White Collars Trembling in the Face of Artificial Intelligence

White Collars Trembling in the Face of Artificial Intelligence

Education is no longer a guarantee against automation and job loss. Employed individuals are willing to take a 20 percent pay cut to avoid the risk of losing their jobs. Leaders like Jamie Dimon of JP Morgan believe that artificial intelligence (AI) will have the same transformative impact as past technological inventions like printing, electricity, and the internet.

AI is already being used in various industries, leading to job redundancies and changes in the labor market. Companies like UPS are cutting thousands of management jobs due to increased efficiency through automation. While blue-collar jobs were traditionally impacted by automation, AI is now affecting well-qualified white-collar workers.

Professions like draftsmen, accountants, designers, and computer scientists are at a higher risk of being affected by AI, while occupations like personal services remain safe. Employees are experiencing significant uncertainty and fear of job loss due to AI, leading them to prioritize job security over wage increases.

As AI continues to advance, employees may need to invest more in their skills and competencies to remain relevant in the job market. The lack of flexibility and willingness to invest in training among employers poses challenges for career changers. There is a growing need for the education system to adapt to technological changes and focus on teaching transferable skills.

AI advancements may also impact social policies, with potential demands for higher minimum wages, expanded job protections, and other measures to address job insecurities. Switzerland, known for its high-quality goods economy, may face challenges with AI disrupting traditional job markets.

Overall, the rise of AI is reshaping the workforce and requiring individuals to adapt to changes in the job market. The potential impacts of AI on jobs and industries are prompting discussions about the need for reskilling, career flexibility, and policy changes to address the challenges posed by automation.

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