Automating This is not new: it has been happening since the industrial revolution. But the latest version, Generative AIwill probably have an impact highly qualifiedthe most professional work.
Workforce reductions over the next decade may be driven less by replacing humans with machines than by economic growth lagging behind productivity increases, according to a recent study from the Society for Human Resource Management (SHRM) and Burning Glass, a research analytics company.
Thanks to the growing adoption of AI, the business landscape will experience a series of macroeconomic changes, the report predicts. Early adopters will benefit from a quantum leap in worker productivity as technology automates, augments or transforms various job roles. But this surge is unlikely to match a corresponding growth in demand for goods and services, which would lead to overstaffing in many sectors.
What can employers do?
The report advises business leaders to prepare mitigation strategies, such as hiring freezes, to minimize disruption. Employers can also invest in their workers, such as offering in-house retraining programs that move workers to areas where demand is more stable.
The study authors analyzed the relationship between AI applications and job skills to determine which jobs will be most affected, both positively and negatively.
In the latter area, financial services are disproportionately affected. Here are the 10 industries and employers that will see the most disruption from AI:
Industries
1. Mortgage and non-mortgage brokers
2. Law firms
3. Investment banking and securities trading and brokerage
4. Commercial Bank
5. Certified public accounting offices
6. Investment advice
7. Tax preparation services
8. Human resources consulting services
9. Market research and public opinion polls
10. Insurance agents and brokers
Employers
1. Morgan Stanley
2. Bank of America
3. North-West Mutual
4. Goldman Sachs
5. Wells Fargo
6. JP Morgan
7. McKinsey & Co.
8. KPMG
9. Loyalty investments
10. American Express
