Speaking at a conference hosted by Commonwealth Bank of Australia in Sydney on Tuesday, Sam Altman said he expected entry-level office jobs to disappear much faster after the launch of ChatGPT in 2022.

Instead, he said the reality has been different because many jobs still depend heavily on human interaction.

“I’m delighted to be wrong about this,” Altman said during a discussion with CBA chief executive Matt Comyn. “I thought there would have been more impact on entry-level white-collar jobs being eliminated by now than has actually happened.”

Altman added that he now understands why the disruption has been slower than expected.

“I now think I understand more about why it hasn’t, and I’m obviously grateful but that is an area where my intuitions were just off,” he said.

The OpenAI boss explained that while AI tools can handle technical tasks, many people still prefer dealing with humans directly. He said he once experimented with using AI to reply to Slack and email messages but later returned to answering some personally.

“We really do care about people,” Altman said. “We really do care about our interactions with people.”

That experience, he said, changed how he thinks about the future of work and the role AI will play inside companies.

“I don’t think we’re going to have the kind of jobs apocalypse that some of the companies in our space advocate or talk about,” he said.

Even so, several large companies have already linked job cuts and restructuring to AI adoption. Firms including HSBC, Amazon, Standard Chartered and Commonwealth Bank of Australia have said automation and AI tools are changing staffing needs in some departments.

Matt Comyn said AI would likely lead to smaller teams in some parts of the economy, although workers may also progress faster as technology handles routine tasks.

CBA has been investing heavily in AI and staff training as banks prepare for wider adoption of the technology. According to the bank, it plans to spend about A$90 million on reskilling programmes while annual technology investment has reached A$2.4 billion.

Altman also said AI technology is advancing faster than many businesses and institutions can absorb. While AI tools have improved rapidly, he believes enterprise adoption is still at an early stage.

He said OpenAI had been “roughly right” about the pace of technological development but “pretty wrong” about the social and economic consequences.

The remarks come as OpenAI prepares for a possible stock market listing in the United States. Reuters reported last week that the company plans to confidentially file for an initial public offering in the coming weeks.

The report said OpenAI could seek a valuation of about $1 trillion and raise at least $60 billion, which would place it among the world’s most valuable technology companies.

This milestone underscores the Bank’s dedication to employee engagement, organisational culture, and leadership effectiveness, reinforcing human capital as a core strategic differentiator in an increasingly competitive financial services landscape.

The certification followed a rigorous evaluation of employee feedback, workplace culture, and leadership practices, validating FBNQuest’s deliberate people-centred strategies designed to capture growth opportunities amid regulatory advances, fintech disruption, and digital transformation.

“Our recognition as a Great Place to Work reinforces a key tenet of our strategy: that sustainable competitive advantage in modern investment banking is built on exceptional human capital,” said Afolabi Olorode, acting managing director, FBNQuest Merchant Bank.

“In a market defined by technological acceleration, evolving client expectations, and regulation, our people-first approach is not optional, it is a strategic necessity. When we empower our people through targeted development and engagement, we expand our capacity to innovate, strengthen agility, and deliver superior financial solutions. This recognition confirms that investing in talent is the most effective pathway to sustainable growth and resilience.”

This certification reflects FBNQuest’s rigorous focus on key areas critical to its strategic objectives:

– Leadership Excellence: Cultivating a high-trust management culture that enables swift decision-making and strategic agility.

– Talent Development: Accelerating capabilities aligned with market trends, including digital banking and compliance.

– Operational Flexibility: Supporting productivity through adaptive work arrangements, ensuring client responsiveness.

– Inclusive Innovation: Fostering diversity of thought that fuels creative solutions and market insights.

– Talent Attraction & Retention: Implementing a comprehensive rewards strategy to draw top-tier industry talent.

