SUCCESS
What White-Collar Jobs Are Safe From AI—And Which Professions Are Most At Risk?
The accelerated ascendancy of artificial intelligence has created a booming new tech sector offering plentiful opportunities for growth. Understandably, there are grave concerns about how this fast-emerging technology will impact the job market. Most notably, white-collar workers are fearful that they may be made redundant, as AI poses a threat to their job security.
Like robotics impressed upon the blue-collar labor market, in factories and warehouses, “AI is on a collision course with white-collar, high-paid jobs,” CNBC reported.
“AI is distinguished from past technologies that have come over the last 100-plus years,” said Rakesh Kochhar, a senior researcher at Pew Research Center. “It is reaching up from the factory floors into the office spaces where white-collar, higher-paid workers tend to be.”
Investment bank Goldman Sachs predicted in a 2023 report that the workforce in the United States and Europe would be upended, with 300 million jobs lost or diminished by this fast-growing technology.
In a recent survey conducted by ResumeBuilder, 37% of business leaders revealed they have already begun to replace staff with AI. Nearly half (44%) of the executive respondents stated they anticipate further jobs cuts in 2024 due to AI efficiency.
Several employers have already enacted headcount reductions this year. Additionally, it looks like they plan to reallocate the money saved from downsizing toward investments into AI, machine learning, automation and bringing aboard experienced professionals in this space. The redirection of funds and resources to this fast-emerging technology adds another layer of job risk for white-collar workers.
Latest Developments In The Job Market, Tech And The U.S. Economy
Careers
10 Ways To Wildly Succeed In Your Career, Business And Personal Life
By incorporating these strategies into your career and life, you can pave the way for significant success by fostering personal growth, taking initiative, building strong relationships and continuously striving for improvement in all aspects of your professional journey.
Embrace challenges and take risks without fear of failure. Fearlessness can lead to innovation, growth and new opportunities.
Develop a solid understanding of financial principles to make informed decisions in both your personal and professional life.
Focus on personal growth by continuously learning, evolving and expanding your skills and knowledge base.
Understand yourself, your strengths, weaknesses and aspirations to align your actions with your true desires and capabilities.
Be proactive, committed and take the initiative on getting involved with new high-profile projects.
Pitch new brash ideas.
Have fun along the journey, as people like working with happy, positive and motivated colleagues.
Continually assess your performance regularly, set quantifiable goals and track your progress towards achieving them to ensure you’re on top of your game.
Stay ahead by anticipating future trends, challenges and opportunities in your industry or field of work.
Develop strong communication skills to effectively convey ideas, collaborate with others and build relationships in the workplace. Demonstrate your capabilities through actions rather than words. Deliver results, solve problems, and showcase your value through tangible contributions.
The Blind Ambition Podcast: How I Became a Wall Street Recruiter
The Job Market
Layoff Announcements:
Bumble on Tuesday announced plans to lay off about 350 employees as part of a restructuring plan. A company spokesperson said the cuts amount to about 30% of Bumble’s workforce.
Electronic Arts announced Wednesday that it will cut 5% of its workforce, part of a plan that includes reducing office space and ending work on some video games. EA employed 13,400 workers as of the end of March 2023, according to its most recent annual filing with the U.S. Securities and Exchange Commission in May. That means the layoffs may affect about 670 jobs.
Tech
Google CEO Tells Employees Gemini AI Blunder ‘Unacceptable’
In a memo Tuesday evening, Google CEO Sundar Pichai addressed the company’s artificial intelligence mistakes, which led to Google taking its Gemini image-generation feature offline for further testing. Pichai called the issues “problematic.”
“I know that some of its responses have offended our users and shown bias — to be clear, that’s completely unacceptable and we got it wrong,” Pichai said. “No AI is perfect, especially at this emerging stage of the industry’s development, but we know the bar is high for us.”
“We’ve always sought to give users helpful, accurate, and unbiased information in our products,” Pichai wrote in the memo. “That’s why people trust them. This has to be our approach for all our products, including our emerging AI products.”
Fintech Giant Stripe Valued At $65 Billion In Stock-Sale Deal For Employees
Stripe's valuation surged to $65 billion in a deal that will allow employees to cash out their stock, the payments service provider said on Wednesday, potentially further delaying its much-awaited initial public offering.
Stripe said the majority of the funds for the deal are being provided by investors, but it will also use some of its own capital to repurchase shares of some current and former employees in the so-called "tender offer."
Apple CEO Tim Cook Says Company Is ‘Investing Significantly’ In Generative AI
Apple CEO Tim Cook said Wednesday that his company is pouring money into artificial intelligence, one of the strongest signals yet that the iPhone maker is embracing the generative AI craze that’s consumed the tech industry.
The company sees “incredible breakthrough potential for generative AI, which is why we’re currently investing significantly in this area,” Cook said at Apple’s annual shareholder meeting, which was held virtually. “We believe it will unlock transformative opportunities for our users when it comes to productivity, problem-solving and more.”
Economy
U.S. Economy Grew 3.2% In Fourth Quarter
The U.S. economy grew at a robust 3.2% annual pace from October through December, propelled by healthy consumer spending, the Commerce Department reported Wednesday in a slight downgrade from its initial estimate.
The expansion in the nation’s gross domestic product — the economy’s total output of goods and services — slipped from a red-hot 4.9% from July through September. The fourth-quarter GDP numbers were revised down from the 3.3% pace Commerce initially reported last month. U.S. growth has now topped 2% for six straight quarters, defying fears that high interest rates would tip the world’s largest economy into a recession.
Far from stumbling, the economy grew 2.5% for all of 2023, topping the 1.9% growth in 2022.
How To Get A Job In Tough Times: All The Advice You Need To Succeed From A Top Executive Recruiter
There’s an old saying, “Tough times make tough people.” In this book, Jack Kelly will help guide you every step of the way in your job search to ensure that you stay strong, resilient and positive, and get that great, new job.
