With a 76-page-long document, the McKinsey Global Institute has presented its view regarding the impact of Generative AI in the labor market between now and 2030.

They haven’t left any stone unturned, even predicting the impact of technologies like Generative AI and automation for every industry… most definately including yours.

While some of the conclusions can be considered as ‘unsurprising’, others as ‘net positive’, and others ‘too optimistic’, many of them signal how unprepared the biggest economy in the world is regarding what’s coming.

And the sad thing is that the prognosis for the rest of countries could be much worse. Here is a brief summary.

• McKinsey's Report on GenAI's Impact: The McKinsey Global Institute released a comprehensive 76-page report on the influence of Generative AI on the labor market from now until 2030, covering its effects across all industries.

• The Great Transition: Generative AI, which allows machines to produce content, communicate, and more, is seen as a driving force behind a significant revolution, potentially surpassing previous technological shifts.

• Jobs at Risk: Jobs like customer service, sales reps, and administrative roles face high automation risks due to Generative AI. However, STEM and healthcare jobs, despite disruptions, might see increased demand, reducing job insecurity.

• Shift in Occupations: McKinsey predicts that by 2030, 30% of current worked hours will be fully automated, leading to a massive shift in occupations. An estimated 12 million people in the US will change jobs, influenced not only by AI but also by factors like green energy transitions and increased government spending.

• Reskilling is Crucial: The ability to adapt, learn, and be open to change will be vital for success. McKinsey suggests that those who can reinvent themselves can aim for higher roles and better opportunities.

• Asymmetry in Impact: The effects of Generative AI will be more pronounced for people at the lower wage spectrum, including customer service agents and sales reps. There's an asymmetric impact when considering factors like gender and race, with women, Black, and Latino workers being more affected.

• Future Predictions: By 2040, in an accelerated-adoption scenario, Generative AI could be fully integrated. The author speculates that almost all work might be automated by then, hinting at the potential need for Universal Income.

• Closing Thoughts: The report primarily focuses on the US, but its findings could be relevant for other developed countries, given the widespread impact of Generative AI across sectors. The future might require individuals to decide between competing with AI, collaborating with it, or adapting to a world where traditional work might not be necessary.