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Amazon’s Andy Jassy has also said generative AI will reduce parts of the company’s corporate workforce over the next few years and British Telecom’s CEO Allison Kirkby has mapped tens of thousands of cuts for her organization by 2030, with a portion tied directly to AI and automation. (4)

However, one nuance often lost in headlines is that adoption is uneven and slower than the hype implies. Companies have invested heavily in AI over the past three years, but reworking day-to-day processes to integrate the new technology takes time. What’s more, the concrete payoff has remained elusive.

In fact, a widely cited recent study from MIT showed that 95% of organizations spending heavily in generative AI products could not report measurable return on investment. (5)

Part of the problem is that AI is not like other enterprise software inventions that had a clear impact on productivity. For example, think of how much time bookkeepers saved when they went from entering numbers manually into paper ledgers versus automating data capture into a digital spreadsheet.

Part of the problem is the slow-moving nature of most organizations (what one paper calls “enterprise time”). (6) But the other part is that for all the hype, AI still can’t do jobs beyond its training data well.

Who is most at risk and who is likely safe (right now)

Jobs that involve repeatable digital tasks are most likely to face pressure from employers looking to reduce headcount through automation.

These are most often “back office” jobs like data entry and entry level coding jobs. Some kinds of content production are also likely to be automated with AI, though recent wins protecting copyrighted material may raise the demand for talented graphic designers, rather than lessen it. (7)

Jobs that require in-person work, variable physical tasks or high-stakes judgments are the least likely to be affected by AI implementation. This could be partly why more young people are deciding to skip the dorms and degrees, opting instead for hands-on work.

Jobs in health care and skilled trades, for example, are also unlikely to be replaced by AI “agents.” For the same reason, jobs that depend on context and coordination such as client-facing roles and compliance won’t be offloaded to an AI until AIs prove their consistent performance in this capacity.

Even if the revolution has been televised, it has yet to be computerised. And — for now at least — that means it’s still just sci-fi.

What you can do to prepare your finances in an uncertain job market

Take stock of your income and essential expenses. Create a realistic budget with these in mind. If you don’t have one already, create an emergency fund, saving for at least three to six months of expenses.

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Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Fortune (1); MIT Technology Review (2); Radiology Business (3); The Guardian (4); Institute of Internet Economics (5); Harvard Business Review (6); NPR (7)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Original source: us