Banking titan Goldman Sachs says hundreds of millions of jobs across the globe are on the verge of AI disruption.
A Goldman Sachs Research team, co-led by Joseph Briggs, presents its base-case scenario, in which it projects 6-7% of workers will be displaced over a 10-year period as companies adopt AI.
According to Briggs, 300 million jobs worldwide are at risk of AI automation, while in the US, about 25% of all work hours can be automated by AI.
The team finds that AI can automate nearly 46% of all tasks in office and administrative support roles, 44% in legal jobs and 37% in architecture and engineering. AI can automate 36% of tasks in life, physical and social sciences roles, 35% in business and finance operations and 33% in community and social services.
Management is also at risk, as AI can automate 32% of its tasks. Meanwhile, AI can automate 31% of sales and related tasks, 29% of computer and mathematical tasks and 28% of farming, fishing and forestry tasks.
Goldman Sachs also says that while the AI buildout is creating hundreds of thousands of jobs in the US, those likely to be displaced by the technology may not have the skills to shift into the types of labor that are needed the most.
According to the bank, about 500,000 net new jobs will need to be filled to satisfy the growing demand for power by 2030.
“Relative to trend, the hiring for HVAC contractors, electrical contractors, and other workers to build data centers has risen. Construction jobs exposed to the data center build-out have increased by 216,000 since 2022.”
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