Talent Global Trends 2023📉 , Will AI fix work?🪛,Language ≠ Barrier🧏♀️
Weekly top news and insights on the future of work
👋 Welcome to this week’s edition!
Top news and insights from this week we’re covering today:
📉Linkedin Talent Global Trends May 2023
🧏♀️Meta unveils an open-source speech-to-text model
🪛Will AI fix work?
⚖️OpenAI proposes a regulatory body for AI
🤯 A fake AI image of an explosion at the Pentagon went viral
Quote of the day:
“It’s fascinating that people are more excited about AI rescuing them from burnout than they are worried about it eliminating their jobs.”
—Adam Grant, author and organizational psychology professor
📉 Linkedin Talent Report May 2023
Key Takeaways:
Hiring is slowing all around the world, compared to 2022 (keep in mind that in 2022 numbers were way up, so net-net this is not a ‘final’ number).
In the past year, 16 of the 19 global industries we analyzed saw an increase in internal mobility (via promotions and internal role transfers).
Companies have a nearly 7% higher retention rate at the 3-year mark with employees who have learned skills on the job.
Employees (especially GenZ) are more likely to consider leaving their company than look for an internal move:
Why it matters: The economic context has sharply changed the hiring situation globally. Companies should be putting in place internal mobility and top-notch learning plans to improve retention rates. Employees need to increase their resilience and adaptability to the increasing pace of change and have alternatives to navigate uncertain times.
Read more: here.
🧏♀️ Meta unveils an open-source speech-to-text model that supports 1,100 spoken languages
Why it matters: Huge potential impact on the world of translations, and decreasing language barriers at work. It could make digital content more accessible for people who are deaf or hard of hearing.
Read more here.
⚖️ OpenAI proposes regulatory body for AI
OpenAI just proposed to build a regulatory body for AI, called ‘Governance for superintelligence’ (sounds a little cheesy, I know), stating:
Given the picture as we see it now, it’s conceivable that within the next ten years, AI systems will exceed expert skill level in most domains, and carry out as much productive activity as one of today’s largest corporations.
In terms of both potential upsides and downsides, superintelligence will be more powerful than other technologies humanity has had to contend with in the past. We can have a dramatically more prosperous future; but we have to manage risk to get there. Given the possibility of existential risk, we can’t just be reactive. Nuclear energy is a commonly used historical example of a technology with this property; synthetic biology is another example.
We must mitigate the risks of today’s AI technology too, but superintelligence will require special treatment and coordination.
Why it matters: AI is overtaking the world, and in a ‘move fast and break things’ kind of phase. Considering the impact and risks, it needs to be seriously regulated, and having its own founders asking to do that, is a major sign of its importance. Companies need to start building their own internal playbooks and regulations too. This comes at a time when the EU is about to vote for the the EU AI Act, a proposed European law on artificial intelligence (AI) – the first law on AI by a major regulator anywhere.
Read more here.
🪛Will AI fix work?
Microsoft just released an interesting report on AI and Work.
Key takeaways:
Digital debt is costing us innovation: 64% of people have struggled with finding time and energy to get their work done, and those workers are 3.5x more likely to say they struggle with innovation.
There’s a new AI-employee alliance: While 49% of people say they’re worried AI will replace their jobs, even more— 70%—would delegate as much work as possible to AI to lessen their workloads.
Every employee needs AI aptitude: As of March 2023, the share of US job postings on LinkedIn mentioning GPT are already up 79% year-over-year
Why it matters: Employees and business leaders need to reflect on these insights as they look to quickly and responsibly adopt AI.
Read more: here
🤯 Truth or Dare?
A fake image of an explosion in the Pentagon, shared on Twitter, sent a brief shiver through the stock market as they were quickly picked up by news outlets outside the U.S., before officials jumped in to clarify that no blast actually took place and the photo was a fake.
“A lot of these moves are happening because of high frequency trading, algorithmic trading, which is basically taking headlines, synthesizing them and then breaking them down into a trade on a millisecond basis,” he explained by phone, noting that much of the market is now automated. “It’s basically like you’re pulling a trigger every time a headline comes out.”
