The Wrap Vol 3, #2 — Generative AI, Jobs and the Future of Your Work
Making sense of the new changes that are happening to work and the ones coming fast.
GSG News Desk — The Wrap — Volume #2 | Aug 19
Lead Editor Rob Tyrie, supported by all the inspiration resources and brilliance of the Grey Swan Guild members, tools and creations.
In the ever-evolving landscape of technology, AI stands tall as both a beacon of hope and a harbinger of doom. It’s the double-edged sword of the modern era, promising unprecedented advancements while simultaneously threatening the very fabric of our workforce. And, if you’ve been keeping an eye on the headlines, you’d know that the narrative around AI is as polarized as ever. We can smell the smoke and feel the fires of fear in tabloid media.
First, let’s talk about the good, or what we like to call it, the “sexy” side of GAI (G for Generative natch). Companies are shelling out big bucks for AI experts, and that’s scaling rapidly. We’re talking about salaries that would make even Wall Street bankers blush. There’s a growing appetite for GAI-skilled professionals, with some companies willing to pay salaries nearing and beyond $1,000,000 dollars. And if you’re a freelancer, analyst or human, with a knack for GAI, you’re in luck. The demand is skyrocketing, and the pay? Oh, it’s good, very, very good. How about freelance GAI gigs that can fetch you a cool $100 an hour? So, for the tech-savvy elite, the AI gold rush is very much real and growing. Of course, with gold-rushes, come saloons, wrangler jeans, claim jumpers and grifters too.
Things get murky
But here’s where things get murky. While AI giveth to some, it taketh away from others. IBM’s consulting business is looking to harness AI to slash labour costs through automation. The keyword here? “Slash.” It’s a subtle nod to the looming threat that many in the workforce face. And it’s not just IBM. There is a grim picture being painted with cyber companies announcing layoffs in droves. The culprit? You guessed it, our friend GAI.
Now, let’s address the elephant in the room. The backlash. Companies are starting to feel the heat for their AI endeavours. There’s a growing sentiment, that leveraging cutting-edge AI tech might not be the golden ticket businesses once thought it was. The societal implications are becoming too glaring to ignore. There will have to be regulations and job displacement programs.
“Humans need and want more time to interact with each other. I think AI coming about and replacing routine jobs is pushing us to do what we should be doing anyway: the creation of more humanistic service jobs.”
Kai-Fu Lee, Chairman and CEO
And then there’s the downright ugly. The music industry, a realm already battered by the digital revolution, faces another existential threat. Hozier, the soulful crooner, voices concerns about AI’s encroachment into the arts, hinting at potential strikes. When artists, the very essence of human creativity, sound the alarm bells, you know we’re treading on thin ice.
So, where does this leave us? Let’s break it down. AI is not the enemy; complacency is. We’re at a crossroads, and the decisions we make now will shape the future of our workforce. The allure of AI is undeniable. It promises efficiency, innovation, and progress. But at what cost? Are we ready to sacrifice swathes of jobs for the sake of advancement? It’s a question we need to grapple with.
The narrative shouldn’t be about AI vs. humans. It should be about how we can harmonize the two. How can we leverage AI to augment human capabilities rather than replace them? It’s about striking a balance, ensuring that while we ride the AI wave, we don’t leave anyone behind.
The AI Productivity paradox is real. It’s a tale of two cities, a world of stark contrasts. As we stand on the precipice of this new era, we must tread carefully, ensuring that the AI revolution is inclusive, compassionate, and above all, human-centric. Because at the end of the day, it’s not about machines; it’s about us.
Let’s Wrap
So now let's take a spin through the current news cycle a look at the Great, The Good, The Bad, The Ugly and The Uncertain of the AI and Jobs Future. The G in GAI may just be a mix of Gold and fool’s Gold and this Wrap is an antidote to the snake oil out there.
Here are the top AI stories related to job loss, categorized as “Great”, “Good”, “Bad”, and “Ugly”. Let’s Wrap.
The Great 🌟
For those about to rock, we salute you. In the wild, chaotic circus of the tech world, AI is the main attraction, the fire-breathing dragon everyone wants to tame. Companies, with their greedy eyes and fat wallets, are on a mad spree, hunting down anyone who claims to speak the language of the machines. CBS paints a picture of a world where being an AI “expert” is akin to being a rockstar in the 70s. And the freelancers? Oh, they’re riding the wave, surfing the high tides of generative AI, as highlighted by CNBC. $100 an hour? That’s the price of dancing with the digital devil. But amidst this frenzy, one has to wonder: is it all just a wild, drug-induced dream? Or are we on the brink of an AI utopia (or dystopia)? Only time, and perhaps a few more hallucinations, will tell.
