AI-powered automation puts skilled jobs like those in finance, law at highest risk: OECD

The Organisation for Economic Co-operation and Development (OECD) said in a report that the raging Artificial Intelligence (AI) revolution could lead to job losses in skilled professions such as law, medicine, finance, and more.

OECD said in its 2023 Employment Outlook that skilled jobs are at the highest risk from AI-driven automation. The jobs represented about 27 per cent of employment across its 38 member countries, including the United Kingdom, Japan, Germany, the United States, Australia, and Canada.

It said in the report that it was "clear that the potential for [AI-driven jobs] substitution remains significant, raising fears of decreasing wages and job losses" and also said that for the time being AI was changing jobs rather than replacing them.

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"Occupations in finance, medicine and legal activities which often require many years of education, and whose core functions rely on accumulated experience to reach decisions, may suddenly find themselves at risk of automation from AI," OECD added.

It went on to say that highly skilled jobs, such as those in law, culture, science, engineering, and commerce, were the ones most vulnerable to automation.

The organisation said that "these rapid developments, combined with the falling costs of producing and adopting these new technologies, suggest that OECD economies may be on the cusp of an AI revolution which could fundamentally change the workplace".

The body also said that there's an "urgent need to act" on AI. It said: "Urgent action is required to make sure AI is used responsibly and in a trustworthy way in the workplace."

OECD is an intergovernmental organisation with 38 Member countries and was founded in 1961 to stimulate economic progress and world trade.

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