The Concerns about AI in the Workforce
When ChatGPT launched in November 2022, it was both celebrated and denounced in equal measure. The fear of job displacement and the potential negative impact of AI has been a topic of discussion among experts in the field. Dr Geoffrey Hinton, considered the ‘godfather of AI,’ expressed concern about the ‘scary’ chatbots he helped create, leading him to step down from his role at Google. He highlighted that the intelligence developed by AI is unlike human intelligence, enabling chatbots to possess a wealth of knowledge.
Sir Patrick Vallance, the government’s outgoing chief scientific advisor, also warned about the significant impact of generative AI on jobs. He emphasized the potential loss of employment or a shift to jobs that require human intervention. Historical data from the Industrial Revolution shows that the initial effects of technological advancement led to a decrease in economic output, followed by eventual benefits. Anticipating these changes is crucial.
The Impact on Jobs and Gender Disparity
It is projected that generative AI could affect approximately 300 million full-time jobs globally. However, not all workers face equal vulnerability. According to McKinsey, women are 1.5 times more likely to be replaced by AI due to their representation in low-wage jobs. Low-wage workers, in general, are 14 times more likely to require occupation changes compared to higher-earning positions. While white-collar workers may need to redefine their roles, rather than being completely replaced, they are expected to be significantly impacted by the adoption of generative AI.
Finding Opportunities in the AI Era
Whether you are seeking to futureproof your career or join companies embracing generative AI, the AltFi Job Board offers numerous opportunities. GoCardless is hiring an established Data Analyst to support data-driven decision-making within the People team. Monzo seeks a Senior Data Scientist in Financial Crime, playing a crucial role in building and iterating financial crime defence capabilities. As a fully digital bank, Starling is looking for engineers who prioritize security and want to create impactful features for millions of customers.
Visit the AltFi Job Board today for more open positions in the tech and fintech sectors.
