like it or not, but I want to draw your attention to the daily life of an office worker today. To better understand office work, it is necessary to explore what a workday looks like without artificial intelligence.
A Workday!
A workday is the most significant part of the week. Therefore, it is understandable that some workdays are easier, while others are more challenging.
It is commonly believed that Monday is the most difficult day of the week. However, research shows that this is not entirely true.
The British company “Michael Page” conducted a study involving a large number of participants from various countries. The results revealed that Tuesday morning is the most stressful and worrisome time.
Why?
On Tuesday mornings, employees must start addressing Monday’s unfinished tasks and problems, as Monday is often an unproductive day.
Troubles begin at nine in the morning for every fifth office worker. A staggering 75% of office workers complain that by 11:15 AM, they have already had conflicts with their supervisors and struggle to concentrate.
Experts have concluded that office work exposes individuals to the highest levels of stress in their lives. Even minor issues, such as computer malfunctions, can test one’s patience and sometimes even lead to outbursts of anger.
Interestingly, managers consume significantly more alcohol than employees in other professions. While a manager consumes an average of 13.5 units of alcohol per week, a worker consumes only 10.7 units.
On the other hand, manual laborers smoke 29% more often than office workers, who smoke only 15%. This suggests that workplace restrictions limit their smoking opportunities.
It turns out that sitting at a desk all day is not as harmless as it seems.
It seems to be true, especially in Europen offices. Mondays or post-holiday days are spent in a semi-dormant state, and movement truly begins on Tuesday. 😉
Have a productive workday and an optimistic outlook on the future! A justified question may arise: “Workday,” “working day,” or “business day”?
Workday?
• A workday is a day when a person, institution, office, or company is operational, which may include weekends.
• A working day refers to the portion of the day designated for work – the time spent at the workplace.
• A business day is a day that is not a public holiday or weekend.
Thus, we can say that for an office worker, every business day is a workday, and their working day lasts from 9:00 AM to 5:00 PM. Whether we work productively or not, in the future, artificial intelligence will be the one to dictate it.
Have a great day!
AI can generate precise and detailed financial models, which can be highly beneficial for the finance sector.