By Wendy Campbell, Principal
WHAT IS GENERATIVE AI?
Automation is defined as “the technique of making an apparatus, a process, or a system operate automatically.” It focuses solely on repetitive, instructive tasks, and is designed to create efficiencies and speed workflows. After it follows predetermined instructions, it thinks no further.
Automation has taken a leap forward with the recent introduction of generative AI tools. Unlike automation, Generative AI can learn from data and make predictions and decisions based on that data.
Generative refers to the fact that these tools can identify patterns across enormous sets of data and generate new content – an ability that has been considered uniquely human. The most striking advance is in natural language capabilities which are required for a large number of work activities.
While Chat GPT is focused on text, other AI systems can generate images, video, and audio. As stated in the July 2023 Harvard Business Review, GenAI’s greatest potential is not replacing humans – it is assisting humans in their efforts to create innovative ideas and solutions.
GENERATIVE AND THE MARKETPLACE
One of the biggest concerns in recent months is whether GenAI will eliminate jobs in the marketplace. Although GenAI is still in the early stages, the potential applications for businesses are significant and wide-ranging. It can be used to write code, design products, create marketing content and strategies, streamline operations, analyze legal documents, provide customer service, etc.
All of this means that GenAI is about to impact a wider set of work activities involving expertise, interaction with people and creativity.
A recent McKinsey report estimated that by 2030, GenAI has the potential to automate up to 30% of hours currently worked in the U.S. The biggest future job losses are likely to occur in office support, customer service, and food services. The demand for clerks, retail salespersons, administrative assistants, and cashiers could decrease significantly.
These jobs involve repetitive tasks, data collection, manual research, and elementary data processing activities that automated systems can handle efficiently. It is estimated that 11.8 million workers in the U.S. currently in occupations with shrinking demand may need to move into different lines of work by 2030.
McKinsey Global Institute reports that more demand is expected for jobs requiring higher levels of education and skills. The largest future job gains are expected to be in healthcare with increased demand for health aides, health technicians, wellness workers and other healthcare professionals. The tech industry is also hiring with a 23% increase in demand for STEM jobs (Science, Technology, Engineering, or Math) expected by 2030.
Banking, insurance, pharma, and healthcare employers are undertaking major digital transformations and need tech workers with advanced skills to expand their operations. Other fields like business/legal professionals, creatives, and educators can also expect an increase in demand.
There is no question that GenAI will have a significant impact on the future of work. It won’t just boost efficiency; it will affect how businesses and organizations of all sizes are built and operated. We will soon be the ones assisting machines and not vice versa.
However, as suggested in the latest McKinsey report GenAI is not viewed as a technology that replaces employment opportunities for workers. It is a tool that empowers workers to be more productive and achieve new levels of creativity and innovation. Technological advances like GenAI often cause disruption in the marketplace but historically they fuel economic and employment growth.
HOW JOB SEEKERS CAN BENEFIT FROM GENERATIVE AI
The world of work is continuously evolving and with the advent of AI, the job-seeking landscape has been drastically revolutionized. Generative AI is no longer a concept of the future – it can play a crucial role today in helping you take control of your career by providing the tools and resources to develop a career plan and streamline the job-hunting process.
Generative AI can analyze vast amounts of job market data including job descriptions, industry trends, skills in demand etc., to offer personalized advice to job seekers. It can identify what qualifications or skills you might need to improve your chances of landing a desired role.
With data inputs like job descriptions and personal career information, generative AI tools can provide job seekers with optimized resumes tailored for specific roles. It can draft personalized cover letters, highlighting how your skills and experiences align with the job requirements.
Furthermore, it can help you prepare for job interviews by generating a list of the most common questions and providing suggestions for improvement through a mock interview.
Generative AI has the potential to change the way we approach job hunting, making it a more efficient and effective process. However, as stated by Fagen Wasanni Technologies, it is important to remember that GenAI is not a replacement for human attributes like creativity, empathy, interpersonal skills, and personal judgment.
As we harness the power of Generative AI in the job search process, it is important to leverage our uniquely human strengths to build fulfilling careers in the evolving world of work.