Generative AI and future of work, by Alexandre Torres

McKinsey & Company has just released a report on Generative AI and its impact on the future of work. There is good news and bad news. On the downside, the impact on the labor market will be brutal, especially for low-wage workers. On the other hand, Generative AI has a positive impact on productivity.

By Alexandre Torres

The potential use of generative AI is still in the early stages, but already can be used to write code, design products, create marketing content and strategies, streamline operations, analyze legal documents, provide customer service via chatbots, and even accelerate scientific discovery. 

Therefore, there is a potential occupational shift of 12 million jobs by 2030, with generative AI accounting for 29.5 percent of them. It also projects that 25 percent more occupational shifts than previously expected will occur by then. The net effect of these shifts will be a reshaping of the labor demand mix, with more higher-wage, STEM, managerial, and healthcare jobs and fewer lower-wage, customer service, office support, and food service jobs.

Automation and generative AI have the potential to increase US labor productivity by 0.5 to 0.9 percentage points annually through 2030 in a midpoint adoption scenario. Combining generative AI with all other automation technologies, the potential growth could be even larger. All types of automation could help drive US productivity growth to 3 to 4 percent annually in a midpoint adoption scenario. 

However, this will require significant action from stakeholders across the public and private sector. Workers will need support in learning new skills, and other risks associated with generative AI also need to be mitigated and controlled. But if worker transitions and risks are well managed, generative AI could contribute substantially to economic growth. 

AI can help workers in many ways. According to the World Economic Forum, AI can contribute to a positive future of jobs by reskilling and upskilling, embedding learning into everyday activities, matching employees with opportunities and training youth. AI can also help knowledge workers create an outline for a blog and a social media post to go with it, distil complex topics for a target audience, plan a business-trip itinerary in a new city or predict a project’s cost and timeline. AI can also help create a safe workplace by monitoring worker fatigue, detecting potential hazards and keeping workers safe at all times.

Note: McKinsey & Company has just released a report on Generative AI and its impact on the future of work. There is good news and bad news. On the downside, the impact on the labor market will be brutal, especially for low-wage workers. On the other hand, Generative AI has a positive impact on productivity. #GenerativeAI #Work

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Fonte: LinkedIn

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