AI and the Future of Work: Findings from IMF

The International Monetary Fund (IMF) recently released a staff discussion note entitled “Gen-AI: Artificial Intelligence and the Future of Work.”

Here are three main highlights:

1. AI’s Global Economic Impact: AI is poised to dramatically transform the global economy, potentially leading to increased productivity, but also job displacements and shifts in labor markets.
2. Employment Exposure to AI: Approximately 40% of global employment is exposed to AI’s influence, with advanced economies having a higher exposure (around 60%) due to cognitive-task-oriented jobs.
3. AI and Inequality: AI may exacerbate income and wealth inequality. Unlike previous automation trends, AI’s displacement risks extend to higher-wage earners, potentially widening the income gap.

What does this mean for leaders?

Here are three takeaways for leaders:

1. Strategic AI Integration: Leaders should strategically integrate AI into their businesses, focusing on enhancing productivity while being mindful of potential job displacements.
2. Invest in Skill Development: As AI reshapes job requirements, investing in employee training and development, especially in AI-related skills, is crucial for maintaining a competitive workforce.
3. Adapt to a Changing Labor Market: Recognize the dynamic nature of the labor market due to AI and be prepared for shifts in workforce demands, focusing on flexibility and adaptability in human resource strategies.

OpenAI Launches the GPT Store

A few months ago, OpenAI announced that they’re rolling out custom versions of GPTs that you can create to help you with specific purposes.

Recently, OpenAI launched their “GPT Store” (similar to an App Store), where anyone can publish their GPTs to the store.

What does this mean for leaders?

This means you can create your own customized GPTs for you or your team’s tasks (and even get paid for those based on usage sometime in the near future).

Here’s one that I created myself (called Writer Better Emails at Work). It’s free to use if you’re a ChatGPT Plus subscriber.

One Prompt You Can Use at Work Today

Here’s a practical ChatGPT Prompt you can use at work:

Draft an agenda to give a project status update about the [project name]. The duration of the meeting is [X minutes] and there are [Y speakers]. [include speaker names and topics]. Include time allotments and use a table.

For example,

Draft an agenda to give a project status update about the “Migration CapCom Project“. The duration of the meeting is 30 minutes and there are 4 speakers. Joe will kick it off with opening remarks. Jessica, the engineering manager, will then give an update about the technical issue from last Tuesday. Then Sam and Janice will give a financial update. Joe will wrap it up. Include time allotments and use a table.

If you would like to see more of those prompts, check out my free book called: ChatGPT for Better Business Communication.

You can grab it for free by clicking the link and subscribing to the newsletter.

This post originally appeared on “AI for Leaders.” If you’d like to receive updates about AI that will help you become a smarter leader in 5 minutes a week, click here to subscribe.