AI could replace equivalent of 300 million jobs report

We anticipate that the two fastest-growing occupations through the end of this decade will be nurses and home healthcare aides.18For occupations that employed more than 50,000 people as of 2022. Meeting these growing needs will likely hinge on upgrading the quality of what are today typically low-paying jobs with little security or advancement opportunities. We estimate that 11.8 million workers currently in occupations with shrinking demand may need to move into different lines of work by 2030. Roughly nine million of them may wind up moving into different occupational categories altogether.

Tons of tech companies have dropped degree requirements for various roles, so you no longer need a degree to find a job in AI. The writing-heavy role requires strong communication skills, and a familiarity with AI systems and NLP is a plus. This list includes a lot of tech-heavy roles, but you don’t need to be a programmer to work with AI. Being really good at writing prompts for chatbots is an in-demand skill to have on your resume if you want to become a Prompt Engineer (and you can learn how to write an effective prompt in our Intro to ChatGPT). Their responsibilities can range from building chatbots and smart assistants with natural language processing (NLP) to developing internal algorithms and programs that help automate a company’s processes.

Generative AI Regulations – What They Could Mean For Your Business

“We free Netflix engineers from the complexity of modern software development, allowing them to focus on creating world-class entertainment,” says one ad for a director of Netflix’s internal engineering platform. The listing says total compensation for the role would typically be between $330,000 and $1.8 million, the highest pay among all the AI ads that NBC News found. Another position for an engineering manager at Netflix would pay up to $900,000 a year for overseeing how the service uses AI to keep customers happy, the ad says. The news site The Intercept reported last month that Netflix was offering as much as $900,000 a year for a single AI product manager.

• The proliferation of AI is already increasing the demand for jobs including data analysts and scientists who work with the technology to create best practices in the workplace.
• When we had 40 of McKinsey’s own developers test generative AI–based tools, we found impressive speed gains for many common developer tasks.
• Changing occupations, as opposed to finding a new job within the same occupation, often requires adding new skills and is more challenging.
• And when you broaden the lens to consider the rapid proliferation of generative AI tools, the picture doesn’t improve.

Similarly, researchers could speed up projects by relying on automation tools to sort and synthesize large data sets. The jobs in the two lowest wage quintiles are disproportionately held today by those with less education, women, and people of color. Women are heavily represented in office support and customer service, which could shrink by about 3.7 million and 2.0 million jobs, respectively, by 2030. Similarly, Black and Hispanic workers are highly concentrated in some shrinking occupations within customer service, food services, and production work. Although layoffs in the tech sector have been making headlines in 2023, this does not change the longer-term demand for tech talent among companies of all sizes and sectors as the economy continues to digitize.

Boosting productivity through automation and generative AI

That’s one reason why people are worried that generative AI will replace humans whose jobs involve publishing, broadcasting and communications. DeepDream Generator – An open-source platform that uses deep learning algorithms to create surrealistic, dream-like images. The music industry has been the canary in the coal mine for many technologies, including piracy, and has been genrative ai among the first in the entertainment field to have to grapple with generative AI that mimics specific artists’ styles and voices. Earlier this year, Universal Music Group filed copyright-infringement claims to remove an AI-generated song called “Heart on My Sleeve” that sounded very much like a collab between Drake and the Weeknd, neither of whom was involved with the song.

He added, «Today all of that is handled by automated algorithms, AI-based systems and you can do it much more cheaply for people with even smaller volumes of wealth.» However, only recently, artificial intelligence started to take some of the burdens of some daily tasks off our shoulders. Despite having complex neural networks, most artificial intelligence models mainly provided classifications, predictions, and optimizations. That is, relatively simple outputs, often in the form of symbols – numeric outputs, such as a genrative ai “weeks until maintenance notification”, chatbots, and computer vision classifications are a few examples of the simple things AI vastly does today. Unilever, which owns more than 400 brands including Dove soap and Ben & Jerry’s ice cream, has its own generative AI technology that can write product descriptions for retailers’ websites and digital commerce sites, it said. Small businesses used a microsite to generate versions of the ads featuring their own store that could be posted on social media and other platforms.

Yakov Livshits

We also use different external services like Google Webfonts, Google Maps and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. London-based reporter covering retail and consumer goods, analysing trends including coverage of supply chains, advertising strategies, corporate governance, sustainability, politics and regulation. Previously wrote about U.S. based retailers, major financial institutions and covered the Tokyo 2020 Olympic Games. Consumer companies are using data from retailers like Walmart (WMT.N), Carrefour (CARR.PA) and Kroger (KR.N) to power their AI tools, said Martin Sorrell, executive chair of advertising group S4 Capital and the founder of WPP.

The largest future job gains are expected to be in healthcare, an industry that already has an imbalance, with 1.9 million unfilled openings as of April 2023. Automation, from industrial robots to automated document processing systems, continues to be the biggest factor in changing the demand for various occupations. Generative AI is both accelerating automation and extending it to an entirely new set of occupations. While this technology is advancing rapidly, other forces are also affecting labor demand. Overall, we expect significant shifts in the occupational mix in the United States through the end of the decade. Total employment hit an all-time high after the pandemic, with many employers encountering hiring difficulties.

WPP has «20 young people in their early twenties who are AI apprentices» in London, Read said, and has partnered with the University of Oxford on courses focused on the future of marketing. The «AI for business» diploma offers training in data and AI for client leaders, practitioners, and WPP executives, according to WPP’s website. The technology can be used to create seemingly original text, images, and even computer code, based on training, instead of simply categorizing or identifying data like other AI. NBCUniversal has advertised for a vice president in charge of product, personalization and search. The responsibilities listed include using machine learning to build recommendation and personalization systems. Streaming giant Netflix has been advertising 18 positions related to AI or machine learning, according to a search of the company’s jobs site.

Some may find it suspicious that tech companies are willing to dole out this kind of cash at a time of massive layoffs across the industry. But tech entrepreneurs who champion the power of artificial intelligence believe prompt engineering has the chance to take off and shape the future of automation. “The hottest new programming language is English,” Andrej Karpathy, Tesla’s former chief of AI, wrote on Twitter. Although we aren’t yet able to know if the trend will continue, emerging data is beginning to show positive signs for new positions and even entire careers. The proliferation of AI is already increasing the demand for jobs including data analysts and scientists who work with the technology to create best practices in the workplace. According to the 2023 World Economic Forum’s Future of Jobs Report, AI and machine learning specialists are the fastest growing job fields.

It’s too soon to tell how big prompt engineering will become, but a range of companies and industries are beginning to recruit for these positions. Anthropic, a Google-backed AI startup, is advertising salaries up to $335,000 for a “Prompt Engineer and Librarian” in San Francisco. Applicants must “have a creative hacker spirit and love solving puzzles,” the listing states. Automated document reviewer Klarity is offering as much as $230,000 for a machine learning engineer who can “prompt and understand how to produce the best output” from AI tools.

Of course, GenAI doesn’t just optimize the productivity of existing processes and activities. The technology lets HR reimagine how it serves talent, in turn changing the overall genrative ai HR delivery model. Yet in the face of such change, the people function should always be cautious of GenAI’s many risks—especially when handling sensitive personnel information.

We deliver where others often fail, doing the right thing, every time, because it’s right. Not all recruiters report the use of generative AI as a hiring red flag – or even a worrying development at all. In this visual Explainer, we’ve compiled all the answers we have so far—in 15 McKinsey charts. We expect this space to evolve rapidly and will continue to roll out our research as that happens. To stay up to date on this topic, register for our email alerts on “artificial intelligence” here.