Artificial intelligence and the fear of losing jobs; here's all you need to know

Since powerful AI tools such as ChatGPT and Google’s Bard have been released, many of us have a lot of questions. Will AI take over existing jobs? What kind of disruption will the labour market face? What kind of new jobs and opportunities will AI throw up?

According to a report by the investment bank, Goldman Sachs Artificial intelligence (AI) could replace the equivalent of 36, 56,715 full-time jobs. Not only this, PwC’s annual global workforce survey showed that almost a third of respondents were worried about the prospect of their role being replaced by technology in three years.

According to the report, jobs in the information processing industries, like IT, banking & finance, media & marketing are the most exposed where else jobs which require human interaction are less likely to replace by AI.

For example people would like to hear about their critical health from a human and not from a bot. Agriculture, mining and manufacturing are among the alternatives jobs which AI cannot take away, as per reports.

Meanwhile, some research has recently shown, that there is no need to hit the panic button just yet. Humans will always have a role to play by performing the important work that robots cannot. For example, someone has to design the machine's AI processes, create these machines, operate, and maintain them. For now, only humans can do this.

Though change is fast approaching because of advanced AI, upskilling with AI skills is becoming increasingly important for career growth and employability in today's rapidly evolving job market.

A report by the World Economic Forum shows that while machines with AI will replace about 85 million jobs in 2025, about 97 million jobs will be made available in the same year thanks to AI.
The Goldman Sachs report estimates that generative AI could raise annual US labor productivity growth by just under 1.5% over a 10-year period following widespread adoption. The report also says that AI could eventually increase annual global GDP by 7%.

For example, AI prompt engineering is a hot new job on the tech market driven by the rise of AI-powered chatbots.The technology is reshaping our world every day, but AI is meant to complement human ability and intelligence, not compete with It.

Many say the possibility of AI leading to large-scale loss of jobs is no longer far away but the question still remains the same - How far is too far?