What you need to know about your job’s future
Ric Edelman: It's Thursday, November 16th. Goldman Sachs says 300 million full time jobs could be automated with generative AI. This is really not anything brand new. Automation has been around for a long time and now it's accelerating. Robots are delivering room service and hotels. Robots are preparing food in restaurants. Mckinsey says 70% of workers in the hotel and food service industries could see half of their work activities, automated by robotics and artificial intelligence. There's now a company selling the smart bar. It's an automated dispenser of cocktails. It makes drinks faster than human bartenders can.
There's another app called Amadeus HotSOS that tells housekeepers which rooms need cleaning and tells them which rooms to clean first. And so 3,700 hotel workers went on strike in Las Vegas. They've asked for all the usual stuff higher wages, better schedules, more money for health care. They also asked for something new, a demand that they get at least six months’ notice. Any time new technology is going to be added to the job. They also want a say over how that tech is going to be used, and they want severance if they're going to be laid off because of those new technologies.
Really? Can you imagine telling your boss that they can't introduce typewriters without your prior knowledge and consent? Can you imagine your boss having to go get your permission to be able to install a photocopier into the office? Well, we're going to see how this continues to pan out trend wise, but you've got to get a grip.
You're not going to be able to stop automation. Businesses are in business to make money. And that means they're going to choose the cheapest, fastest and most effective way for them to conduct business. And if that means automation is better than hiring you, that is exactly what employers are going to do. You might be able to slow them down. You might be able to get in their way. You might be able to stall this for as long as you possibly can. But at the end of the day, there are today nobody working as elevator operators. Oh, except on Capitol Hill, where they still control the elevators for senators and congressmen. What does that tell you?
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