In a financial sector undergoing unprecedented transformation, FBNQuest Merchant Bank’s deliberate focus on people not only strengthens its competitive edge but also enhances its Environmental, Social, and Governance (ESG) profile. This positions the Bank as a trusted partner for global investors and strategic alliances, while reinforcing its role as a key driver of Nigeria’s economic transformation.

A Future-Ready Workforce for a Changing Market. This certification reflects more than an accolade, it signals the Bank’s commitment to building a motivated, engaged, and future-ready workforce.

By aligning people strategies with business objectives, the Bank continues to deliver on its mandate of innovation, resilience, and sustainable growth, setting a benchmark for excellence in Nigeria’s financial services industry.

New figures from Statista show a staggering number of unemployed youth (15 to 24 years), reaching 60.7 percent in the second quarter of 2023.

Statista further noted higher unemployment rates for women than men since the start of 2016, measured at almost 36 percent in the second quarter of 2023, as opposed to 30 percent respectively.

From a technology point of view, a report released earlier last year by SAP Africa, called ‘Africa’s Tech Skills Scarcity Revealed‘, disclosed that three-quarters of the South African, Kenyan and Nigerian organisations surveyed reported negative effects from a lack of technical skills; including struggling to meet client needs (46 percent), reduced capacity for innovation (53 percent), and losing customers to competitors (60 percent).

According to the report, a top skills challenge for African organisations is attracting skilled new recruits, although in South Africa the retention of experienced employees was first on the list.

It further noted the most in-demand skills as being cybersecurity and data analytics (63 percent); developer and industry skills (49 percent); and digital transformation skills (48 percent).

Skills development and mentoring play an essential role

“It’s true that we’re facing many challenges in the local technology sector, but there are measures that private industry can – and should – put in place that can contribute to the alleviation of both unemployment and the lack of technology skills,” explains Charmaine Koffman, Head of Human Resources at Datacentrix, a leading hybrid ICT systems integrator and managed services provider.

“Datacentrix’s stance on skills development is well entrenched and we have several initiatives to support this, including our graduate programme, which has been running for 18 years. This initiative places an emphasis on cross-functional training, encouraging the outcome of multi-skilled individuals with experience across more than one specialised area of technology, as well as more business-focused capabilities.

“Our graduate and learnership programmes have a strong focus on mentoring, as well as the development of personal skills such as work ethics, something that is a core value at Datacentrix. We’re proud to have a high absorption rate of these learners and graduates at Datacentrix, as we want to be able to retain these talented young people.

“Mentoring plays a pivotal role in African skills development, regardless of industry, by providing the guidance, support and knowledge transfer needed to empower our workforce, as well as fostering innovation and bridging the gap between education and real-world industry requirements. Datacentrix actively encourages other local businesses to join us in mentoring local learners and graduates, further strengthening the foundation of skilled professionals across the continent,” she adds.

“Across the industry, we’re currently seeing the continuous movement of resources, especially at entry level, rather than within mid or senior management. It’s a highly competitive market, but we’re also seeing that a number of organisations are putting forward above-market-rate offers that are simply not sustainable over time.”

Koffman cautions those individuals looking at new prospects to undergo their due diligence before accepting an offer that might well be too good to be true.

“It’s essential to remember that genuine career growth and job satisfaction often come from realistic and maintainable environments. Therefore, my advice would be for people to scrutinise job offers before accepting them – research the company thoroughly and seek guidance where necessary. Sometimes it’s not just about finding a job; it’s about building a meaningful and fulfilling career that aligns with your long-term goals and values.”

Closing the gender gap

Datacentrix recently instituted a bursary scheme with Wits University, with plans in place to extend this relationship into the future.

This is one of the areas, says Koffman, that the company is using to support gender diversity within the ICT sector.

“There is a serious need for local businesses to implement targeted recruitment strategies to address the gender diversity challenge. Datacentrix is working hard towards an optimistic 50/50 gender split by the end of next year. In addition, it is critical to attract more young women to embark on STEM careers, like ICT and engineering, as we need to improve this diversity moving forward.”

