July 10, 2024 (CE Noticias Financieras) –
The development of Generative Artificial Intelligence (Gen AI) is likely to have a serious impact on the labor markets in Europe and the US and according to a new study by the McKinsey Global Institute, automation could account for almost half of all working hours by 2035.
According to the projections in the study "A new future of work: The race to deploy AI and raise skills in Europe and beyond", with an average adoption scenario for Gen AI "it will be possible to automate up to 30% of current working hours thanks to this technology by 2030".
If we look ahead to 2035, "this figure could reach 45% in the EU and 48% in the US", something that the study determines as "a change that will significantly affect both labor markets".
In addition, these processes of autonomization, made possible by the development of Gen AI, mean that 12 million professionals in both Europe and the US will have to change jobs in the medium term.
"This means a change at twice the pre-pandemic rate, which will particularly affect the lower-paid classes, who will need new skills to be able to aspire to better-paid jobs," say the McKinsey analysts.
On the other hand, the development of these technologies will lead to a revolution in the job market, namely the demand for professionals with new skills. While the areas of Science, Technology, Engineering and Mathematics as well as Health are expected to see an increase in demand for professionals of between 18% and 30% by 2030, the production, customer service and sales sectors are expected to decline by 2030.
"To remain competitive, companies will have to focus on training and reskilling their employees," says Benjamim Vieira, a partner at McKinsey. "The demand for technological, social and emotional skills is expected to increase, while basic physical, manual and cognitive skills will decrease in the near future. In addition, a shortage of advanced skills in IT, data analysis, critical thinking and creativity has been identified, which will require a global retraining of the existing workforce," he adds.
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