According to a recent study by the World Economic Forum (WEF) on the future of work, generative AI is poised to bring about significant changes by enhancing creativity and automating routine jobs. The white paper suggests that Large Language Models (LLMs) have the potential to greatly benefit professions that require critical thinking, complex problem-solving, and creativity, such as engineering, mathematics, and scientific analysis.

Jobs that involve routine and repetitive language tasks, such as credit authorisers, checkers, and clerks, are at high risk of automation. Up to four-fifths of their tasks could be automated. On the other hand, occupations in education, guidance, career counselling, and advising are projected to remain relatively unaffected, as around 84 percent of their tasks have low exposure to change. After examining 19,000 distinct tasks across 867 different occupations most likely to be impacted by LLMs, the study found that the most exposed industry to automation and augmentation is financial and capital markets, alongside insurance and pension management.

Why does it matter?

The study's findings have strong implications for businesses and governments to proactively prepare for the impact of AI in the workforce, most notably by developing an adaptable workforce and implementing systems to facilitate job transitions.