Accountants, legal professionals, marketing researchers, and others will be most affected by GenAI.’- Society for Human Resource Management
A recent study indicates that those with advanced skills, such as certified public accountants, mortgage brokers, legal experts, tax specialists, and marketing researchers, are at the highest risk of being affected by Generative artificial intelligence (GenAI).
This is based on research undertaken by the Burning Glass Institute (BGI) on behalf of the Society for Human Resource Management (SHRM) based on the study seen by Nairametrics, personnel in these roles will have to learn new skills. For example, conventional customer care positions may change to involve the management of chatbots or the supervision of automated processes, while data analysts could move into roles as AI data specialists.
This suggests that as Generative artificial intelligence (GenAI) becomes more prominent in the workplace, the significance of training and developing workers’ skills will greatly increase.
The information provided by the report
The analysis predicts that in the next ten years, GenAI will increase productivity and change work roles, resulting in temporary layoffs and reduced hiring. Nevertheless, this change will have consequences, including temporary job cuts and reduced hiring while companies adjust to the new situation.
Increased productivity for those who embrace GenAI early on: According to the report, individuals who are quick to adopt GenAI will see a boost in productivity when their positions are automated, augmented, or altogether changed. This increase in production is expected to exceed the need, leading to over-hiring in many sectors.
Increased profits resulting in new employment: The analysis suggests that although these disruptions will have a significant impact on people, corporate profits will rise due to reduced payroll expenses. This will result in the creation of new jobs to replace the ones that were lost, as well as reductions in prices for goods and services.
“Therefore, although GenAI may cause initial job reductions in specific industries and professions, other sectors will expand as the economy adapts.”
“HR positions could undergo significant changes as GenAI automates repetitive duties, allowing a reduced HR team to focus on more strategic responsibilities.”
“Financial services will experience the most significant effect, as various positions within the industry transform,” the report noted.
Suggestions for employers
SHRM and BGI have thus suggested several crucial measures for Chief HR Officers and other company executives to adequately get ready for the upcoming AI revolution:
Evaluate your organization’s structure: If your company operates in an industry that is likely to change or employs a large number of individuals in jobs that are at risk, expect disruptions as the adoption of GenAI speeds up.
Assess the functions inside your company: HR departments should think about how AI could potentially automate, enhance, or replace certain functions and then help in getting staff ready for these changes.
As an experienced HR leader, think about your existing pool of talent and how you can create a pipeline for positions that require in-person work, such as service and manual jobs. These roles, such as nursing, have been facing a scarcity of workers and are not expected to be affected by advancements in artificial intelligence. Additionally, please keep in mind that GenAI-fluent tech expertise will be in high demand.
Create a plan of action. Experts recommend starting preparations to take advantage of GenAI’s productivity benefits and preparing for potential changes in the workforce by investing in both upskilling and reskilling programs. This will help ensure that employees have the necessary skills and training to navigate this period of transition successfully. This ensures that employees can remain relevant and be reassigned to sectors with more stable demand.
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