McKinsey Chair Predicts AI Will Increase High-Paying Jobs by 2035

Eric Kutcher, Chair of North America at McKinsey, asserts that artificial intelligence will create more jobs by 2035 than exist today and that these roles will be higher-paying. While he acknowledges that up to 36 million jobs could change over the next decade, Kutcher argues that two-thirds of these transitions involve existing roles that employees can grow into.

Kutcher points to the continued demand for software developers in Silicon Valley as evidence that AI enhances human labor rather than replacing it. He notes that McKinsey & Company expanded its own consulting base by hiring 12% more consultants last year. He suggests that current job losses in certain sectors may be a delayed reaction to over-investment during the COVID-19 pandemic rather than a direct result of AI.

Other institutions report different outcomes. HSBC is planning sweeping job cuts as part of a broad AI push to serve clients, contrasting with the growth seen at McKinsey.