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07:59 BST, October 4, 2023AI seems to be making headlines left right and center, and for good reason: it’s completely changing how we live.
But what about the impact it will it have on the way we (and future generations in particular) work?
According to JPMorgan CEO Jamie Dimon, AI has the potential to shorten the workweek for the next generation to 3.5 days.
Dimon shared his thoughts on how AI will affect the future of work in a recent interview with Bloomberg.
“Your children will live to 100 and not have cancer because of technology and they’ll probably be working three and a half days a week,” said Dimon.
Dimon is not alone in his prediction that AI will lead to shorter workweeks. Earlier this year, in a Business Insider article, titled “ChatGPT is strengthening the case for a 4-day workweek”, Carl Benedikt Frey, an Oxford economist, was quoted as saying: “Any technology that increases productivity, ChatGPT included, makes a shorter workweek more feasible.”
When the topic of AI replacing jobs, particularly in banking, came up, Dimon’s response was candid. He stated, “of course” some bank jobs would be replaced by the technology. However, he quickly emphasized a historical perspective, noting that “technologies always replace jobs.”
He also expressed optimism about the possibility of relocating many of JPMorgan’s displaced workers to new positions and locations within the company.
These transitions and displacements aren’t unique to JP Morgan. A recent Goldman Sachs report estimates that as many as 300 million jobs worldwide might be affected by AI. Furthermore, the Pew Research Center indicates that roughly 1 in 5 American workers are in roles with “high exposure” to artificial intelligence.
Overview:
- JPMorgan CEO Jamie Dimon believes AI will improve business operations and enhance work-life balance.
- He predicts that employees could work 1.5 days less each week due to AI’s efficiency.
- JPMorgan is already using AI in many areas like error checking, trading, research, and hedging.
- Dimon emphasizes the positive side: technology has always replaced jobs but also improves living standards.
Jamie Dimon’s interview:
Opinion – A Dance of Resistance and Integration
History has long shown us that technological advancements often meet resistance. When the printing press was first introduced, it was met with skepticism by some who believed that it would lead to the devaluation of handwritten manuscripts. The Industrial Revolution, too, saw many workers fearing the loss of their livelihoods as machines began to take over manual tasks. Yet, in both cases and countless others, technology not only streamlined processes but also led to better quality of life and the creation of new, unforeseen industries and opportunities.
Every era has its cutting-edge technology that reshapes the way we live, and today, artificial intelligence is at the forefront. Like the technologies of the past, AI is met with a mix of enthusiasm, caution, and concern. There’s a fear, palpable in the undercurrent of our discussions, that AI might replace more jobs than it creates, leaving swathes of the population unemployed or underemployed.
The idea that technology will ultimately lead to unemployment has been around for centuries. Known as the ‘Luddite Fallacy,’ this belief is based on the historical pattern where every wave of technological advancement led to initial job losses, but eventually, it opened doors to newer industries and work profiles. For instance, the introduction of cars might have dented the horse-cart industry, but it led to a surge in demand for automobile mechanics, urban planners, and even jobs we couldn’t have imagined then, such as app-based cab services.
Jamie Dimon’s optimistic statement echoes a sentiment that has been prevalent throughout humanity’s journey with technology. If our children live to be 100, are healthier, and possibly have a balanced work-life ratio due to a 3.5-day workweek, wouldn’t that be a testament to our progress as a civilization?
Yet, it’s essential to balance this optimism with caution. While technology has historically led to a better quality of life, the integration process is rarely smooth. Many face hardships in the transition period, and the scale at which AI is predicted to disrupt industries is unprecedented. As a society, it is crucial to address the ethical dilemma that arises: How do we ensure that the benefits of AI are equitably distributed? How do we retrain and support those whose jobs are replaced? How do we navigate the murky waters of AI ethics, ensuring that AI doesn’t reinforce existing biases or create new ones?
In conclusion, while AI holds the promise of reshaping our lives for the better, it also places a responsibility on our shoulders. This responsibility is to ensure that as we integrate AI into our world, we do so in a manner that uplifts everyone, leaving no one behind. As history has shown, progress is inevitable, but how we steer that progress is up to us.