Goldman Sachs Reports that nearly 300 million Jobs could be Impacted due to Generative AI
Ten News Network
New Delhi (India), 30th March 2023: According to a recent Goldman Sachs report, 300 million full-time employment worldwide may be affected by generative AI models like OpenAI’s GPT-4. Accordingly, about 25% of the present workforce could be replaced by AI, while the remaining two-thirds of workers could experience some level of job automation.
But whether those workers find new jobs or are completely replaced appears to rely more and more on who wins the raging AI war that is developing in Silicon Valley, particularly between OpenAI and Google.
OpenAI CEO Sam Altman admitted to being afraid of his own invention and warned that it might “eliminate a lot of current jobs.” (though he optimistically thinks new ones will replace them.) On the other hand Microsoft CEO Satya Nadella, who recently became Altman’s partner, believes AI will increase the productivity of current employees.
The report published by Goldman Sachs states that the AI automation will affect about two-thirds of jobs in the US and Europe. According to the study, AI can replace up to 25% of the workload in the majority of occupations.
The study also stated that AI has the potential to replace one-fourth of the current jobs in the US and Europe.
The Goldman Sachs report claims that not all jobs will be affected by AI, and only a portion of them will. For instance, AI cannot entirely substitute occupations like construction, cleaning, and maintenance.
The percentage of work that can be automated for each business segment is discussed in the report. Jobs in office administration and support were most likely to be automated and ultimately replaced by AI in the US, with a rate of 46%.
It was followed by the legal sector, with a rate of 44%. The report further stated that community and social services, as well as management, can be automated and hence are replaceable by AI.