As generative AI sweeps across the global stage, its impact to the economy, to business and society, to people’s livelihoods is clear, with 90% of jobs expected to be affected. Will this impact be destructive or productive, embraced or feared, unifying or polarizing? Read our full report to find out.
New Work, New World
In the next decade, generative AI could revolutionize the economy, potentially contributing up to $1 trillion annually to the US GDP by 2032. This profound transformation comes with the possibility of disrupting up to 90% of existing jobs. As we navigate these significant changes, the critical focus must be on investing in people to harness the full potential of this technology.
Our research, in collaboration with Oxford Economics, examines the impact of generative AI on the workforce, analyzing 18,000 tasks and 1,000 jobs within the US economy. While the primary focus is on the US, the findings have global relevance due to the universal nature of the tasks and the potential for AI to assist or automate them.
Generative AI could inject anywhere from $477 billion to $1 trillion into the US economy by 2032.
%
of jobs impacted by Gen AI within a decade.
%
of tasks can be automated for productivity.
%
growth in annual adoption of AI to be expected.
The findings indicate that most jobs will experience some level of disruption, with up to 90% of roles being affected by AI. Approximately 9% of the current US workforce may be displaced, and 11% of those displaced could struggle to find new employment. These insights underscore the necessity for strategic reskilling programs and robust data governance frameworks to manage the transition effectively.
Beyond the economic impact, generative AI also presents social and ethical considerations. Building trust between AI makers and users, businesses and policymakers, and employers and employees is crucial. Transparency in AI deployment and outcomes will help mitigate fears and ensure responsible use of the technology.
Preparing for AI Disruption
To maximize productivity and mitigate the risks associated with AI disruption, the report outlines four key recommendations:
1. Take Care of Your People: Implement comprehensive reskilling programs to prepare the workforce for new roles and ensure a smooth transition.
2. Innovate or Stagnate: Reimagine business operations and value creation in the context of AI, focusing on long-term strategic planning.
3. Build Confidence with Transparency: Establish clear and transparent AI practices to build trust and ensure ethical AI use.
4. Put AI Gains to Good Use: Consider the broader societal impact of AI-driven productivity gains, ensuring benefits are distributed fairly across the workforce and society.
As we stand on the brink of this new AI-driven era, proactive leadership, strategic planning, and a commitment to ethical practices are essential. By embracing these principles, organizations can navigate the complexities of generative AI, driving productivity and fostering a more equitable and prosperous future for all.
Read the full report of Gen AI impact on the workforce here.
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Amplifying the Value of Generative AI
Generative AI has captured the attention of business leaders, employees, consumers, and governments alike. Unlike previous technological debuts, it holds the potential to transform operating and business models entirely. However, realizing its full potential requires a strategic approach.