Generative AI is a rapidly advancing technology that has captured the world's attention and its potential is only just beginning to be realized. With innovative platforms like ChatGPT and Bard, the possibilities for revolutionizing industries, job markets, companies, and work are endless. This cutting-edge technology offers the ability to produce high-quality text, generate codes, create scripts, and ultimately streamline tasks.
For instance, businesses can theoretically use this technology to produce advertising, marketing emails, social media posts, long-form content marketing pieces, and website copy that is well-structured and difficult to distinguish from human writing. The extent of these changes, as more companies adopt AI and develop new applications, remains to be seen. Nevertheless, one thing is clear: generative AI is ushering in a new era of limitless potential.
Despite the promise of generative AI, concerns about its societal impact are widespread. In an interview, Elon Musk warned that generative AI could lead to "civilization destruction." He added that there needs to be a regulatory agency that guards the insights produced by AI.
As we grapple with the implications of this groundbreaking technology, questions loom about the role that generative AI will ultimately play in the world. Will these bots steal our jobs? Is generative AI poised to replace human workers? These are some of the pressing questions that need to be answered. Nevertheless, one thing is certain: AI will continue to play an increasingly important role in our lives.
Will Generative AI replace your jobs?
For decades, the fear that robots will supplant humans has been pervasive. Now, generative AI is being touted as a potential catalyst for this scenario.
According to Goldman Sachs, generative AI could affect approximately 300 million jobs, meaning that 18% of work globally could be automated. More developed economies are expected to be heavily impacted than emerging markets. McKinsey has supported this assertion, stating that "generative AI and other foundation models are taking assistive technology to a new level, reducing application development time, and bringing powerful capabilities to non-technical users." These leading companies suggest that AI could affect a vast range of processes and products in numerous sectors, and it could lead to the dreaded job displacement.
Despite these concerns, humans still have the upper hand over generative AI in terms of creativity, resourcefulness, and critical thinking. Here are a few reasons why you shouldn't be overly concerned about generative AI:
AI lacks emotional intelligence.
Emotional intelligence (EQ) is a crucial skill in today's workforce, particularly in jobs that require social interaction and effective communication. HR professionals, for instance, must possess strong communication skills to handle employee concerns and resolve workplace conflicts with sensitivity and tact. Sales professionals use EQ to build relationships with clients, understand their needs and concerns, and effectively communicate the value of their products or services. Essentially, EQ is the ability to recognize, understand, and manage one's own emotions as well as those of others.
Emotional intelligence is not an overstatement to say that it is the cornerstone of successful leadership and business ownership. While generative AI continues to advance and revolutionize various industries, it can never fully replace human connection and emotions. Generative AI may be capable of performing certain tasks and functions, but it lacks the ability to perceive, reason, understand, and manage emotions in the same way that humans do. It can only perform tasks based on pre-defined algorithms and data inputs, without the ability to alter results based on how another party perceives it.
AI thinks within a box.
AI's creative abilities are limited by its reliance on data. As mentioned earlier, AI operates within the constraints of the information it is given. For instance, ChatGPT's knowledge base only extends to the end of 2021, which means it may not have the necessary information or capacity to respond to queries about more recent events. In contrast, humans are capable of thinking beyond existing information, acquiring knowledge from diverse sources, and developing innovative solutions to complex problems, even when data is scarce.
AI needs human intelligence and relies on data.
In the world of artificial intelligence, human intelligence serves as the fundamental building block upon which these systems are constructed. From the creation of the lines of code to the provision of data, humans play an integral role in the development and operation of AI systems. However, the limitations of AI algorithms become apparent when unforeseen scenarios are not taken into account in the data entered into the code, leading to potentially erroneous or incomplete results. As the demand for AI applications grows, so does the need for human involvement in designing, operating, and maintain these systems to ensure optimal performance.
Don't fret. Generative AI will not replace jobs, but rather create new ones.
According to the World Economic Forum, the prevalence of AI in the workforce is set to continue as time goes on. While automation and technology will eliminate 85 million jobs, it will also create 97 million new ones. These "Jobs of the Future" will require new skills and extensive investment in upskilling and retraining young people and adults. As AI becomes more proficient in repetitive tasks previously done by humans, new roles with competitive wages will emerge, providing young professionals with a wider range of career options.
However, Tata Consultancy Services (TCS) has a different perspective. TCS predicts that generative AI will create an "AI coworker" instead of replacing jobs. This coworker will need time to understand the customer's context and provide industrial and customer-focused input. Milind Lakkad, TCS's Chief Human Resources Officer, believes that AI tools will enhance productivity, work uniformity, and eliminate the need for governance, leading to faster delivery and reduced requirements for peripheral services. Generative AI will likely redefine how approaches are executed and create new job roles while significantly altering existing ones.
Forward-thinking companies are already integrating human capabilities and AI to increase productivity and innovation. Those who embrace this change will have an advantage in the future.