Artificial intelligence (AI) is set to revolutionize the job market, with predictions of significant job replacements.

Find out which professions may experience salary fluctuations as AI advancements reshape the workforce.

Introduction:


Artificial intelligence (AI) continues to make significant strides, and its impact on the job market is becoming increasingly evident.

Investment bank Goldman Sachs projects that AI could replace as many as 300 million full-time jobs.

With the rapid advancements in technology, professions across various sectors are vulnerable to automation, potentially leading to changes in salaries and employment prospects. Let's explore the implications of AI on jobs and how it affects compensation.

AI's Growing Influence on Job Market

The Rise of Automation


The advent of AI technology has triggered concerns about its potential to replace human workers.

Customer service phone lines may soon be answered by robots, while roles in graphic design, computer programming, writing, and teaching could see partial displacement by AI-driven software.

A recent study by PWC reveals that approximately half of British workers anticipate some level of AI impact on their jobs within the next five years.

This prediction is substantiated by companies like BT, which plans to cut 55,000 jobs and replace a significant portion of its workforce with AI.

 Professions Resistant to AI: Salaries on the Rise

Medical Specialists Lead the Way


Despite the growing presence of AI, certain professions remain less susceptible to its encroachment.

Specialist medical professionals, in particular, continue to enjoy high salaries that are relatively insulated from technological disruption.

Adzuna, a job website, analyzed salaries advertised on its platform and identified oncologists as the highest earners among these professionals, with average salaries reaching £208,942 per year in June, a 7.4% increase compared to the previous year.

Other roles such as orthodontists, paediatricians, surgeons, and midwives also ranked highly, with advertised salaries ranging from £55,000 to £100,000.

 Salary Fluctuations: Winners and Losers

Changing Dynamics in the Job Market


While some professions experience salary growth, others face declining compensation due to the influence of AI. Adzuna's research highlights the shifting landscape in several sectors.

For instance, salaries for orthodontists fell by 11.5% year-on-year, dropping from £120,337 to £106,485. Conversely, midwives saw a 20.5% increase in pay, rising from £46,213 to £55,696, driven by a shortage of midwives during the pandemic.

Roles that require subjective reasoning, such as judges and politicians, are considered relatively safe from the AI revolution.

MPs earn an annual salary of £86,584, while judicial vacancies command salaries exceeding £100,000.

 Future Job Prospects: New Roles Arise

 Jobs Emerging in the Age of AI


As AI continues to shape the job market, new roles are expected to emerge. Adzuna predicts an increasing demand for agile engineers, AI ethics officers, and AI auditors.

These positions will be vital in navigating the ethical and technical aspects of AI implementation across industries.

 Tech Industry Challenges: Salary Impact

Consequences for Tech Professionals


While AI brings opportunities, it also presents challenges for workers in the tech industry.

Ethical hackers, responsible for testing companies' online security, have experienced a significant decline in salaries.

Advertised salaries for these roles have decreased by nearly 54%, plummeting from £89,888 to £41,417.

Conclusion:


As AI continues to advance, its influence on the job market becomes more pronounced. Professionals in various sectors must anticipate the potential impact on their roles and salaries.

While some professions enjoy salary growth and relative immunity to AI's disruption, others face fluctuations and potential displacement.

The rise of AI will require proactive adaptation and reskilling to remain relevant in the evolving job landscape.