This job shrinkage is not like the job shrinkage of post-2008 financial crisis.
This time jobs shrinkage is permanent. Sorry to be the bearer of bad news.
Here's why I think this to be the case:
a) Most white collar jobs don't need AGI, as much as they want you to believe it does on LinkedIN. ChatGPT without thinking mode is sufficient to help with PowerBI, excel and SQL queries. Jobs like in-person college professors or jobs controlled by regulatory bodies like dentist, radiologist etc. are staying. But any job that can be done remotely will shrink by 70% to 80%.
b) There is a theory going around that companies are using AI investment as an excuse to hire more H1Bs. I don't believe this because H1Bs are still too expensive compared to API costs. You are actually in fact, being replaced by AI. It's not a scam. I recently onboarded a fresh grad for resumehog, as part of a government program where the Canadian government paid for the intern. It was 90% useless labor that ChatGPT could have done better, and to be fair, the intern used ChatGPT to do majority of the work anyway. So you are not being replaced by cheap foreign labor, you are being replaced by AI.
c) AI doesn't replace a software engineer or data engineer, and a data scientist/analyst needs to navigate corporate politics which AI cannot do. However, AI can enhance their capabilities by an order of magnitude, so while these jobs will continue to exist, they will require less manpower to function. Which is why I said job "shrinkage" is permanent.
For the jobs that still remain, the bar is insanely high. You need a picture perfect resume with all the right skillsets, and tailoring that manually for each job application is a pain in the ass. Which is why I created
@resumehog (live demo pinned on page).