NEW YORK – Artificial intelligence is all the buzz lately. Generative AI chatbots like ChatGPT can summarize scientific articles for you, debug your faulty code, and write Microsoft Excel formulas at your command. But have you considered how many jobs AI can replace? Goldman Sachs thinks something like 300 million.
According to the investment bank, about 300 million jobs could be lost to AI, signaling that the technology can and will upend work as we know it. Like past technological revolutions, AI can help companies decrease costs by automating specific processes, freeing companies to grow their businesses.
A global economics research report from Goldman Sachs says that AI could automate 25% of the entire labor market but can automate 46% of tasks in administrative jobs, 44% of legal jobs, and 37% of architecture and engineering professions. Of course, AI is the least threatening to labor-intensive careers like construction (6%), installation and repair (4%), and maintenance (1%).
The study also concludes that 18% of the global workforce could be automated with AI. And in countries like the U.S., U.K., Japan, and Hong Kong, upwards of 28% of the country’s workforce could be automated with AI.
However, the study shows potential for a balanced and mutually beneficial relationship between workers and AI. The study says that occupations that are partly exposed to automation will use their free time to increase their productivity at work.
But if you’re worried about your job being usurped by AI, Goldman Sachs anticipates that displaced workers will become reemployed in jobs that emerge as a direct result of widespread AI adoption. Displaced workers might also see higher levels of labor demand due to nondisplaced workers becoming more productive.
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