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300 million jobs will be replaced, diminished by Artificial Intelligence, report warns

About one million people work in cybersecurity in the U.S., but there are nearly 600,000 unfilled positions. (Dreamstime/TNS)
June 14, 2023

Goldman Sachs estimates that artificial intelligence will have a major impact on the current workforce in both the United States and Europe, as the technology continues to advance.  

According to an estimate provided by Goldman Sachs, 300 million jobs could be either replaced or significantly diminished by the new technology as artificial intelligence begins to take the place of human workers.

“If generative AI delivers on its promised capabilities, the labor market could face significant disruption,” the recent report by Goldman Sachs said. “Using data on occupational tasks in both the US and Europe, we find that roughly two-thirds of current jobs are exposed to some degree of AI automation, and that generative AI could substitute up to one-fourth of current work.”

Google CEO Eric Schmidt recently warned that artificial intelligence could pose additional threats besides the loss of jobs. He warned that governments will need to take steps to prevent the new technology from being abused by the wrong kind of people.

“There are scenarios not today, but reasonably soon, where these systems will be able to find zero-day exploits in cyber issues, or discover new kinds of biology,” he said, according to CNBC. “Now, this is fiction today, but its reasoning is likely to be true. And when that happens, we want to be ready to know how to make sure these things are not misused by evil people.”

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Regardless of the potential threats artificial intelligence could involve if used improperly, Jason Wachtel, managing partner at JW Michaels, a recruiting firm believes the ability of artificial intelligence to enhance automation will make the world “stronger and more efficient.” Nevertheless, he acknowledged that artificial intelligence will “definitely” have “some sort of impact” on the labor force in the United States and Europe.

“It’s just a matter of what that impact is and unfortunately we’re not going to know until it really hits us and it’s still too early to tell what that’s going to be,” Wachtel said, according to CBS News Texas.

Wachtel encouraged people to “broaden” their skill sets to avoid being replaced by artificial intelligence.

“Really broaden what you do try to take on more responsibility…so if part of your job is impacted by AI it’s not the complete thing and you should be pretty safe moving forward,” he said.