Highly skilled occupations such as medicine, law and finance ‘may be at risk of automation from AI’

July 13, 2023 9News Nigeria Europe 0

The Organisation for Economic Co-operation and Development’s (OECD) report also suggests it is highly skilled occupations that could be more at risk.

“While firms’ adoption of AI is still relatively low, rapid progress including with generative AI (e.g. ChatGPT), falling costs and the increasing availability of workers with AI skills suggest that OECD countries may be on the brink of an AI revolution,” the organisation’s 2023 Employment Outlook said.

The OECD is a 38-member bloc that includes mostly wealthy countries such as the UK, Japan, Germany, the US, Australia and Canada.

According to the OECD, AI is expected to have the most impact on highly skilled jobs in fields such as medicine, law and finance, which may lead to major disruptions in the job market.

“Occupations in finance, medicine and legal activities which often require many years of education, and whose core functions rely on accumulated experience to reach decisions, may suddenly find themselves at risk of automation from AI,” said the OECD.

A survey, which was conducted back in 2022 by the OECD, covered different reactions from workers amidst AI emergence in the job market.

The survey included 5,300 workers in 2,000 companies in the fields of manufacturing and finance within seven of the 38 OECD countries.

The results showed that three out of five of the workers fear that they could lose their job to AI over the next 10 years.

Interestingly, despite the fear of job displacement, the survey also indicates that 63 per cent of workers who have integrated AI into their daily tasks reported increased satisfaction and enjoyment in their jobs.

Additionally, a majority of workers using AI reported improved job performance along with a positive impact on their mental health.

However, the Paris-based organisation emphasised that “urgent action” is needed to prepare for the emergence of AI in the workplace.

“These rapid developments, combined with the falling costs of producing and adopting these new technologies, suggest that OECD economies may be on the cusp of an AI revolution which could fundamentally change the workplace,” the OECD said.

The OECD also highlighted the importance of closely monitoring data regarding AI implementation in the workplace and gaining a better understanding of how it is expected to change, create, or eliminate jobs.