The proliferation of artificial intelligence platforms such as ChatGPT will likely mean 40% of the global workforce will need to reskill over the next three years as companies integrate the technology, a recent study found. 

The IBM Institute for Business Value (IBV) published a study this month detailing how the growth of AI has created a “pivotal point in the world of work and there’s a massive opportunity in front of HR leaders,” but the tech has also left questions about how it will affect workforces. 

A report from Goldman Sachs in March found that generative AI could replace and affect 300 million jobs around the world. Another study from outplacement and executive coaching firm Challenger, Gray & Christmas found that AI chatbot ChatGPt could replace at least 4.8 million American jobs.

The figures have caused some anxiety, including in fields most likely affected by the technology, such as customer service representatives, technical writers and data entry clerks.

WHAT IS CHATGPT?

The IBM study surveyed 3,000 C-level executives from 28 countries to help shed light on persistent workforce questions, and found executives estimated 40% of their workforce will need to reskill in order to keep up with companies implementing AI platforms into day-to-day responsibilities. 

The executives’ estimations translate to roughly 1.4 billion of the 3.4 billion people in the world’s workforce who need to reskill, the study found using World Bank statistics. 

WHAT IS ARTIFICIAL INTELLIGENCE (AI)?

“AI’s impact will vary across employee groups. Workers at all levels could feel the effects of generative AI, but entry-level employees are expected to see the biggest shift,” IBM said of the study on its blog. 

Entry-level employees are already feeling the skill changes put forth by AI, according to 77% of the executives surveyed. On the flip side, only 22% of executives said those in executive or senior management roles would feel a change due to AI. 

The study additionally found that AI would likely not wipe out jobs and could instead open “more possibilities for employees by enhancing their capabilities.” All in, a whopping 87% of executives surveyed said AI will simply augment jobs, not actually replace them. 

Employees who successfully reskill and adapt to the new technology will not only likely hold onto their jobs, but actually become better and more productive. 

CHATGPT AI LISTS JOBS IT CAN DO BETTER THAN HUMANS AS MILLIONS COULD BE PUT OUT OF WORK

“Tech adopters that succeed at reskilling to accommodate technology driven job changes report a revenue growth rate premium of 15% on average compared to other tech adopters,” the study reported. 

Those who outright emphasize AI will see an even greater benefit, at a “36% higher rate of revenue growth than their peers.”

“AI won’t replace people – but people who use AI will replace people who don’t,” the IBM report stated. 

SMALL BUSINESSES USING AI ARE LOVING IT

Even small businesses are integrating AI into their workflow and finding it boosts productivity and saves money. A separate study published this month by Constant Contact found 91% of small business owners using AI say it has made their companies more successful, and 28% of those respondents said they expect it to save them at least $5,000 over the next year.

The recent findings come as world leaders and economists predict AI will have an equal or greater impact on jobs and the economy as the Industrial Revolution. 

“This is a total revolution that is coming,” Oliver Dowden, deputy prime minister of the United Kingdom, said earlier this month. “It’s going to totally transform almost all elements of life over the coming years, and indeed, even months, in some cases.”

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“It is much faster than other revolutions that we’ve seen and much more extensive, whether that’s the invention of the internal combustion engine or the Industrial Revolution,” he added.

Fox News Digital’s Breck Dumas contributed to this report. 

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A FedEx driver is being praised after a video went viral showing the driver killing a rattlesnake balled up next to a customer’s front door.

A Ring security video posted to social media showed FedEx driver Matt Govier confronting an unexpected obstacle while delivering a package to the Nebraska home of Christie Jones, who had a rattlesnake balled up right next to the front door of the home. 

The video shows the rattlesnake slithering up to the front porch of the home and eventually coming to a rest in the corner by the front door. Minutes later, Govier arrives on scene to deliver a package, only to hear the rattling of the snake nearby.

FEDEX SHARES FALL ON QUARTERLY REVENUE MISS

After taking a few moments to locate the snake, Govier then grabs a rake and a shovel from the house and wraps the snake around the rake. From there, the FedEx driver takes the snake into the front lawn and kills it.

“I hope you didn’t have a pet rattlesnake at your front door because I killed him. Sorry about the blood,” Govier wrote in a text message to Jones, accompanied by a picture of the snake by the customer’s door.

Jones thanked Govier for killing the snake and later took to social media in an attempt to nominate the driver as “employee of the year.”

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“I nominate Matt Govier for FedEx employee of the year,” Jones said in a post on Facebook. “Thank you Matt… anyone who really knows me knows how incredibly fearful I am of any kind of snake.”

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A key measure of home-purchase applications tumbled last week to a nearly three-decade low as consumer demand cooled sharply amid a recent surge in mortgage rates.

The Mortgage Bankers Association’s index of mortgage applications fell 4.2% last week to the lowest level since 1995, according to new data published Wednesday. 

The data also showed that the average rate on the popular 30-year loan climbed to 7.31% from 7.16% the previous week, the highest level since December 2000. By comparison, just one year ago, rates hovered around 5.65%.

“Treasury yields continued to spike last week as markets grappled with illiquidity and concerns that the resilient economy will keep inflation stubbornly high,” said Joel Kan, MBA’s deputy chief economist.

CREDIT CARD DEBT RISING IN DOUBLE-EDGED SWORD FOR THE ECONOMY

The steeper rates weighed heavily on housing demand, with applications for a mortgage to purchase a home tumbling 5% for the week. Application volume is down 30% compared with the same time last year.

Demand for refinancing also continued to fall last week, sliding another 3%, according to the survey. Compared with the same time last year, refinance applications are down 35%.

EXISTING HOME SALES CONTINUE TO SLIDE AMID SUPPLY SHORTAGE, STEEP MORTGAGE RATES

“Applications for home purchase mortgages dropped to their lowest level since April 1995, as homebuyers withdrew from the market due to the elevated rate environment and the erosion of purchasing power,” Kan said. “Low housing supply is also keeping home prices high in many markets, adding to the affordability hurdles buyers are facing.”

The interest rate-sensitive housing market has cooled rapidly in the wake of the Federal Reserve’s aggressive tightening campaign. Policymakers already lifted the benchmark federal funds rate 11 consecutive times as they try to crush stubborn inflation and slow the economy. 

Not only are higher mortgage rates dampening consumer demand, but they are also limiting inventory.

That is because sellers who locked in a low mortgage rate before the pandemic have been reluctant to sell with rates continuing to hover near a two-decade high, leaving few options for eager would-be buyers.

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The number of available homes on the market at the end of July was down by more than 9% from the same time last year and down 46% from the typical amount before the COVID-19 pandemic began in early 2020, according to a recent report from Realtor.com.

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"That's her contribution to the world," Kelly said of Kardashian during her SiriusXM podcast "The Megyn Kelly Show" on Tuesday. Read More