Goldman Sachs: Artificial intelligence is transforming employment, paving the way for new professions

Goldman Sachs Asset Management (GSAM) evaluated the effects of generative artificial intelligence on the labor market in its August Market Pulse report. According to the institution, although initial examples of AI-driven layoffs have been seen, the technology has not yet created large-scale employment loss.

The report stated that the primary impact is emerging in the form of increased employee productivity and a proliferation of new job descriptions and job postings requiring AI skills. According to GS Research estimates, widespread adoption of the technology could increase labor productivity by approximately 15 percent over the next 10 years. This transformation is projected to contribute approximately 7 trillion dollars annually to global gross domestic product.

The report noted that employers in the US have laid off a total of 444 thousand people this year, with AI cited as the reason in 23 percent of these decisions. However, Goldman Sachs pointed out that these data may include not only employees but also certain budget items replaced by artificial intelligence.

SOME JOBS MAY DISAPPEAR

Bank analysts estimate that approximately 7 percent of jobs could disappear in the long term due to the impact of artificial intelligence. Conversely, the report noted that leading artificial intelligence laboratories assess that only 2 to 3 percent of all jobs can be fully performed today with current technology.

For this reason, Goldman Sachs' assessment emphasized that artificial intelligence will stand out as a tool that supports employees rather than replacing many professions entirely. While jobs with clear, repetitive, and predictable job descriptions are seen as more open to automation, it was stated that artificial intelligence could play a complementary role in areas where data analysis, problem-solving, and human interaction are intensive.

The technology, finance, healthcare, and service sectors were identified as among the areas that could benefit most from artificial intelligence in the long term. The report also noted that the need for new employment in technical and commercial positions could increase depending on data center investments.

Goldman Sachs strategists assess that, as in past technological transformations, artificial intelligence will also create new professions. The report recalled that approximately 60 percent of today's workers are employed in professions that did not exist in 1940. It was stated that the emphasis on artificial intelligence skills in job postings has increased significantly over the last year, particularly in service economies such as the UK, Australia, and the US.