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As the Web3 industry rapidly evolves, there's a growing demand for skilled professionals who can navigate this new digital landscape. While new technologies like AI and the metaverse offer exciting opportunities, they also raise concerns about job losses and how the benefits of these technologies can be shared equitably.
Among the biggest challenges facing the Web3 industry is attracting and retaining top talent. This results from emerging new technologies and the limited pool of experienced professionals. However, businesses overcoming this challenge will be best positioned to succeed in this digital era.
Integrating AI into various industries is indeed expected to result in job losses and bring about significant changes in the future of work. For instance, IBM CEO Arvind Krishna has stated that AI and automation could potentially replace 7,800 jobs at the company over the next five years, which accounts for approximately 30% of its workforce. The concern about job losses due to AI is valid, as large language models (LLMs) like ChatGPT-4 are already capable of performing diverse tasks such as generating smart contract code, handling community management, and conducting market analysis.
According to the Future of Jobs Report 2023, nearly 75% of surveyed companies are expected to adopt AI, leading to high workforce churn. Approximately 50% of organizations believe that AI integration will result in job growth, while 25% anticipate job losses. Clerical or secretarial roles like bank tellers and data entry clerks are predicted to be particularly affected.
However, it is crucial to recognize that new and prominent roles are emerging in the job market, such as machine learning specialists, data analysts and scientists, and digital transformation specialists. The report predicts a 40% increase in the number of AI and machine learning specialists by 2027, a 30-35% rise in demand for roles such as data analysts and scientists or big data specialists, and a 31% increase in demand for information security analysts. This growth is projected to create a combined total of 2.6 million new jobs.
In addition to these positive developments, the affordability of education is improving, enabling more individuals to acquire the necessary skills for future jobs, including those related to AI. Technical work is also becoming easier and more streamlined through automation, allowing professionals to focus on more complex tasks. AI can enhance productivity, efficiency, and decision-making processes in the workspace, leading to improved outcomes and innovative solutions.
Experts also emphasize that skills like creative problem-solving and critical thinking will remain valuable for a long time, and higher-level skills such as analytical and creative thinking will be in high demand over the next five years. A balanced approach to AI adoption can maximize its benefits while mitigating any potential negative impact on the workforce.
One of the areas where AI is making a significant impact is the financial industry. While some routine tasks may be automated, new opportunities in Web3 require different skills.
Blockchain development, smart contract programming, and tokenomics design are increasingly important in this space, along with DeFi application development and cybersecurity. These skills are in high demand and will be critical for businesses looking to stay competitive.
Similarly, the retail industry is also undergoing major changes due to the rise of Web3 and AI. Routine tasks such as inventory and supply chain management or customer support may be automated, but there are new opportunities in NFT design and development, decentralized marketplace management, and blockchain-based payment systems. Customer experience management is also essential for retailers looking to improve their online presence.
In the education sector, AI is already being used to automate tasks such as grading and assessment, personalized learning, and content creation. Educators leveraging blockchain and other decentralized technologies to create innovative learning experiences will be in high demand in the Web3 space. Skills in coding, smart contract development, and blockchain architecture will also be essential for success in this industry.
Accenture states that companies must start training now to avoid being left behind as digital innovation continues to reshape the world of work and beyond. That means building talent in technical skills such as AI engineering and enterprise architecture and training people across the organization to work effectively in the Web3 space and with AI-infused processes.
Once companies determine what tasks AI can be leveraged for to save time and improve work processes, the next step is to upgrade their employees but also invest in finding and hiring experts for entirely new roles involving those technologies. The most effective way to succeed in this wide landscape is to use a proactive approach to training and recruiting processes.