Job loss? AI's rapid spread is sparking more fear than anything else

The impact on employment of the rapid spread of AI is limited so far, but the potential for the technology to substitute jobs is significant, an OECD study showed.

FILE PHOTO: ChatGPT logo and AI Artificial Intelligence words are seen in this illustration taken, May 4, 2023. REUTERS/Dado Ruvic/Illustration/File Photo (REUTERS)

The impact on employment of the rapid spread of Artificial Intelligence is limited so far, but the potential for the technology to substitute jobs is significant, and workers are increasingly worried about their future, an OECD study showed.

Early adopters of AI are reluctant to fire staff, and it can improve working lives by helping with tedious and dangerous tasks, according to the survey of 2,000 employers and 5,300 workers in manufacturing and finance across seven OECD countries.

The organization said the world economy is at the very early stages of AI adoption, however, and that the potential for job destruction is still large, partly because all industries and occupations are exposed.

Three-in-five workers are worried about losing their jobs entirely in the next decade, and three-quarters say AI has increased work intensity.

“The recent acceleration of generative AI related developments and tools marks a technological watershed with material implications in many workplaces,” OECD Secretary General Mathias Cormann said.

The Paris-based group said international organizations and regulators must respond with greater cooperation and frameworks for how to work with AI.