Koffman maintains that the key to inspiring more women to join the sector, as well as addressing the broader technology skills shortage in the longer term, is for organisations to nurture an interest in STEM careers at foundational level.

“We need to make an immense effort to turn around the pressing issue of the technology skills shortage, addressing this challenge at root level – earlier than grade 8 at school – to create a skilled workforce for the future. This will help to ensure that individuals from all backgrounds have access to educational and career opportunities in the technology sector, fostering a more inclusive skills pool.

“Datacentrix is committed to being part of this transformative journey, and we encourage other businesses to join us in this essential endeavour, building a brighter and more technologically advanced future for Africa,” she concludes.

This editorial emphasizes the importance of increasing salaries and implementing supportive measures, including the idea of government-supported loans, to cushion the effects of inflation and subsidy removal.

One potential solution to ease the financial strain on employees is to establish a system where companies in Nigeria offer loans to their workers. However, the implementation of such a program requires careful planning and consideration. 

Clear guidelines and regulations must be established to ensure fair and responsible lending practices, with the government providing oversight to prevent exploitation or unfair practices. 

Evaluating the feasibility and long-term sustainability of this program, including mechanisms for repayment, interest rates, and eligibility criteria, is crucial for its success.

The successful implementation of this program necessitates collaboration between the government, private sector, and financial institutions. 

Together, they can design and implement the loan system effectively, taking into account the diverse needs and challenges faced by workers. 

Additionally, prioritizing financial education and literacy programs will empower workers to make informed decisions and understand the implications of taking loans, fostering responsible borrowing practices.

While the loan program may provide temporary relief, increasing salaries remains a vital aspect of addressing the inflation and subsidy challenges. Leading organizations like GTBank have set an example by implementing salary increases for their junior staff members. 

Other banks making similar moves indicate a growing recognition of the need to prioritize fair remuneration. However, more companies need to follow suit, ensuring that employee wages align with the rising cost of living.

A few weeks ago, the Trade Union Congress of Nigeria (TUC) demanded a new minimum wage of N200,000 monthly to alleviate the burden on workers. The government should take this demand seriously and engage in constructive dialogue with the TUC to find a mutually beneficial resolution. 

Reverting to the previous pump price of petrol per liter, may not be feasible considering the situation the country is in currently. However, such a move would create a conducive environment for negotiations, facilitating the implementation of a fair and sustainable minimum wage. The involvement of state governors in this process is crucial to ensure uniformity and effective enforcement across the nation.

A recent report by Phillips Consulting Limited sheds light on the dire consequences of rising prices and inflation on Nigerian households. The survey reveals that over two-thirds of citizens have had to reduce essential and non-essential expenses, negatively impacting their quality of life. 

Moreover, the report highlights that inflation has pushed millions of Nigerians into poverty, worsening an already alarming situation. The government must pay attention to these findings and take immediate action to address the severe challenges faced by its citizens.

To overcome these challenges, collaboration between the government, private sector, and civil society is paramount. The Lagos Chamber of Commerce and Industry rightly emphasizes the need for both monetary and fiscal policies to control inflation and mitigate its adverse effects. 

While the government focuses on macroeconomic measures, including supply-side interventions, it must also work closely with the private sector to ensure that salary adjustments reflect economic realities and alleviate the burden on workers.

It is crucial for the Presidential Committee on Salaries, in collaboration with the National Salaries, Incomes, and Wages Commission, to expedite the review of salary structures and propose fair adjustments.

On the final note, the twin challenges of inflation and subsidy removal require immediate attention from both the private and public sectors in Nigeria. As companies like GTBank set an example by increasing salaries, others must follow suit to ensure fair compensation for their employees. 

Simultaneously, the government must engage in constructive dialogue with the TUC and commit to implementing a new minimum wage that adequately addresses the rising cost of living.

Only through collaborative efforts and a shared commitment to the well-being of the workforce can Nigeria navigate these challenges and foster economic stability and social progress.