Automation is nothing novel – it has been happening since the Industrial Revolution. But the latest version generative artificial intelligencewill likely have an impact highly qualifiedprofessional work the most.
They say labor force reductions in the next decade may result less from people being replaced by machines than from economic growth lagging productivity growth. recent research from the Society for Human Resource Management (SHRM) and Burning Glass, a research analytics company.
The report shows that thanks to the increasing exploit of artificial intelligence, the business landscape will undergo a number of macroeconomic changes. Early adopters will enjoy increases in employee productivity as the technology automates, expands or transforms various job roles. However, this rapid growth is unlikely to result in a corresponding enhance in demand for goods and services, which would lead to overemployment in many industries.
What can employers do?
The report advises business leaders to prepare mitigation strategies, such as hiring freezes, to minimize disruption. Employers can also invest in their employees, for example by offering internal employee retraining programs that move employees to areas where demand is more stable.
The study authors analyzed the relationship between AI applications and job skills to find out which jobs would be most impacted, both positively and negatively.
Regarding the latter, the impact on financial services is disproportionate. Here are the 10 industries and employers that will feel the most disruption from AI:
Industries
1. Mortgage and non-mortgage loan intermediaries
2. Law firms
3. Investment banking and securities trading and brokerage
4. Commercial banking
5. Offices of statutory auditors
6. Investment advice
7. Tax preparation services
8. Personnel consulting services
9. Marketing research and public opinion research
10. Insurance agents and brokers
Employers
1. Morgan Stanley
2. Bank of America
3. Northwest Mutual
4. Goldman Sachs
5. Wells Fargo
6. JP Morgana
7. McKinsey & Co.
8. KPMG
9. Faithful investments
10. American Express
