August 24, 2023
The future of work in America
All this week, our daily charts will focus on one of the hottest topics in business: AI. We’ll take a closer look at the technology’s implications for growth, industries, the workforce, and more.
The US labour market has gone through a rapid transition—which should only continue, when factoring in the impact of AI. Going forward, healthcare and STEM fields could see significant job gains by 2030, according to Kweilin Ellingrud a McKinsey Global Institute director, and coauthors. Occupational categories facing the biggest potential job losses include office support, customer service, and food services. We estimate that demand for clerks could decrease by 1.6 million jobs.
To read the report, see “Generative AI and the future of work in America,” July 26, 2023.
A skills shake-up
August 25, 2023
All this week, our daily charts will focus on one of the hottest topics in business: AI. We’ll take a closer look at the technology’s implications for growth, industries, the workforce, and more.
The adoption of AI has the potential to reshape the workforce, though many employees could be looking at reskilling instead of separation. According to a recent survey by McKinsey Global Institute partner Michael Chui, senior partner Lareina Yee, and colleagues, about four in ten respondents reporting AI adoption expect more than 20 percent of their companies’ workforces will be reskilled in the next three years, while 8 percent of respondents say the size of their workforces will decrease by more than 20 %.
To read the survey, see “The state of AI in 2023: Generative AI’s breakout year,” August 1, 2023.
Auto’s AI embrace
August 23, 2023
All this week, our daily charts will focus on one of the hottest topics in business: AI. We’ll take a closer look at the technology’s implications for growth, industries, the workforce, and more.
The automotive sector is one of several large industries that are poised to generate as much as one-third of sales from new products in the next few years. Getting there means turning to AI and machine-learning (ML) technologies, according to associate partner Jan Paul Stein and coauthor. The auto industry is ahead of its peers: in a survey, respondents from the automotive sector were 1.6 times as likely as those from the machinery sector to use AI/ML-based simulations.
To read the article, see “Unveiling the next frontier of engineering simulation,” June 21, 2023.
Don’t ask me, AI just work here
August 22, 2023All this week, our daily charts will focus on one of the hottest topics in business: AI. We’ll take a closer look at the technology’s implications for growth, industries, the workforce, and more.
Generative AI is poised to transform roles across sectors, from sales to software development and more. As much as 40 percent of workers’ current tasks require a general understanding of natural language. Jobs involving communication and documentation have the potential to be automated by generative AI, note senior partner Lareina Yee and co-authors. This could accelerate the transformation of work in education and technology, which had been expected to occur later.
To read the report, see “The economic potential of generative AI: The next productivity frontier,” June 14, 2023.
Tech trends worth your time
August 21, 2023
All this week, our daily charts will focus on one of the hottest topics in business: AI. We’ll take a closer look at the technology’s implications for growth, industries, the workforce, and more.
There are 15 tech trends that executives should follow closely, according to a recent report by McKinsey Global Institute partner Michael Chui, senior partner Lareina Yee, and colleagues. Generative AI is garnering lots of attention, for good reason: the technology is poised to add as much as $4.4 trillion annually in economic value. However, firms should not underestimate the growth potential of applied AI and industrialising machine learning, two related trends that have seen a significant uptick in interest, innovation, and investment. For more on all 15 trends, see the animated chart below.
To read the report, see “McKinsey Technology Trends Outlook 2023,” July 20, 2023.