Job losses coming! AI will take away these 4 career options

A McKinsey study reveals that a number of jobs will be replaced by generative AI by 2023. Check out where job losses are likely.

| Updated on: Jul 31 2023, 12:37 IST
Generative AI
Generative AI technologies will cause many job losses by 2023 and people will have to look for new career opportunities. (Pixabay)
Generative AI
Generative AI technologies will cause many job losses by 2023 and people will have to look for new career opportunities. (Pixabay)

Job losses due to AI have acquired massive proportions and employees have a reason to worry. Now, a new report says that job losses are coming to these 4 segments and workers there will have to look for alternatives quickly. In fact, generative AI has been a hot topic ever since ChatGPT and its rivals came to the market. And tech companies are constantly trying to enhance their AI capabilities to make repetitive tasks easier, thereby changing the job landscape forever. Now, they are also using AI to target, not just repetitive tasks, but also tasks that require thinking and reasoning. Although such generative AI has been a great assistant to humans, it also poses a serious threat to various jobs. McKinsey has revealed some shocking answers that will make you think twice about your current job.

According to a recent McKinsey study. nearly 12 million US workers may have to switch their jobs by 2030.

How generative AI will impact the job market

Currently, we are witnessing a rise in resignations and job changes due to employees looking for a great working environment with high pay. However, with study findings, people might have to change their careers not because they want high pay or a better work-life balance, but due to the advancement in AI tools and technologies.

Massive job losses coming

The study shows around 11.8 million workers will be forced to change employment, not because they want to, but because they must. Approximately nine million of them may be forced to seek new employment in entirely new industries.

Who will be the worst affected? According to Michael Chui, a partner at the McKinsey Global Institute, 75% of the projected declines in job levels are in four categories: office support, customer service and sales, food services, and production work.

With the four categories, jobs related to repetitive tasks such as clerks, retail salespersons, administrative assistants, and cashiers will decline by over 600,000 each by 2030.

Chui told Business Insider that these shifts will be both positive and negative for the US workforce as the job disruptions caused by AI could propel some low-wage workers into higher-wage ones. Industries like healthcare and e-commerce will experience growth in jobs and AI technologies which will open numerous new job opportunities.

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First Published Date: 31 Jul, 12:22 IST