Last updated: 21 Aug 2023 11:00 Posted in:
It is highly skilled jobs such as finance, medicine and law that are most exposed from AI-driven automation, according to a ground-breaking report from the Organisation for Economic Co-operation and Development (OECD).
The report, ‘OECD Employment Outlook 2023: Artificial Intelligence and the Labour Market’ claims: “Occupations in finance, medicine and legal activities which often require many years of education, and whose core functions rely on accumulated experience to reach decisions, may suddenly find themselves at risk of automation from AI.”
Unlike previous technology innovations AI can automate non-routine tasks. And generative AI has made most progress in areas such as information ordering, memorisation, perceptual speed and deductive reasoning – all of which relate to non-routine, cognitive tasks. And, as a result, the report says it is now the highly-skilled occupations that are exposed.
OECD stressed that AI adoption is still relatively low because many firms, so far, prefer to rely on voluntary workforce adjustments. The available data suggest that the share of firms that have adopted AI remains in the single digits, although large firms are more likely to have done so (approximately one in three). That means any real negative employment effects of AI are a little way off. However, the report said firms do not hide the fact that one of the main motivations to invest in AI is to improve worker performance (productivity) and reduce staff costs.
However, the authors of the study says the world’s major economies are now at a tipping point when it comes to AI.
Hardly surprising then that one in five (20%) workers in finance are extremely worried about job loss in the next 10 years.
Looking for the positives the report says AI can reduce tedious and dangerous tasks, leading to greater worker engagement and physical safety. However, there are risks. By automating simple tasks AI leaves workers with a more intense, higher-paced work environment. AI can also change the way work is monitored or managed, which may increase perceived fairness, but also poses risks to workers’ privacy and autonomy to execute tasks. AI can also introduce or perpetuate biases.
READ OECD EMPLOYMENT OUTLOOK 2023: ARTIFICIAL INTELLIGENCE AND THE LABOUR MARKET“Occupations in finance, medicine and legal activities which often require many years of education, and whose core functions rely on accumulated experience to reach decisions, may suddenly find themselves at risk of automation from AI.”
OECD Employment Outlook 2023: Artificial Intelligence & the Labour Market.