Top CEOs and executives in the United States hold varying views on artificial intelligence’s potential impact on jobs, with some believing it will lead to job cuts, while others see it as a tool for creating new opportunities.
Raj Sharma, EY Americas vice chair of consulting, who oversees more than 25,000 consulting professionals across the Americas, is highly optimistic about the potential for AI. As a self-described technologist, Sharma is advising corporate clients to adapt and embrace the fast-growing technology, despite the higher costs of capital to higher rates, and a trend toward cost cutting among many companies, particularly in the tech space.
In a Zoom video interview with the vice chair, he estimates that 50% to 60% of the world’s jobs will be impacted in the next five or six years. However, Sharma said it will not create mass unemployment “as some people are hyping.” Instead he stated, “It will just create different types of employment altogether.” Humans are still going to be at the center of any business.
From a pragmatic standpoint, Sharma advises his clients to prepare for a longer duration in certain industries, as well as some uncertainty along the way. He contends that while concerns about job displacement may exist, his focus remains on leveraging AI as a tool for innovation and growth in the evolving business landscape.
Building large language learning models is expensive. However, although the costs of capital may be higher than it was only a few years ago, the benefits include enhanced productivity, operational efficiencies and offer long-term cost savings, profitability, with an ultimate return on investments. By taking decisive actions today, it will help forward-looking businesses get ahead of their competitors.
“What you will see in the next couple of years is a methodical drive toward using AI to drive efficiency, free up capital. And then you will see a methodical drive to invest in capital around new products, new innovation, which creates very different types of jobs—jobs that we don't even know exist yet today in that particular area,” said the vice chair.
AI can streamline workflows, increase efficiency and optimize resources, leading to cost savings and improved quality of work. By offloading mundane and repetitive tasks to AI systems, workers can shift their attention to higher-value activities, resulting in higher employee effectiveness and a more engaging workplace culture.
AI tools can help with decision-making in the workplace by analyzing vast amounts of data, recognizing patterns and recommending optimal solutions.
With that said, technology lacks human wisdom and discernment, so some level of personal human involvement will always be needed. The goal is to help humans make quicker and better decisions through streamlined processes and improved accuracy.
Companies are chasing after experienced artificial intelligence tech professionals and offering high compensation packages to get the best talent in this space. AI job listings surged 42% compared to its low point in December 2022, the Wall Street Journal reported last month. Meanwhile, the tech market as a whole is trending downward with a continual flow of layoff announcements.
AI prompt engineering is quickly becoming a hot job with the ascendancy of this emerging technology. A prompt engineer designs and continually refines inputs on generative AI platforms, such as GeminiAI, ChatGPT, Midjourney and DALLE-2, to gain optimal results. Salary ranges for prompt engineer job listings range from $200k to more than $300k.
Tech giant Salesforce's focus on teaching prompt building shows that there is a fast-growing trend to make AI user friendly for nearly everyone. Within the context of the workplace, the technology aids in boosting productivity across business functions such as sales, customer service, marketing and commerce.
Last year, Goldman Sachs published a report that estimates 300 million jobs could be lost or diminished by this fast-growing technology. The investment bank predicts that the growth in AI will mirror the trajectory of past computer and tech products. Just as the world went from giant mainframe computers to modern-day technology, there will be a similar fast-paced growth of AI reshaping the world.
Automation is already being deployed heavily in the workforce. Seventy-eight percent of C-suite leaders have reported that their company actively uses generative AI today, according to a survey by UKG, a human resources and workforce technology company. Seven out of 10 C-suite executives say enhancing their use of AI is a central priority for their business, with 49% revealing that their organizations have benefited the most—with increased financial returns—from AI integrations.
