![]() In 10 months, the action-based Master of Analytical Finance equipped Thakkar with the technical know-how required of next-generation finance professionals. “The program caught my attention because it perfectly blends finance and technology.” ![]() ![]() “I have always aspired to work on an international platform, leading diverse teams, gaining new life experiences, and globally expanding my professional network,” says the former financial analyst who worked in Mumbai’s private equity research and investment banking industry. Along with training workers, he said the US could also benefit from a more "skills-based labor market," one where during the hiring process, a worker's specific skill set is valued as much if not more so than whether they have a college degree.Studying at Emory University’s Goizueta Business School didn’t just advance Krishna Thakkar‘s career. If we can make the labor market work by enabling these transitions, it's actually all for the good."Ĭhui said he's confident that the US can make this transition, but that it will require significant investment by companies, schools, and governments. "The glass-half-empty version is that the people who are most vulnerable to some of these shifts are some of the lower-paid folks in the economy," he said, adding, "The glass-half-full version is if we're actually able to transition them through re-skilling, etc., then they could be taking on roles that actually have higher incomes. It comes down to the country's ability to retrain vulnerable workers. To what degree these shifts will be positive or negative for the US workforce is up for debate, Chui said. AI's job disruptions could move some low-paid workers into higher-paid positions "You'll need fewer people, but with more skills," he said. "If people spend relatively more on e-commerce than they do at brick-and-mortar retail, you might have fewer needs for a salesperson working in a store, but you'll need more people to drive stuff and you'll have more demand within warehouses," Chui said. The second factor is the continued rise of online shopping. The study estimated that within the four categories most affected, demand for clerks, retail salespersons, administrative assistants, and cashiers, in particular, would each decline by over 600,000 jobs by 2030, in part because these jobs "involve a high share of repetitive tasks, data collection, and elementary data processing, all activities that automated systems can handle efficiently." They noted that improved chatbots could impact the demand for customer-service roles. They said automation's biggest negative impacts could be on office support, customer service and sales, and food-service professions. The researchers said they expect generative AI to enhance the way STEM, creative, and business and legal professionals work rather than replace a significant number of them. ![]() ![]() Michael Chui, a partner at the McKinsey Global Institute who has researched the impact of new technologies on businesses, and a coauthor of the study, told Insider that 75% of the projected declines in job levels are in four categories: office support, customer service and sales, food services, and production work (e.g., manufacturing). Roughly 9 million of them might have to find new jobs in new industries altogether, the study found. But between now and 2030, the McKinsey researchers projected that 11.8 million workers will have to change jobs not because they want to, but because they have to. Over the past few years, the job-switching boom dubbed the Great Resignation was driven by workers seeking better pay and work-life balance. That's according to a new McKinsey Global Institute study that examined how the rise of AI and other factors like an aging population and e-commerce could impact US employment in the years ahead. Nearly 12 million Americans in occupations with shrinking demand may need to switch jobs by 2030. Account icon An icon in the shape of a person's head and shoulders. ![]()
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