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Several developed countries, including Germany, Italy, Spain, China, Russia, South Korea, and Japan, have populations with so few individuals under the age of 40 that starting a new generation of substantial size is practically out of the question.
With that in mind, I was intrigued by the letter sent to shareholders of JPMorgan Chase this morning, where venerable CEO Jamie Dimon declared that artificial intelligence (AI) “may be as impactful on humanity as much as the printing press, electricity, and computers. ... While we do not know the full effect or the precise rate at which AI will change our business – or how it will affect society at large – we are completely convinced the consequences will be extraordinary.”
In many countries where worrisome workforce shortages are no longer just cracks in the global supply chain, but rapidly widening gaps, AI and robotics will be an essential element of our shared success. Fewer people means automation is a must, and along with it will come a host of new and different jobs.
At JPMorgan Chase, Dimon shared that “over time, we anticipate that our use of AI has the potential to augment virtually every job, as well as impact our workforce composition. It may reduce certain job categories or roles, but it may create others as well.”
As Dimon suggests, automation has the potential to bridge workforce gaps while creating new opportunities. It's a crucial time to embrace innovation and ensure a smooth transition for both businesses and workers in the face of this changing demographic landscape.
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