AI Termination: Will Your Job Survive?

How can you prepare for a future with AI and possible job loss? Is your field at risk of AI termination?

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Mar 19, 2024

Is your job at risk of being taken by AI? Let's explore the impact of artificial intelligence on jobs to determine which ones are most likely to be affected.

Impact Of Artificial Intelligence On Jobs

Artificial Intelligence (AI) is currently sparking much interest and debate. One critical concern is how AI affects jobs and potentially replaces specific roles.

AI is more likely to replace jobs that involve repetitive tasks. Specific manual jobs are already being replaced by robots, such as Flippy, which can flip burgers. The concern of people losing their jobs to AI is a trend that will continue as AI continues to evolve.

The World Economic Forum conducted a report to help us better understand how AI adoption will affect different types of jobs. The chart below, created by Visual Capitalist, displays the results of this report.

Most Replaceable Jobs

The Visual Capitalist chart shows that IT, finance, and customer sales are the top three most replaceable fields. This is because there are ways to optimize and streamline these services.

At the top of the list is Information Technology. As technology advances, AI plays an increasingly critical role in its development. By adopting AI, more IT companies can streamline their technologies in a highly efficient and cost-effective way. Automation is expected to be disruptive in information technology, transforming software processes and making them more straightforward and streamlined. By embracing these technologies, companies remain competitive in the ever-changing market.

Finance is the second industry in which AI is already widely used. Blackrock is a leading example with its AI platform, Aladdin. Aladdin stands for Asset, Liability, and Debt and Derivative Investment Network. With Aladdin, Blackrock has already automated stock market trades and ETFs and sold the ability to access its data and information to other financial firms on Wall Street. Data and algorithms are crucial for success in the modern stock market.

One potential consequence of using extensive language models (LLMs) and data in finance is that investing, trades, and financial advisors could be fully automated. Instead of relying on a human financial advisor, an AI finance advisor could analyze data and market trends and forecast over the entire length of your investment window. An AI advisor would have access to more data than a human advisor and could work 24/7, unlike a human advisor.

Finally, more sales continue to move online. In-person customer service is becoming less necessary as people continue buying more online.

When was the last time you went to a store? How many customer service people were there? I can count on one hand the number of customer service employees who work at one of the main grocery stores where I shop. The last time I went to buy some clothes at a store at the mall—that was mostly empty—there were only two customer service people.

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Solutions

If you are worried that AI, automation, or robots may replace your job, consider learning a skill in a field that is less vulnerable to replacement. Specific industries will always require human creativity, which AI will never be able to replicate. Some of these jobs include:

1. Marketing (copywriting and graphic design): Copywriting involves understanding sales psychology, marketing, and persuasive writing. AI art is already distinguishable from human art and graphic design.

2. Creative Jobs (writing, art, crafts, video, etc.): AI lacks the human touch required in creative mediums. It cannot convey the emotional aspects of the art and craft humans create.

3. Business: You can use AI to streamline your business and make it more profitable. However, to make your business stand out, you could emphasize the human touch across all the mediums you use to connect with customers and the products you sell.

4. Trades (plumbing, carpentry, electrician, etc.): These jobs require someone with the necessary trade skills to make updates at a customer's house. Trades also need the human touch, and there may be instances where human creativity is essential to finding a solution.

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Summary

It's no secret that some fields are more vulnerable to being replaced by AI, automation, and robots than others that require manual labor and human creativity. However, AI is now in the stages of going mainstream despite Blackrock successfully using Aladdin for 37 years. Understanding which fields are at risk and preparing for the impending changes is essential to protecting your income.

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Is artificial intelligence (AI) taking jobs overhyped, or is it a real fear?