Why ‘Reskilling’ is Crucial for Safety Amid AI Job Disruption, Warns IMF Chief

OpenAI’s launch of ChatGPT in 2022 acted as a catalyst in advancing the narrative that generative AI will eventually replace human jobs. Since then, industry experts and developers have been discussing the possibility of this becoming a reality, with many calling for governments around the world to regulate the technology.

Now the head of the IMF, Kristalina Georgieva, told AFP that while AI poses a risk to job security in general, it also offers a “tremendous opportunity” to boost global growth and even increase productivity in different sectors. According to AFP, Georgieva believes that AI will affect 60 percent of jobs in developed economies and about 40 percent of jobs in developing countries.

The IMF also stated separately that about half of all jobs will be negatively affected, while the rest will be strengthened with the increase in productivity brought by artificial intelligence. Furthermore, AI is unlikely to benefit labor markets in emerging economies.

“Your job could disappear completely — not good — or AI could improve your job, so you’re actually more productive and your income level could go up,” Georgieva said. He added: “We need to focus on helping low-income countries, in particular, move faster to seize the opportunities offered by AI.”

He believes that AI can be a little scary, but in the meantime, it offers a “tremendous opportunity.”

Retrain yourself to keep up with market trends

In August last year, IBM reported that 40 percent of the global workforce will need to be retrained due to artificial intelligence (AI) and automation in the next three years. However, it also stated that artificial intelligence will not replace jobs.

The report further added that this will affect entry-level jobs and senior management roles in areas such as customer service, risk management and finance. Therefore, companies and managers must learn to adapt new skills, rethink roles, and even focus on the basics of getting work done.

In addition, the introduction of machine-human partnerships, value creation, and technology that allows workers to focus on increasing revenue and high-value tasks will also help mitigate the impact of AI.

There are other key areas that will gain traction with the rise of AI, such as the role of an AI engineer, which can be lucrative. Computer science, robotics and machine learning skills can also be useful. Therefore, it is of paramount importance to recognize and continue learning and to ensure that skills are kept up-to-date so that generative AI cannot be supplanted.