Bored at work? AI won't take your job, it will just make it more interesting, Google exec says – Yahoo Finance
Google Cloud's Philip Moyer told Insider that generative AI will boost job satisfaction.
He said AI tools are cutting out tedious work and that workers are now "waiting for it to show up."
Some fear AI could lead to job losses, with Goldman Sachs saying it could impact 300 million jobs.
AI could help workers enjoy their jobs more by cutting out mundane and boring tasks, a Google executive said.
Philip Moyer, the vice president of Google Cloud's global AI business, told Insider that rather than taking workers' jobs, generative-AI tools such as ChatGPT and Bard will likely boost job satisfaction and help employees be more productive.
"I think satisfaction and proficiency is where AI is actually going to have the most profound impact," he said in a recent conversation.
"If you look at people's job satisfaction when using generated AI, the studies that are coming out of companies that are trying it, almost 80-90% of people are consistently saying yes. This has made my job better," he added.
Some have raised fears that generative AI could lead to widespread job losses, with Goldman Sachs predicting that AI systems such as ChatGPT could impact up to 300 million full-time jobs worldwide.
However, some experts have suggested that the new technology could cut out time-consuming administrative work, with a recent study from the National Bureau of Economic Research finding that generative AI boosted productivity and improved employee morale.
"Most of what AI does, at least in its current form, are things that we don't necessarily like to do," Oded Netzer, a professor of business at Columbia University, told Insider.
He compared generative-AI tools to "auto-complete on steroids" that will complete mundane tasks such as writing emails and filling out spreadsheets, and said that they would have an especially big impact in work environments with low levels of job retention, such as call centers.
While he acknowledged that some roles would become lost as a result of the transition, he said that an AI-powered productivity boost will likely ensure that predictions of widespread job losses will not come to pass.
"This is going to increase productivity, so we are likely to see more jobs, not fewer jobs," Netzer said. "When was the last time you've seen a company that says, 'Oh, we are doing so much better; let's hire fewer people?'"
Netzer compared AI to the introduction of ATMs to the banking industry. While this change meant that manual bank-teller jobs largely vanished, it also became cheaper to open a branch, and demand for branches increased, which created tons of new jobs.
Moyer told Insider that generative AI would transform industries such as finance, invoicing, and medicine that require large amounts of administrative work, and said that it was inevitable that companies would adopt the technology because employees are now "waiting for AI to show up."
"I don't know a single person that, if you offered to take out 20% of their work, they wouldn't be happy," he said. "Quite frankly, I don't see organizations going: 'Well, we're just not going to do anything with this anymore.'"
Google has launched a huge range of new AI products this year as it scrambles to catch up with rivals such as OpenAI and Microsoft.
But it has faced questions over the accuracy of generative-AI tools such as its Bard chatbot, which like its rival, ChatGPT, is prone to "hallucinating" wildly false information.
Google is planning to launch a new AI model, Gemini, in the coming months, which reportedly has advanced "multimodal" capabilities that rival that of OpenAI's flagship GPT-4 model.
Moyer told Insider that Google's future models would see some "great breakthroughs" in "really hard multimodal problems," enabling them to interpret multiple types of data at once.
But for now, he said that generative AI was in its "management" stage as tech companies try to root out accuracy issues and bring the enormous cost of running models down.
"I tell people that the next roughly three years or so of the industry is going to be about getting models accurate, getting models lower cost, and getting companies and organizations on board," he said.
"So this is going to be a management era, and then I expect as you look over the horizon, that's where you'll start to get into reasoning and the really advanced problems in this multimodal era," he added.
Read the original article on Business Insider
Ulku Rowe, a Google Cloud engineering director, filed a lawsuit against Google claiming it offered her a lower level, lower paid job than was given to men with less experience, and denied her promotions despite her qualifications.
This week in AI, DeepMind, the Google-owned AI R&D lab, released a paper proposing a framework for evaluating the societal and ethical risks of AI systems. The timing of the paper — which calls for varying levels of involvement from AI developers, app developers and "broader public stakeholders" in evaluating and auditing AI — isn't accidental. Next week is the AI Safety Summit, a U.K.-government-sponsored event that'll bring together international governments, leading AI companies, civil society groups and experts in research to focus on how best to manage risks from the most recent advances in AI, including generative AI (e.g.
