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Can ChatGPT put 300 million jobs at risk?

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  • 4 min read
Photo: Camilo Concha/Shutterstock.com

Photo: Camilo Concha/Shutterstock.com

The rapid advancements in artificial intelligence (AI) have raised concerns among experts who believe that the proliferation of AI-powered language models, such as OpenAI’s ChatGPT, could potentially put 300 million jobs at risk globally. These concerns stem from the growing capabilities of AI systems that are increasingly capable of automating tasks that were once the sole domain of human workers.

ChatGPT, based on OpenAI’s GPT-4 architecture, has demonstrated remarkable prowess in generating human-like text and understanding natural language. Its applications span various industries, including customer service, content creation, data analysis, and translation services.

According to a Goldman Sachs report, automation puts 300 million jobs at risk, including customer support, content writing, translation services, and data entry. As AI models like ChatGPT continue to improve, the need for human intervention in these areas could decline, forcing millions of workers to find alternative employment opportunities.

“If generative AI delivers on its promised capabilities, the labour market could face significant disruption. Using data on occupational tasks in both the US and Europe, we find that roughly two-thirds of current jobs are exposed to some degree of AI automation, and that generative AI could substitute up to one-fourth of current work,” the report states.

AI can replace 7% of the US workforce, and complement 63% and the rest 30% will remain unaffected by the foreseeable advances of AI. The report further also states that the use of AI will eventually increase the annual GDP by 7%, depending on how quickly it’s adopted across industries and how well it performs.

18% of the global workforce could lose their jobs to automation

While integrating AI-powered systems like ChatGPT can undoubtedly improve efficiency, reduce costs, and enable businesses to scale rapidly, the potential job displacement has become a pressing concern.

Economists and AI experts warn that the widespread adoption of such technology could lead to significant job losses, particularly in sectors that rely heavily on human communication and language-related tasks. Several bigwigs of their respective industries, including Elon Musk, have also signed an open letter urging to pause the advancement of generative AI beyond GPT-4.

Source: Goldman Sachs Global Investment Research

“Our estimates intuitively suggest that fewer jobs in EMs are exposed to automation than in DMs, but that 18% of work globally could be automated by AI on an employment-weighted basis,” the report states.

How to mitigate the risk?

The advent of AI language models like ChatGPT has sparked concerns over potential job displacement across various industries. While AI advancements can significantly benefit businesses and consumers, it is crucial to address the potential challenges and ensure that the workforce is equipped to adapt to the evolving job market.

Governments, industry leaders, and educational institutions are urged to take proactive measures to mitigate the potential negative impact of AI on the job market. Some proposed strategies include:

  • Reskilling and upskilling programs: Investing in education and training initiatives to help affected workers transition to new roles in industries less susceptible to AI-driven automation.
  • AI ethics and regulations: Developing guidelines and policies to ensure that AI is used responsibly and ethically, while also considering its impact on the workforce.
  • Job creation in new industries: Encouraging innovation and entrepreneurship in emerging fields that have the potential to create new job opportunities for displaced workers.

Proactive measures such as reskilling programs, AI ethics guidelines, and fostering innovation in new industries can help mitigate the risks and ensure a more balanced and sustainable transition into the AI-driven future.

Also read: Why are Prompt Engineers getting paid upwards of $350,000 per year? 

Prayank

Prayank

Writes news mostly and edits almost everything at Candid.Technology. He loves taking trips on his bikes or chugging beers as Manchester United battle rivals. Contact Prayank via email: prayank@pm.me

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