By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Financial Magazine: Your Key to Wealth PROFinancial Magazine: Your Key to Wealth PROFinancial Magazine: Your Key to Wealth PRO
Notification Show More
Font ResizerAa
  • World
    • UK
      • UK Companies
      • UK Economy
      • UK Politics
    • US
    • China
    • Africa
    • Asia Pacific
    • Emerging Markets
    • Europe
    • Americas
    • Australia & NZ
    • Middle East & North Africa
      • Iran
      • Israel – Hamas war
    • War in Ukraine
  • US
    • US Companies
    • US Economy
    • US Politics & Policy
  • Companies
    • Album
    • Energy
    • Financials
    • Health
    • Industrials
    • Media
    • Professional Services
    • Retail & Consumer
    • Tech Sector
    • Telecoms
    • Transport
  • Tech
    • Artificial intelligence
    • Semiconductors
    • Cyber Security
    • Social Media
  • Markets
    • Alphaville
    • Capital Markets
    • Commodities
    • Cryptofinance
    • Currencies
    • Equities
    • ETF Hub
    • Fund Management
    • Trading
      • Trade Secrets
    • Markets Data
    • Moral Money
  • Climate
    • Opinion
    • Letters
    • Lex
    • Obituaries
  • Work & Careers
    • Business Books
    • Business Education
    • Business School Rankings
    • Business Travel
    • Entrepreneurship
  • Life & Arts Home
    • Arts
    • Books
    • House & Home
    • Food & Drink
    • Style
    • Travel
  • HTSI
  • My Financial
    • FW Magazine
    • FW Globetrotter
    • FW Podcasts
    • FW Recomment
    • FW Schools
    • FW Wealth
    • The FW View
Reading: How will artificial intelligence change the value of human skillsets?
Share
Font ResizerAa
Financial Magazine: Your Key to Wealth PROFinancial Magazine: Your Key to Wealth PRO
Search
  • Home
    • Financial Magazine: Your Key to Wealth PRO
  • Categories
  • Bookmarks
    • My Bookmarks
  • More Foxiz
    • Blog Index
    • Sitemap
Have an existing account? Sign In
Follow US
Home » Blog » How will artificial intelligence change the value of human skillsets?
Tech

How will artificial intelligence change the value of human skillsets?

admin
Last updated: December 15, 2024 9:39 am
admin Published December 15, 2024
Share
SHARE

Tomorrow’s workers will need to be able to collaborate with AI — and to understand its shortcomings

As the hype grows over generative artificial intelligence — emerging technology that can create text, images and code — many businesses are drawn to the potential for automating repetitive tasks and cutting costs as jobs are displaced.

Research suggests that the technology will indeed shake up the workplace. One study published in March found that the introduction of large language models such as ChatGPT could result in some 80 per cent of the US workforce having at least 10 per cent of their tasks affected by the technology. Nearly a fifth of workers could have at least 50 per cent of their tasks affected, and the impact is likely to be felt far beyond tech roles, in more language-intensive areas such as law, advertising and finance.

But some experts believe that the technology will not cause the jobs market to shrink but could instead be a boon for it — with new types of roles being created and the emergence of human-AI symbiosis.

According to Stanford University professor and AI specialist Erik Brynjolfsson, in the past many advances and transformative technologies have tended to increase gaps in income inequality between more and less experienced workers, or college and non-college students.

But this is not necessarily the case with generative AI. In a study conducted alongside other academics from the Stanford Digital Economy Lab, Brynjolfsson found that deploying generative AI in a customer service centre — to suggest the best answers that staff could give to customers — boosted employee productivity by 14 per cent. Less experienced or skilled staff benefited the most, with about a 30 per cent boost to productivity, he says, adding that this could typically be applied across many industries.

“Some of the most productive uses [of generative AI] are the ones that augment humans rather than imitate or replace [them],” says Brynjolfsson, who has co-founded a work management platform called Workhelix that reviews the tasks typically carried out in a company and flags opportunities for AI to help.