The Good 👍
Love is all you need? Not anymore. Attention gets you further. The frothy, frenzied realm is brewing up a storm. Yet another “godfather” of Transformers, with his mad scientist vibes, is concocting a lab for more adaptable AI beasts in Japan. Attention is all you need indeed. It’s a trip. On another front, Databricks and OpenAI are dancing a vibrant tango, with money, power, and AI dreams swirling in an electronic psychedelic mix. And then there’s IBM, that 100-year-old-plus warhorse, looking to sprinkle some AI magic. Their plan? Automate the hell out of their consulting business, slashing labour costs and sending shockwaves through the industry. It’s a wild, twisted ride, and in this AI carnival, anything goes. Hold onto your hats, folks; it’s about to get wilder, as IBM’s services practice aims to be one of the largest in the world.
Synthesizing these narratives, we see a clear trend: AI is no longer an optional add-on; it’s the main course. Companies, both new and old, are recognizing its transformative power. But with great power comes great responsibility not just profits and market share.
The Bad 👎
What is the corollary for “Take this Job and Shove it”? In the grand theatre of modern business, AI has taken center stage, but not without its share of drama. Companies, once heralded for their pioneering spirit in embracing AI, now tread cautiously, wary of the public’s discerning eye. The Wall Street Journal’s piece paints a vivid picture: businesses are increasingly apprehensive about the societal implications of AI, from job losses to ethical concerns. The narrative has shifted from unbridled optimism to cautious pragmatism.
“We’re going to see tremendous occupational shifts. Some jobs will climb while others decline. So how do we enable and support workers as they transition from occupation to occupation? We don’t do that very well. I worry about the skill shifts. Skill requirements are going to be substantial and how do we get there quickly enough?”
James Manyika, Chairman and Director, McKinsey Global Institute (MGI)
Then there’s the cyber-realm, where the plot thickens. Layoffs are on the rise, and the underlying script seems to be written in binary. The once-celebrated tech giants are now facing the music, making tough decisions that impact hundreds of livelihoods. The juxtaposition is stark: on one hand, AI’s promise of efficiency and on the other, the very real human cost.
In the Guardian article, they spend a few column inches on the rise in ai-judged replacing refs and line judges in tennis. Ironically in tennis, at a grand slam, they kept their line judges, clad in Ralph Lauren, on the courts for the look of the game. Is that a better job? Time will tell. As fans have found out in football and baseball, part of the drama goes away where you can no longer yell at the ref or scream “F*ck the Ump”.
The intersection of AI’s potential and its pitfalls is where businesses find themselves today. It’s a delicate balance between innovation and responsibility. Companies must navigate this terrain with both ambition and empathy, understanding that every technological leap comes with societal ripples. The challenge? To harness AI’s power without losing the human touch.
The backlash against AI is not just a knee-jerk reaction; it’s a reflection of deeper societal concerns. As businesses integrate AI into their operations, they must also integrate ethical considerations into their strategies. The layoffs in the cyber sector underscore the tangible consequences of unchecked technological advancement. It’s a wake-up call for businesses: innovation must be pursued responsibly, with a clear understanding of its broader impact. The road ahead is complex, but with thoughtful navigation, companies can chart a course that balances progress with prudence.
The Ugly 👺
We love rock and roll; Put another prompt in the jukebox baby. Let's connect some dots. In the vast tapestry of the modern economy, two seemingly disparate threads have emerged, hinting at a larger, more intricate pattern. First, we have Hozier, the Irish singer-songwriter known for his haunting melodies and soulful voice, sounding the alarm on AI’s encroachment into the arts. For those unfamiliar, Hozier skyrocketed to fame with his hit “Take Me to Church,” a song that resonated deeply with listeners worldwide. Now, he’s voicing concerns that resonate with artists everywhere: the fear of AI replacing the very essence of human creativity.
When the rich creative go on strike, what will we do?
No masters or kings when the ritual begins
There is no sweeter innocence than our gentle sin
In the madness and soil of that sad earthly scene
Only then I am human
Only then I am clean
Oh, oh, Amen, Amen, Amen — Lyrics Take Me To Church
Parallel to this, we witness a startling trend in the labour market. The so-called “richcession” sees high-income earners, the very echelons of the workforce, facing layoffs at thrice the rate of their low-income counterparts. It’s a jarring inversion of the traditional economic downturn narrative.
