According to a study by IBM, the global job market is set to be significantly impacted by Generative AI. In fact, the study predicts that 40% of workers will need to reskill within the next three years. Their study reveals that 87% of executives believe that AI tools like ChatGPT will enhance their current roles. It can never replace them.
The IBM Institute for Business Value (IBV) analyzed two surveys to gather data for their findings in a recent study. The first survey involved questioning 3,000 C-level executives from 28 countries, while the second survey asked 21,000 workers in 21 nations.
4 out of 10 people, that is 1.4 billion workers will have to acquire new skills as companies implement automation and generative AI.
While employees of all levels will face the wrath of AI. However, it mostly targets entry-level employees. 77% of the executives surveyed say that freshers are already facing the effects of generative AI. Moreover, the impact will increase in the coming years. This is for 22% of executives or senior management roles.
Also Read: Can AI Replace Human Jobs?
A study in March revealed AI can impact 300 million jobs worldwide. However, 87% of the executives believe the positions will be enhanced rather than replaced. This again, varies among departments. While the jobs in procurement remain safe, the finance, risk & compliance departments are in danger. Moreover, marketing positions and customer service are not secure.
Research conducted by IBM IBV has shown that individuals who are able to successfully develop new skills to keep up with evolving technologies not only increase their chances of retaining their jobs but also improve their performance. According to the report, job transitions driven by technology are associated with an average revenue growth rate premium of 15%. Furthermore, those who prioritize learning about AI can expect to experience a revenue growth rate that is 36% higher than their colleagues.
To conclude the headlines, IB wrote, “AI won’t replace people – but people who use AI will replace people who don’t.” However, IBM was among the first companies to ensure that it would stop hiring employees for jobs that AI is capable of.
No matter what the study reveals, the world observes several instances of AI replacing humans. The increase in stress has led 80% of tech employees to take medication as a coping mechanism. What do you think? Will generative AI replace your work?