Yahoo Finance How ChatGPT Is Changing the Job Market
The extremely rapid evolution of AI — notably with OpenAI’s ChatGPT — has taken the world by storm and is revolutionizing many aspects of life. One important area is the workforce, which is being forced to adapt and adjust, leaving many to wonder how extensive the new technology’s effects will be.
Make Money With AI and Chat GPT: How To Earn $1,000 a Month
See: How To Build Your Savings From Scratch
Of course, one of the biggest fears is that AI will replace workers — Goldman Sachs analysts recently said in a report that they estimated that “one-fourth of current work tasks could be automated by AI in the U.S. with particularly high exposures in administrative (46%) and legal (44%) professions and low exposures in physically-intensive professions such as construction (6%) and maintenance (4%).”
In addition, Goldman Sachs analysts noted that 18% of work globally could be automated by AI, with larger effects in developed countries. So how will it impact the job market? Take a look.
Layoffs and Opportunities
Just in the past few weeks, a slew of big companies — including IBM and Dropbox — have used the AI argument to explain their layoffs.
IBM CEO Arvind Krishna for example told Bloomberg that the company will pause hiring for roles that could be replaced with AI, including back-office functions such as human resources.
Yet, some HR experts note that there are also benefits for those working in that space.
“There’s an opportunity for applicant tracking systems to leverage ChatGPT so recruiters can simply ask which candidates of the 200 that applied have at least 90% of the qualifications,” said Eric Holwell, senior vice president of strategy at Bayard Advertising. “Recruiters will also be more informed of talent pools for jobs that might be remote or jobs that could be filled in a variety of locations. For example, you could learn through ChatGPT that the average candidates per job for finance roles in Phoenix is 130% higher than it is in Dallas, therefore advertise those roles in Arizona.”
Holwell added that the options of how HR professionals can use ChatGPT will be endless. For example, he said, use ChatGPT to run a regression analysis on employee flight risk rates of the hardest-to-fill jobs for employees that have been there for four or more years.
“If the data says you’re going to lose 40% of your hardest-to-fill jobs in the next six months, have it analyze what it costs to give those employees a raise or hire new ones. Or ask it for ideas to improve work culture in 90 days,” he said. “It won’t solve the problem for you, but you can get a huge head start on data-driven decision-making that makes you look like a rock.”
Make More: 18 Legitimate Games & Apps That Pay Real Money in 2023
Taking Advantage of Side Hustle Possibilities
Despite the negative effects of the technology in terms of layoffs, ChatGPT is also proving beneficial for some employees who are using it to add side hustles.
Indeed, the technology is helping some overworked employees streamline their workload, which in turn, enables them to take on more jobs and generate more revenue. For example, a person interviewed in a recent Vice report noted that ChatGPT does “like 80% of my job if I’m being honest,” adding that he used it to generate cover letters to apply for jobs — landing him a second one.
“Just as companies may eliminate jobs due to artificial intelligence and ChatGPT, many workers will be able to utilize the technology to be more productive, effective, and efficient,” said Phil Siegel, founder of CAPTRS. “The technology may also create more opportunities for some in the ‘gig’ economy, or a ‘side hustle,’ because they will have time.”
The Work That ChatGPT Should Be Doing
Siegel noted that ChatGPT should be able to help accomplish mundane and repetitive, or repeatable, content-oriented tasks, such as letter writing, legal summaries, project plans and first-draft documents.
“It also has the potential to assist in areas like customer support. It should be most aptly thought of as having a team of ‘assistants’ that allow workers to spend their time on quality control and editing the output of the artificial intelligence,” he added.
An interesting note is that 90% of U.S. business leaders say having ChatGPT experience is beneficial for candidates, a recent Resume Builder survey found.
In addition, the survey found that nearly half — 49% — of companies are already using ChatGPT, mainly for writing code, creating content, drafting summaries of meetings or internal documents and assisting with customer support.
“Companies are leveraging artificial intelligence now more than ever before. ChatGPT and similar resources are great tools for streamlining tedious or lengthy processes, so long as employers maintain the manpower to take their products to the finish line,” said Kylie Luff, senior human resources consultant at OneDigital. Luff added that it’s important to note that we’re still navigating the platform and developing best practices.
“It’s not yet a replacement for employees but can be a powerful tool for boosting productivity – particularly while most companies are struggling with employee retention and have limited budgets to recruit and onboard new talent,” Luff said.
Another employee in the Vice report notes that he sees himself “as the idea man, and ChatGPT as the labor,” adding that ChatGPT is helping do 80% of his work, including generating business plans, internal system documents, blog posts and Excel spreadsheets.
“This kind of man-plus-machine working might raise eyebrows now, but it’s a strong indicator of what’s to come,” said David Blake, CEO and founder of Degreed. Now, we all know that automation is not going to take our jobs, but it will evolve them.”
Blake added that this will provide more time to focus on “uniquely human things,” such as relationship building and deep strategic thinking.
“These technical, hard skills you’re building right now, have a rapidly dwindling half-life. Whereas the power skills you develop will help your workforce move from role to role and adapt to the rising prevalence of AI in their lives, he added.
Other experts echoed the sentiment, saying that it’s still very early and we do not fully know what tasks will be efficiently done by AI consistently.
“Questions still exist. Will it generate good legal documents? Can it be trained to eliminate poor human qualities, or will it exacerbate them?” Siegel said. “In the meantime, it is wise for individual employees to experiment with them as productivity tools – similarly to the way that other business productivity tools are applied in workspaces. “
More From GOBankingRates
This article originally appeared on GOBankingRates.com: How ChatGPT Is Changing the Job Market
