NYT: Gen AI’s Biggest Impacts Will Be In Banking And Tech

A new report from the Burning Glass Institute and SHRM (formerly the Society for Human Resource Management) highlights that generative AI, such as OpenAI's ChatGPT, is set to have its most significant impact on white-collar jobs within banking and tech industries. The research reveals that companies in finance and technology, including giants like Goldman Sachs, JPMorgan Chase, Google, and Microsoft, allocate a substantial portion of their payroll to roles highly susceptible to AI disruption. These positions, often held by affluent college graduates, include business analysts, marketing managers, software developers, database administrators, project managers, and lawyers.

Despite fears of widespread job losses, the report suggests that AI will primarily change job functions rather than eliminate them in the short term. It underscores the necessity for increased training and investment from corporations and governments to help workers adapt to these technological advancements. The research estimates that financial institutions and tech firms spend 60 to 80 percent of their payroll on jobs likely to be affected by generative AI, compared to less than 20 percent in industries like retail, restaurants, and transportation.

The findings emphasize the importance of preparing for a future where AI plays a significant role in workplaces that have been largely untouched by technological disruption until now.

For more detailed insights, you can read the full article here.