Nine jobs, topped by cashiers, secretaries and administrative functions, are the fastest-shrinking jobs or at risk of disappearing in the US amid the remarkable advancements of artificial intelligence (AI), according to a new research by Finbold.
Data acquired by Finbold has highlighted the occupations projected to experience changes in employment in the U.S. between 2021 and 2031. As of 2023 Q3, the role of the cashier is expected to be the top-ranking shrinking job, with 355,700 fewer positions by 2031. Secretaries and administrative assistants rank second, with an expected decline of 207,600 roles by 2031, while office clerks rank third, with 130,800 jobs projected to decrease. Elsewhere, customer service representatives rank fourth among the fastest-shrinking jobs, with a decline of 105,300 positions. Executive secretaries and administrative assistants cap the top five spots at 102,600 projected jobs to decrease. Other roles expected to shrink include Miscellaneous assemblers and fabricators (96,400), first-line supervisors of retail sales workers (78,200), bookkeeping, accounting, and auditing clerks (77,200), and fast food cooks (69,100). The research highlighted notable reasons likely to lead to the shrinking participation in the highlighted occupations. According to the research report, the  “decline in these highlighted jobs can be attributed to a myriad of factors, with one key concern being the impending drop in labor force participation. The economy is grappling with the challenges posed by an aging population as the baby boomer generation reaches retirement age, leading to a decline in the active workforce." Additionally, the occupations may be impacted by economic elements such as inflation, which can adversely affect certain jobs in multiple ways like reduced consumer spending due to decreased purchasing power, increased cost pressures leading to potential job losses, hindered borrowing and investments in borrowing-dependent sectors, a wage-price spiral, and negative impacts on occupations linked to declining industries or outdated technologies. Another critical factor cited is the mismatch between job seekers’ skills and the demands of employers. Rapid technological advancements create a demand for specialized skills, leaving many workers ill-equipped to adapt. Automation and the widespread adoption of productivity-boosting innovations, such as robotics and cloud-based software, also play a significant role in job displacement. At the same time, technological innovation, automation, and the growth of disciplines such as ChatGPT are also projected to lead to a decline in participation in certain jobs. Indeed, several business leaders are already leveraging the tool to handle certain jobs. Particularly, data presented by Finbold indicates that a survey of 1,000 American business leaders in Q1 2023 revealed that 66 percent of them use ChatGPT to write code, while copywriting and content creation follow closely at 58 percent, and customer support at 57 percent. Additionally, 52 percent of respondents indicated that they use ChatGPT to create summaries of meetings or documents. Other notable areas witnessing ChatGPT being deployed include research (45%), generate task lists (45%), and others (3%). The research pointed out the possible implications of AI products such as ChatGPT on the general job sector. According to the report, "AI's impact on the labor market is expected to be significant. However, most jobs and industries will be complemented rather than replaced by AI, as they are only partially exposed to automation. Workers in such occupations will likely use their freed-up capacity to engage in productive activities, thereby increasing output." Overall, in shaping the future of industries, finding the delicate equilibrium between innovation and responsibility will be paramount in supporting the job market and embracing emerging technologies.(Manila Bulletin Business Section)