The rise of new artificial intelligence (AI) technologies has forever changed the landscape of our daily lives with its presence in almost all industries. Now, new studies conducted by OpenAI and Goldman Sachs found that AI has had a significant impact on the majority of jobs.
While companies like Microsoft and startups like Midjourney have integrated AI into everyday products, OpenAI and Goldman Sachs have attempted to understand what the future of work will look like.
This photo illustration shows the ChatGPT logo at an office in Washington, DC, on March 15, 2023. - The company behind the ChatGPT app that churns out essays, poems or computing code on command released on March 14, 2023, a long-awaited update of its artificial intelligence (AI) technology that it said would be safer and more accurate than its predecessor.
AI Could Impact Over 80% of the Workforce
As reported first by Interesting Engineering, OpenAI collaborated with Open Research, an international engineering company, and the University of Pennsylvania to study the impact of AI on the US workforce.
The study found that the implementation of large language models (LLMs) like Generative Pre-trained Transformers (GPTs) could impact up to 80 percent of the workforce.
The study also discovered that up to 20% of workers might see at least 50% of their jobs affected by AI and that 80% of the workforce could see at least 10% of their work affected by the technology.
The study also discovered that several professions were highly exposed, including tax preparers, web and digital interface designers, journalists, and authors. For these professions, AI has the potential to drastically cut down on task time.
It also found that work could be completed significantly faster with access to AI tools at the same level of quality, but it did not make a distinction between how labor was enhanced by technology and how it was replaced by it.
According to the Goldman Sachs study, up to two-thirds of current jobs could be affected by AI automation in the US and the EU.
Financial Standpoint
From a financial standpoint, AI may result in increased productivity, new employment opportunities, and cost savings from reduced labor costs, which may increase the annual global GDP by 7% over the next ten years.
But, the issue remains whether this wave of technology will be employed to better work-life or generate profits for major organizations.
The studies provide valuable insights into how AI could affect the workforce, emphasizing the urgency for governments and organizations to invest in retraining and reskilling workers to adapt to the changing landscape.
With AI becoming increasingly integrated into workplaces, it is crucial to ensure that the technology benefits the economy and workers alike.
"We conclude that Generative Pre-trained Transformers exhibit characteristics of general-purpose technologies (GPTs), suggesting that as these models could have notable economic, social, and policy implications," OpenAI wrote in the abstract.
The study titled "GPTs are GPTs: An early look at the labor market impact potential of large language models" was published in arXiv.
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