The AI-ffair
Welcome back to the latest AI-tastic edition of our newsletter! ChatGPT is definitely still the talk of the town. That is why, in this issue, we bring you the latest on how AI is shaping the working world as well as exclusive insights into AI and tech at The Stepstone Group. And if that’s not enough, we have fellow Stepstoners Roberta Barone and Niclas Bjuv?ng onboard with their take on AI ethics and the influence of AI on jobs and jobsearch. Plus, we provide a glimpse into the development of the working population. So, buckle up and get ready for an AI-mazing ride!
Hold onto your keyboards, folks! AI is revolutionizing the work landscape, with ChatGPTs and image generators becoming our go-to Swiss Army Knives in the working worlds toolbox. Wondering who can profit and how? In this era where our tools can talk, we thought, "Why not ask ChatGPT?" and it delivered: customer service, content creation, research, education, HR, sales, software development, translation, project management, and personal assistance are just the tip of the iceberg! It sure knows how to sell its abilities, doesn't it?
It's like a rising tide lifting all boats, with countless professions set to benefit. AI can code, analyze large datasets swiftly, help content creators focus on ideas, provide personalized learning materials, and assist HR in drafting job postings. In a nutshell, it liberates us from complex, repetitive tasks. But, like taming a magical genie, we must skillfully harness its power to avoid unintended consequences.
What skills are needed to embrace this cutting-edge tech? Tech-savviness, critical thinking, adaptability, communication, creativity, collaboration, and a solid grasp of AI ethics. These human skills (remember our last edition?) are vital for success in the AI-powered future.
In short, the future's bright for those who ride the AI wave. Embrace the change, invest in the right skills and training. In 2021, 59% of German companies noted a significant skill gap. So, upskill yourself and your team, and join the front-runners because ChatGPT is here to stay! ??
How will AI change job search in the future?
Today's job searching is often based on keywords that you input, such as role, location, commute time, or salary expectations. However, I envision a future where candidates, and recruiters, have a dialogue, allowing us to learn more about the perfect match and feed that knowledge into our world-leading autonomous matching algorithms. By seeing people in their entirety, we can unlock new opportunities for candidates, recruiters, and employers. AI is unlocking the potential to have these dialogues at scale.
How will AI lead to new jobs or change jobs in the future?
AI will enable us to automate repetitive tasks that we have not yet automated, freeing up our time to focus on what we are passionate about and increasing business value. While some worry that AI will replace jobs, I believe it will instead bring value by allowing us to focus on the value-generating parts of our work. We will also see new job titles emerge, such as prompt engineer, which is already increasing in popularity on our platforms.
What is your hottest AI trend currently, Chat GPT aside?
I think Chat GPT has sparked a wave of innovation that I have not seen since the inception of the iPhone and its App Store. Every week, I see hundreds, if not thousands, of new AI services appearing. I observe that we have reached a state where it is easy enough to create new services, and I want to call it the democratization of AI. This trend is also shaping a strong AI and data ethics movement where users will have a wider awareness of data and the right to be forgotten.
Brace yourselves, dear readers, as we dive into the ever-widening gap between supply and demand in the labor markets, which we touched on in our last edition. We've crunched the numbers on workforce size in the US, UK, and Germany during the last years:
From 1991 to 2022, the workforce in the USA grew from 117 to 159 million, while the UK saw a rise from 25 to 31 million, and Germany experienced an increase from 39 to 46 million. Even when comparing to 2012, there is still noteworthy growth, as the workforce size expanded by around 16 million in the US and at least 2 million in the UK.
Our takeaway? We've made significant strides in workforce participation! But, with low birth rates and demographic changes looming large, this progress might soon hit a wall. That's right, folks – we're currently seeing peak workforce numbers, and it's time to act!
We must invest in better matching to ensure workers are as effective as possible. Companies can create a ripple effect by harnessing tools and technology to craft job postings that shine a light on company culture and growth opportunities. With a targeted and inclusive approach, they can cast a wider net to reel in a diverse pool of candidates more effectively. ??
"Intelligence is in the eyes of the beholder."
"As humans, we have the tendency to look for meaning to make sense of the world. For example, we "connect the dots" by bringing separate facts into a narrative or we interpret multiple cues to better understand the nuances of a conversation. And, from time to time, we see a face in the clouds.
While it is entertaining to see Tom Hanks convincingly talking to a volleyball in Castaway, we should think twice if we assume "intelligence" behind a system that exchanges with us in the first person and seems to express feelings. Having a bot speaking in the first person is an important design decision: its pros (engaging and potentially more useful interactions) and cons (oversharing with the bot, and over-reliance on its advice) need to be weighed carefully."
Roberta Barone is Data Ethics Project Manager at The Stepstone Group.