Research suggests that the way most managers justify return on investment in technologies such as AI is through the promise of a swift reduction in headcount. But Mohammad Hossein Jarrahi, associate professor at the University of North Carolina at Chapel Hill and an authority on AI, warns that the hunt for short-term efficiencies through task automation could in the longer term lead to unintended consequences, such as the loss of valuable expertise.

“Generative AI systems are a task centre,” he says. “For the most part this intelligence is very related to specific tasks . . .[But] machines cannot penetrate that tacit understanding of the organisation as a whole.”

By contrast, Jarrahi says, humans have “important competitive advantages”, including emotional and social intelligence, and strategic, holistic thinking based on years of internalised experience.

Some of the most productive uses [of Generative AI] are the ones that augment humans rather than imitate or replace
Erik Brynjolfsson, Stanford University

As a result, AI-human partnerships will be of prime importance, he says, as will our ability to collaborate with these machines. “The human experts have to stay in the loop,” he says. “Our roles are going to shift as partners to these systems. It’s not about human-to-human skills but co-operation skills between us and them.”

Nevertheless, as part of the shift, humans will need to acquire new skills in order to stay ahead, such as increased AI literacy. This might include greater familiarity with large language models such as ChatGPT, to understand where the underlying data comes from, and whether there are biases in the algorithms, or other flaws.

“That is going to require strong critical thinking skills,” says Ravit Dotan, an AI ethics adviser and researcher. “In generative AI, lots of social and cultural assumptions are being made and these can be invisible to those who are not culturally aware.” She emphasises that companies will need to appoint individuals who will take on the thorny ethical questions.

In some cases, new AI-specific roles will emerge to cater to the technology’s explosion in popularity. Already there is a growing market for the data-labellers or annotators who help to train the algorithms — for example, by clarifying what a particular object is. “Labelling can be a really important skill but it needs to be recognised and valued for what it is,” Dotan says. “It can be a very sensitive job [but] people look at this as cheap labour. It will often be outsourced to other countries.”

Another up-and-coming role in this arena is the “prompt engineer” — a software engineer whose job it is to test and develop the text prompts that will generate the most accurate and desirable response from any AI application.

“It becomes increasingly important to think about the right questions to ask — so having an understanding of what the customer problems are and what you want to aim this powerful tool at is important,” says Brynjolfsson. “We need to be encouraging [employees] to lean in and think about how I can use this tool to be more creative.”

You Might Also Like

Wanted: skilled workers to combat the rise in cyber crime

Five Eyes spy chiefs warn Silicon Valley over Chinese threat

Efficient Staffing: How Venue Software Enhances Employee Scheduling

US fintech Plaid hires first chief financial officer on road to potential IPO

Could Internal Batteries Power Next-Gen Wearables and Even Battle Cancer?

Share This Article
Facebook X Email Print
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow US

Find US on Social Medias
FacebookLike
XFollow
YoutubeSubscribe
TelegramFollow

Weekly Newsletter

Subscribe to our newsletter to get our newest articles instantly!
[mc4wp_form]
Popular News
UKUK EconomyUK PoliticsWorld

HS2 on block as Jeremy Hunt seeks to squeeze public spending

admin admin December 15, 2024
UK government poised to back Tata Steel with £500mn subsidy
German fintech Solaris struggles to raise funds to execute major contract
If you like your car, good luck keeping it. Biden’s EV mandate drives change people don’t want.
Russia launches drone strikes on Odesa region a day before grain talks
- Advertisement -
Ad imageAd image
Global Coronavirus Cases

Confirmed

0

Death

0

More Information:Covid-19 Statistics
Support
  • Help Centre
  • Contact Us
  • About Us
  • Accessibility
  • Careers
  • Suppliers
Legal & Privacy
  • Terms and Conditions
  • Privacy Policy
  • Cookie Policy
  • Manage Cookies
  • Copyright
  • Policies & Statements
Sections
  • Help Centre
  • Contact Us
  • About Us
  • Accessibility
  • Careers
  • Suppliers

Subscribe US

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form]
© Foxiz News Network. Ruby Design Company. All Rights Reserved.
My Financial World
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?