According to recent studies and expert predictions, a significant number of jobs may be replaced or significantly impacted by artificial intelligence (AI) within the next 5 years.
Over the past two years, there has been a 200% increase in job titles incorporating the term “AI,” as reported by recent research conducted by ZoomInfo, a data and software company. ZoomInfo monitors over 1.5 million daily staff changes through its proprietary contact database.
The study revealed that the most prevalent AI-related job titles are those of engineers, scientists, developers, and researchers. Notably, nearly half of all AI-related job titles also include the designation “engineer.”
According to Fast Company, the emphasis on engineering-related AI roles suggests that organizations are actively developing the necessary technical infrastructure for AI implementation.
Furthermore, data from ZoomInfo indicates a significant surge in AI-related managerial positions over a two-year period. In the second quarter of 2022, approximately 3,700 new AI leadership roles were recorded in ZoomInfo’s database. By the second quarter of 2024, this figure had nearly tripled to 10,875 new management positions within that quarter alone. Notably, this expansion was predominantly concentrated in the C-Suite level, which experienced a remarkable 428% increase in AI-related roles over two years.
Job Replacement Estimates
A global survey by Verdantix indicates that more than half of businesses expect 10% of job roles to be replaced by AI agents in the next five years.
Goldman Sachs reports that AI could replace the equivalent of 300 million full-time jobs, potentially affecting a quarter of work tasks in the US and Europe.
The World Economic Forum estimates that AI will have already replaced approximately 85 million jobs by 2025.
Manual and repetitive jobs are at risk, but the outlook isn’t entirely bleak. Warehouse employees might be replaced by robots, yet new roles in strategic logistics planning will emerge. Similarly, entry-level customer service workers facing redundancy due to chatbots can transition to specialized positions handling complex customer issues.
Industries and Roles at Risk
These job types, in addition to engineers, scientists, developers, and researchers, are particularly vulnerable to AI replacement or significant augmentation:
Data Entry Clerks
Telemarketers
Factory Workers
Cashiers
Drivers
Travel Agents
Bookkeepers and Accounting Clerks
Receptionists
Proofreaders
Financial Traders
These roles often involve repetitive tasks or can be easily automated using AI technologies.
In addressing more intricate tasks, the function of artificial intelligence will be to enhance human capabilities. For instance, it will assist healthcare professionals in analyzing medical images and patient data, while legal practitioners will employ it to efficiently summarize documents and discern pertinent information and arguments. Comprehending this equilibrium between automation and augmentation is essential for grasping the future implications of AI on employment. Achieving this balance correctly will result in more efficient workflows by diminishing the time humans devote to manual, repetitive tasks, thereby allowing them greater opportunity to engage in creative endeavors and tackle complex problems.
AI’s Current Impact
23.5% of US companies have already replaced workers with ChatGPT.
In May 2023, 3,900 US job losses were directly linked to AI, representing 5% of total job losses that month.
AI is responsible for nearly 4,000 job cuts made in May 2023, according to data from Challenger, Gray & Christmas Inc.
Thomson Reuters CEO Steve Hasker told The Toronto Star on Monday that people won’t be replaced by AI, but could be replaced by other people who know how to use it.
Future Projections
By 2030, at least 14% of employees globally could need to change their careers due to digitization, robotics, and AI advancements.
A McKinsey report states that generative AI could automate 60% to 70% of employee workloads.
OpenAI estimates that 80% of the US workforce will have at least 10% of their jobs affected by large language models.
Emerging Opportunities
While AI is replacing some jobs, it’s also creating new roles and opportunities:
AI Financial Analysts
Algorithmic Traders
Data Scientists (Finance)
AI Risk Analysts
AI Compliance Officers
Financial Automation Specialists
Credit Scoring Specialists
It’s important to note that while AI will significantly impact the job market, it’s also expected to increase productivity and potentially create new job categories that don’t currently exist.
Companies are implementing various strategies to train their workforce to work alongside AI effectively:
Comprehensive Training Programs
Many organizations are developing multi-tiered AI training initiatives:
Booz Allen Hamilton created an “AI Ready” program with courses for all 33,000 employees, covering AI basics and more in-depth content for specific roles.
KPMG launched a “GenAI 101” training program introducing key AI terminology, implementation, risks, ethics, and effective prompt engineering.
Hands-on Learning Approaches
Companies are emphasizing practical, experiential learning:
Mineral created small learning communities called “pods” where employees experiment with ChatGPT under guidance from experienced peers.
Some organizations are implementing scenario-based AI training simulations that replicate real-world challenges.
Collaborative projects and innovation labs allow cross-functional teams to work on practical AI solutions for business challenges.
Continuous Learning Initiatives
Ongoing education is key to keeping up with rapidly evolving AI technology:
Ally Financial hosts quarterly “AI Days” featuring expert speakers and live demos of AI tools.
Many companies are leveraging e-learning platforms and online courses to provide flexible, self-paced learning options.
Some organizations are creating internal AI communities or guilds for ongoing peer learning and knowledge sharing.
Emphasis on Responsible AI Use
Ethical considerations are a crucial component of AI training:
Booz Allen Hamilton’s training includes a focus on responsible and ethical use of AI tools.
Crowe offers courses on AI ethics and risks as part of their upskilling program.
External Partnerships and Resources
Some companies are leveraging external expertise:
S&P Global is collaborating with Accenture to upskill 35,000 employees in generative AI.
Organizations without internal training capabilities are utilizing resources from companies like LinkedIn Learning, Google, and Nvidia.
Is There a Reason to Worry?
Billionaire entrepreneur Mark Cuban is confident that artificial intelligence won’t spell disaster for white-collar jobs. His perspective offers a reassuring outlook, suggesting that AI will complement rather than replace human expertise in these roles. He believes that by embracing AI, we can enhance productivity and innovation without fearing widespread job loss.
In an interview featured on “The Weekly Show with John Stewart” recently, Cuban said rapidly advancing technology will not affect jobs that demand critical thinking. His insights suggest that while technology evolves, the unique human ability to think creatively and solve complex problems remains irreplaceable.
“So if your job is answering the question, ‘yes or no,’ all the time — AI is going to have an impact,” he said. “If your job requires you to think — AI won’t have much of an impact,” Cuban stated.
By implementing these diverse training strategies, companies aim to create an AI-ready workforce capable of leveraging AI technologies effectively and responsibly in their day-to-day work.