Even the high fliers aren’t safe from the AI-driven efficiency purge.
The broader implication here is the democratization of vulnerability. No longer are low-income workers the sole casualties of technological advancement; the upper echelons are feeling the heat too. This “richcession” could lead to a broader societal reevaluation of the value of work and the definition of “job security.”
As for the music industry, while AI might bring efficiency and novelty, it risks alienating listeners who seek genuine human connection in art. If artists like Hozier rally against AI’s dominance, we might witness a resurgence of “authentic” art forms, leading to a bifurcation in the industry: AI-generated mainstream hits on one side and soulful, human-centric indie tracks on the other.
Yeah. We don’t know… yet.
The Uncertain 🔮
We can be heroes, but just for one day. The narrative is clearer but foggy still— the job market is in flux, and AI and automation are primary catalysts along with trade wars and demographic shifts. While there are opportunities, especially for those willing to adapt and upskill, there’s an undeniable undercurrent of anxiety. There will be winners and losers between the proletariat and the oligarchs. Oops, we mean, labour, management and owners. But will there be class war this time? History doesn't repeat but the poetry of it echoes with awsome import.
Face it. The factors and relations of production, and power contracts have changed and a major part of the economy is being created by the Trillion-Dollar Beheamoths along with Taylor Smith and Bruce Springsteen.
As job security wanes, we might see increased emphasis on continuous learning and upskilling. Traditional education systems might give way to more dynamic, on-the-job training modules. Mental health could become a focal point, with uncertainty leading to increased stress and anxiety.
AI and automation are taking the lead, but not without stepping on a few toes. The job market, once a bastion of stability, now finds itself on shaky ground, and the headlines are echoing this sentiment.
Forbes delves into the “dark side” of AI in the job market, highlighting the myriad of concerns and challenges that come with rapid technological advancement. It’s a cautionary tale, reminding us that while AI offers efficiency and innovation, it also brings forth ethical and societal dilemmas.
USA Today offers a more nuanced perspective, suggesting that AI might not be the job market’s grim reaper after all. Small businesses, in particular, are finding value in AI, with a significant majority reporting positive impacts. However, the same outlet also warns that automation might change or even obliterate jobs at a pace faster than anticipated.
We don’t know, but it’s absolutely not a given. These early roles created by AI might not be the strongest long-term prospect. “In a nutshell, I would say it [the best prospect] is not programming, because coding will change,” says Dr Caitlin Bentley, a lecturer in AI education at King’s College London — suggesting that people coding AI may in time see some of their skills superseded — The Guardian
The Tapestry
The collection of images, videos, and charts delivered by the weltan-zeitgeist that is the internet as it filters and disseminates the news cycle. Bots or no bots.
Lexicon
Richsession — the top of the middle class and higher experience loss of wealth and networth that hurts. That beach house in the Hamptons may have to be swapped for a cottage in the Canadian Kawarthas
“The US is edging closer to a dream economic scenario — where inflation falls without a sharp spike in unemployment. But some of the country’s wealthiest people are already feeling worse off. The Wall Street Journal coined the term “richcession” to describe an economic slump that hits the rich harder” Business Insider
Graphs and Charts
Jobs, Jobs, Jobs
Movies of the Week
It’s time for a rewatch. When Her was first produced, it was futuristic and Sci-Fi Fantasy. At the GSG News Desk we call it — “a business plan for multiple companies in Ycombinator right now”. This movie predicts dozens of human jobs and ai bot evolution. Replika friends FTW?
Remember, this movie was released 10 years ago. We distinctly remember friends saying no one would wear stupid ear-pieces all the time. Well, things change n’est-ce pas… 🎧🤖💃🕺
Meme of the Week
Podcast of the Week
This is a great source of modern economics with an edge that will help you think about the future… in economic terms, they don't take prisoners here and are generally cranky about modern business, government and oligarchs. Here’s one about wage revolution that will make Rupublicans everywhere shiver.
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Disclosures — 2023
- All information here bear a Creative Commons Licence — including re-use and derivatives for commercial use, with attribution. https://creativecommons.org/licenses/by-nd/2.0/
- AI Tools like: Bard, ChatGPT, Claude.ai, Midjourney, DALL-E, Gramerly, Stable Diffusion, Google Seach, Grammarly and others were used in parts of the production, analysis, verification and editing of this publication.
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