Will artificial intelligence (AI) take my job? This question troubles countless workers. There is even a special word to describe this anxiety – FOBO (Fear of Becoming Obsolete). Unfortunately, this concern is not without reason. With the rapid development of AI technology, intellectual workers such as managers, financial analysts, software developers, legal professionals and practitioners in creative industries should prepare for large-scale changes.
From Gibberish to Disrupting the Workplace
Previously, many people thought that AI’s answers were gibberish, not real and logical. However, the latest version of AI can not only reason and solve complex problems, but its answers are even the same as those of humans. At the same time, AI’s capabilities are constantly improving, while the cost of using it is continuously decreasing. Unlike in the past, when automation and outsourcing mainly affected blue-collar workers, this time, professionals who type on keyboards in the office have become the most easily replaced group.
The psychological impact of the development of AI is that it has weakened the value of mental labor and expertise. But more worrying are its possible economic consequences. Intellectual workers tend to marry their peers, and people used to worry that this would exacerbate inequality, but now this social trend puts these families at double risk.
According to estimates by the British think tank IPPR, intellectual work currently accounts for about half of the UK labor market activity, and up to 70% of the work content may be changed or replaced by generative AI. A recent analysis by Moody’s Analytics showed that people with an annual income of more than $250,000 contribute about half of US consumer spending. What will happen if millions of high-income earners are replaced by AI?
The Crisis of Intellectual Workers
OpenAI CEO Altman said that future software engineering agents will be able to complete the work of most human engineers with several years of experience, although some supervision is still required. And this future may come soon. Zuckerberg, CEO of American Dollar, said that these virtual colleagues will have the coding and problem-solving capabilities of mid-level engineers this year.
Unlike humans, AI agents can be deployed in a variety of intellectual work on a nearly unlimited scale. So while AI will certainly create new professions, I think a lot of unemployment is inevitable.
With graduates from top MBA programs struggling to find jobs, fewer orders in the translation industry, stagnant starting salaries in consulting, and more layoffs in information technology, people have begun talking about a decline in white-collar jobs. Business software Salesforce announced that it will no longer hire software engineers this year because AI tools have improved productivity. In the banking industry, Goldman Sachs Group’s CEO said that AI can draft almost all IPO prospectuses in minutes, which previously might have taken a team of six two weeks to complete. Last month, Singapore’s DBS Bank announced that it plans to cut about 4,000 contract and temporary workers over the next three years as AI will replace some jobs.
Safeguards in the AI Era
In the face of the threat of AI, it is wise to have a backup plan. Familiarizing yourself with AI tools and becoming an expert in using them will make you more efficient and do better work. This will also allow you to better judge whether your job is at risk and reduce the possibility of being laid off in the first wave to a certain extent. However, not everyone can successfully transform into an AI manager, so you should continue to build your network in case you need it.
For those who have not yet entered the workplace or are planning for their children’s future, they are facing difficult choices. Nvidia CEO Jensen Huang said last year that learning to program is no longer as valuable because soon everyone will be able to program in natural language. However, Microsoft founder Bill Gates insists that “learning the basics is still important.” But if AI chatbots start taking over all the drudgery in investment banking or management consulting, it may become more difficult to get internships in these industries.
For those who have been in the workplace for many years, they should consider whether they have skills that can open the door to careers or entrepreneurial opportunities that are less susceptible to AI. In other words, now is a good time to perfect your side hustle. Since AI seems to be more friendly to capital owners than workers, you can also look for suitable opportunities to do some investment and financial management to accumulate more assets. No one can guarantee that AI will not take away your brain-based work, but making a backup plan can at least help you resist the anxiety of FOBO.
