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    Generative AI and the Future of Work

    The emergence of ChatGPT marked a significant milestone in the world of generative artificial intelligence (AI).  

    Generative AI and the Future of Work

    By

    Apac CIOOutlook | Tuesday, September 19, 2023

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    Generative AI is reshaping the job market, with potential for job creation, a focus on AI skills, and a shift toward task augmentation rather than automation.

    FREMONT, CA: The emergence of ChatGPT marked a significant milestone in the world of generative artificial intelligence (AI), setting the stage for transformative changes in the business landscape. Today, generative AI has taken centre stage on the corporate agenda, sparking discussions about its potential to reshape the job market.

    One of the most pressing questions surrounding generative AI is its impact on employment. Generative AI has the potential to automate around 300 million jobs, raising concerns about labour market disruptions. However, the employment landscape is not all doom and gloom.

    Contrary to fears of widespread job displacement, nearly half of global corporations anticipate adopting AI will create jobs in the next five years. This expectation is particularly pronounced in industries like automotive and aerospace, where 73 per cent of companies foresee employment gains. Roles tied to AI, such as data scientists and big data specialists, are projected to grow by 30 to 35 per cent, with even higher growth rates around 45 per cent in Chinese companies. Although some industries, like oil and gas, anticipate job losses, the overall outlook remains positive.

    The rise of AI underscores the importance of AI and big data skills. Surprisingly, AI and big data rank as the top skills priority for companies with over 50,000 employees, surpassing 25 other skill clusters. This focus on AI skills training for future business performance contrasts with the relatively lower importance given to these skills by C-suite executives today. Initiatives like TeachAI, the Education 4.0 Alliance, and UNESCO's leadership in AI skills education aim to bridge this skills gap and prepare the workforce for AI's impact on future work.

    While AI continues to advance, there's a growing consensus that it will augment, rather than fully automate, human tasks. The Future of Jobs report suggests that only 34 per cent of tasks are currently automated, with expectations that an additional 9 per cent will be automated in the next five years – a reduction from earlier projections. AI is more likely to enhance managerial skills rather than replace them, leaving room for human leadership and imagination to thrive. Only tasks involving information gathering and simple decision-making are expected to be fully automated.

    Generative AI's impact on the future of work is a complex interplay of challenges and opportunities. While automation remains a concern for some sectors, AI is strongly believed to create new job opportunities, particularly in AI-related roles. The prioritisation of AI skills training underscores the importance of preparing the workforce for the AI-driven future. Moreover, the shift towards task augmentation rather than automation suggests that humans and AI can collaborate to achieve greater productivity.

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