A new study reveals that 40% of workers, or nearly 1.4 billion people, will need to be reskilled within three years due to the impact of AI on their jobs.
Adaptability and interpersonal skills now take precedence over technical skills, marking a shift in the workforce skills paradigm, according to IBM Institute for Business Value research.
The findings suggest that business leaders may need to plan for human-machine collaboration when leveraging technology to improve productivity.
Need to relearn skills
of IBM research Explore the impact of AI on business models and how companies are leveraging the technology. This has been a hot topic since its announcement earlier this year. Chat GPT It was announced by OpenAI in November last year.
With their ability to perform tasks such as coding and writing, generative AI models pose challenges to many industries on how they operate, threatening the job security of many industries.
For this study, IBM used data from two surveys of 3,000 executives from 28 countries and another survey of 21,000 employees from 22 countries. We used data from the surveys we included.
According to IBM, the findings show that AI is impacting the job market across industries. It is estimated that about 40% of employees will need to be reskilled to keep up with technological advances as companies begin to adopt AI.
This equates to about 1.4 billion people out of the world’s 3.4 billion workforce, according to the World Health Organization. World Bank Statistics.
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person replaces person
The rise of AI has raised fears that there will be many casualties in the job market as technology takes over roles in various fields.
A March report by Goldman Sachs found that generative AI was about 300 million jobs In Europe and the US, the risk of legal and administrative staff being redundant is considered high.
Another report found that 4,000 people lost their jobs in May After being overtaken by AI, the United States is the only country where employers are adopting the technology because of its cost-effectiveness.
However, an IBM report found that 87% of executives surveyed said they believe generative AI will enhance, rather than replace, roles. This suggests that those who use AI at work will replace those who do not.
“AI will not replace humans, but those who use AI will be replaced by those who do not,” IBM said.
However, this depends on the nature of the job in question, as 97% of executives believe procurement talent will be augmented, not replaced. This compares to 93% of employees in risk and compliance, 73% in marketing and 77% in customer service.
Therefore, to stay relevant, employees should: always upgrade Skills that keep up with the evolution of AI.
The technology will have far-reaching implications, but executives themselves believe they will have less of an impact on their work than lower-level staff who feel the heat of generative AI.
Survey results already show that three out of four executives say their entry-level jobs are already impacted by AI, while only 22% of senior managers and executives say the same. are doing.
changing skill requirements
This new skills paradigm marks a shift from technical skills, such as STEM proficiency, that were highly prioritized around 2016 and are now the least prioritized due to the rise of AI.
IBM’s report attributed this to the global exposure to AI tools like OpenAI’s ChatGPT that enable employees to “do more with less.” .
Interpersonal skills such as communication, time management and collaboration are in demand more than ever.
According to this research, businesses have no choice but to move with change. After all, adapting to change is beneficial.
The study also found that companies adapting to technological evolution and reskilling to keep up with technology-driven change “report an average revenue growth premium of 15%,” while AI Companies that focus on are shown to have 36% higher revenue growth. Higher revenue growth than peers. “
As a result, rapid changes in technology will have a major impact on business and the job market. The study shows that embracing AI and other technological advances can be an efficient and cost-effective way to increase productivity.
Business leaders see reskilling programs as influential in navigating ever-changing landscapes.