The United Auto Workers are battling with the Detroit-Three auto makers. UAW President Shawn Fain updated his members, and investors, in an event on Friday evening. Fain believes there is more, using a decision from Ford to support his position.
Over half of professionals told Glassdoor in a new survey that they wouldn’t boomerang back to a job they were laid off at.
When it comes time to start taking your retirement income, you'll hopefully have an array of options available to you. Just be sure to avoid these mistakes.
It's often said that a million dollars isn't as much as it used to be – but how about $2 million? A retirement fund of that amount can provide $80,000 in annual income – without even touching the principal. While … Continue reading → The post Is $2 Million Enough to Retire on at 55? appeared first on SmartAsset Blog.
Retirement is a major milestone that most couples look forward to. But some couples find the transition to retirement negatively impacts their marriage, sometimes resulting in irreconcilable differences and divorce. Rates of late-in-life divorce, also called "gray" divorce, have risen … Continue reading → The post How to Navigate a Divorce After You Retire appeared first on SmartAsset Blog.
The Roth IRA has been called "the Swiss Army knife" of personal finance because of its flexibility and the tax-free status of its earnings. That's the reason so many retiring workers move to roll their workplace 401(k) accounts into a … Continue reading → The post Doing a Roth Rollover? Beware the 5-Year Rule appeared first on SmartAsset Blog.
(Bloomberg) — Hyundai Motor Co. has agreed to a deal with Saudi Arabia’s sovereign wealth fund to develop a more than $500 million car assembly plant, joining electric vehicle maker Lucid Motors Inc. in producing cars in the oil-rich kingdom.Most Read from BloombergIsrael Latest: More Aid Trickles into Gaza as Death Toll RisesCar Owners Fall Behind on Payments at Highest Rate on RecordModerna Shaves Off $7 Billion in Value After Pfizer WarningSaudi Arabia Mulls Buying Dassault Combat Jets, Trib
Chinese police have raided the Shanghai offices of GroupM, a media-investment group and unit of London-based WPP and detained an advertising executive, said a person familiar with the matter. Police questioned other local executives during the raid, including GroupM’s Chief Executive in China Patrick Xu, the person said. China has been taking an increasingly tough stance on foreign businesses, even as its leaders also call for more foreign investment to support a slowing economy.
Prices at the pump might fall as low as $3.25 by the end of 2023 amid seasonal shifts and overproduction, experts told Insider.
Rolls-Royce, the FTSE 100 engineering giant, is facing a potential legal claim from investors worth at least £350m after a bribery and corruption scandal wiped millions of pounds from the company’s value.
(Bloomberg) — It’s a busy week for earnings, with Exxon Mobil Corp., Chevron Corp., TotalEnergies SE and Eni SpA kicking off Big Oil’s reporting season. In metals, the world’s top gold producer Newmont Corp. and No. 3 Agnico Eagle Mines Ltd. also post results in the days ahead, while crop traders Archer-Daniels-Midland Co. and Bunge Ltd. headline agriculture companies.Most Read from BloombergIsrael Latest: More Aid Trickles into Gaza as Death Toll RisesCar Owners Fall Behind on Payments at High
Israel's past conflicts have rarely resulted in major turmoil for oil markets, JPMorgan wrote.
On average, Generation Z hopes to retire by 61, far younger than older generations expect, a new study from Charles Schwab found.
Lenders are shedding people, loans, and businesses as they try to stabilize their earnings during a challenging period for the industry.
Four people linked to WPP-owned media agency GroupM have been questioned by authorities in Shanghai, according to two people with knowledge of the matter. The fourth, GroupM China’s CEO and country managing director for WPP China, Patrick Xu, was questioned by police but not detained, the person said. Calls to GroupM's office in Shanghai to seek comment went unanswered and Xu did not immediately respond to an email requesting a response.
United Auto Workers President Shawn Fain says automakers still have “more to give” in contract talks.
Which is the best way to handle an individual retirement account (IRA)? Let it sit and earn money, then pay taxes on the withdrawals in retirement? Or roll it over to a Roth IRA? Should I pay the taxes now … Continue reading → The post Ask an Advisor: Help Me Understand the ‘Best Way' to Manage an IRA. Is It Better to Pay Taxes Now or in Retirement? appeared first on SmartAsset Blog.
With the outlook of higher-for-longer solidifying, there's not much that can push yields down in the near-term, and there's still room for them to rise further.