As the world of artificial intelligence continues to advance, several tech leaders, including OpenAI co-founder and CEO Sam Altman, and Geoffrey Hinton, one of the godfathers of AI, among others, have expressed concerns about the impact of this bleeding-edge technology on jobs.
Now, The Dean of Valuation, Aswath Damodaran, has underscored three simple steps in which you can safeguard your job from AI, or at least try to.
What Happened: Damodaran shared insights on how individuals can protect their jobs from AI disruption, detailing three strategies to stay ahead of AI advancements.
Damodaran emphasized that AI will continue to evolve, becoming more powerful and capable over time. He suggested that individuals should act as if an AI is tracking their work to understand how to protect their roles.
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Damodaran's 3-Step Formula To Safeguard Your Job From AI
1. Be Secretive: First, he recommended being secretive about one’s work. By not making all work public, individuals can make it harder for AI to learn and replicate their methods. However, he warned that this approach might not always be feasible.
2. Get System Protection: Second, he advised getting system protection. Damodaran explained that certain jobs are safeguarded by legal and procedural requirements, making it difficult for AI to replace human roles. He cited real estate transactions as an example where intermediaries are necessary.
3. Build A Moat: Lastly, he urged building a personal moat. Just as companies create competitive advantages, individuals should develop unique skills and attributes that are hard for AI to replicate. This personal moat can help ensure job security in an AI-driven future.
Why It Matters: The conversation around AI’s impact on jobs has been intensifying. In May, Altman expressed his concerns about the potential economic upheaval caused by AI. He highlighted the need for more serious discussions about AI's impact on the economy, noting that job displacement and broader socioeconomic changes could arise from AI advancements.
Similarly, AI pioneer Geoffrey Hinton warned of potential job losses and suggested implementing a universal basic income to mitigate the impact.
The International Monetary Fund (IMF) also raised alarms in June, urging governments to take measures to protect their economies from AI-induced inequality. The IMF suggested enhancing unemployment insurance and preparing for job losses in higher-skilled occupations.
In contrast, Ken Griffin, CEO of Citadel, expressed skepticism about the imminent replacement of human jobs by AI. Griffin questioned the potential of large language models and other AI tools to fully replicate human tasks within the next three years.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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