A recent study anticipates that generative artificial intelligence (AI) will substantially alter the job market over the next decade. The collaboration between Cognizant and Oxford Economics predicts a significant impact on employment, with the potential for both job displacement and difficulty in job transitions due to the skills gap.
Projected Impact on the Workforce
According to the report released on January 10th, the emerging AI technologies could render approximately 9% of the US workforce’s current roles obsolete. Moreover, an estimated 11% of employees might find it challenging to secure new positions as their existing skills may not align with the evolving demands of an AI-centric economy.
Adoption Phases and Future Predictions
The study utilized a specialized model to forecast low, medium, and high AI adoption scenarios within businesses, focusing on the rate at which AI would be incorporated into operations. The initial phase, from 2023 to 2026, is characterized by cautious experimentation, with companies expected to implement AI in low-risk tasks. By 2026 to 2030, a surge in AI utilization is anticipated across various sectors, potentially affecting more than half of all managerial roles.
Recommendations for upskilling the workforce
To mitigate the risks of job losses, the research suggests reskilling initiatives for workers and advises organizations to establish a robust technological foundation to keep pace with AI advancements. It also underscores the need for safeguards against AI-induced biases and encourages leveraging AI to enhance worker productivity and satisfaction.
The gaming industry exemplifies proactive measures to ensure AI benefits employees, as demonstrated by Zenimax’s agreement with Microsoft to use AI to augment human capabilities without causing harm.
