Generative AI models like ChatGPT have been causing concern among many people who fear that the technology will replace their jobs. However, a new study by IBM suggests that rather than fearing the technology, people should leverage it for their own benefit. The report examines how the emergence of AI is impacting company business models, particularly in terms of how they utilize AI in their operations and how it affects job roles.
To gather insights, IBM analyzed data from two previous studies. One survey involved 3,000 C-level executives across 28 countries, while the other surveyed 21,000 workers in 22 nations. The results indicated that while AI will undoubtedly bring about changes in the workforce and businesses, it may not necessarily be for the worse.
According to the executives surveyed, an estimated 40% of their workforce will need to reskill within the next three years due to AI implementation. This amounts to a staggering 1.4 billion out of the 3.4 billion people in the global workforce, as per World Bank statistics. However, 87% of these executives believe that generative AI will enhance job roles rather than replace them.
IBM’s IBV research reveals that tech adopters who successfully reskill to adapt to technology-driven job changes experience an average revenue growth rate premium of 15%. Furthermore, those who prioritize AI see a 36% higher revenue growth rate compared to their peers. In other words, “AI won’t replace people—but people who use AI will replace people who don’t,” as stated in the report.
The study highlights a shift in the skill paradigm, with technical skills that were previously prioritized, such as proficiency in STEM, becoming less critical by 2023. This is due to the fact that tools like ChatGPT enable workers to achieve more with less knowledge, as noted in the report. Instead, there is now a greater emphasis on people skills such as team management, effective communication, and adaptability to change. These skills have risen to the top as the most critical requirements for the workforce in 2023.
Overall, the IBM study suggests that AI will bring about significant changes in the workforce, but it does not necessarily mean job losses. Instead, it presents an opportunity for individuals and businesses to adapt and leverage AI to enhance job roles and drive revenue growth. The key lies in reskilling and prioritizing the development of people skills alongside technological proficiency.
As AI continues to evolve and become more integrated into various industries, it is crucial for individuals and businesses to embrace the technology and explore its potential. By doing so, they can navigate the changing landscape of work and harness the power of AI to their advantage.