Company Executives Say AI Will Replace Jobs in Next Five Years

A recently conducted survey has determined that artificial intelligence use will decrease the number of workers at thousands of companies over the next five years. Two thousand executives took part in the survey, which was carried out by Adecco Group, a Swiss staffing company, in collaboration with Oxford Economics.

The survey also found that 41% of executives expected to employ fewer individuals because of the advancements in technology. The poll’s results show the potential for artificial intelligence, which can create original images, text and other content in response to prompts, to revolutionize how individuals work and employment in general.

In a statement, Adecco Group CEO Denis Machuel stated that artificial intelligence was emerging as a great disruptor in work, noting that companies needed to do more to reskill and redeploy teams to capitalize on this technological leap.

The polled executives work in 18 industries, including retail, energy and the automotive sector, in nine countries. These countries include Canada, United States, Japan and Germany. Their workforces represent blue-collar and white-collar jobs.

About 46% of respondents revealed that they would redeploy employees internally if their work was affected by artificial intelligence. Additionally, two-thirds of respondents revealed that they planned to recruit individuals skilled in artificial intelligence compared to one-third who preferred to train their existing workforce in AI.

This isn’t the first poll to look at AI’s effects on employment.

A separate survey carried out by the World Economic Forum in 2023 found that in more than 80 international companies, about one-quarter expected artificial intelligence to cause some people to lose their jobs. Half of the companies surveyed also expected artificial intelligence to create new employment opportunities.

In their report, the World Economic Forum stated that employers expected most technologies, artificial intelligence included, to be a net positive for jobs in the next five years. The agency noted that climate change, big data analytics and environmental management technologies as well as cybersecurity and encryption were expected to be the largest drivers of job growth.

While this outlook is positive, it provides little consolation to employees who have already lost their work to artificial intelligence. In the last year, tech companies such as Duolingo and Dropbox revealed artificial intelligence was the primary reason for recent layoffs.

Economists at Goldman Sachs stated in 2023 that about 300 million jobs could diminish or be lost worldwide by the rise of generative artificial intelligence. White-collar workers expect to be hit the hardest.

For AI companies such as Palantir technologies Inc. (NYSE: PLTR), the software solutions developed are geared at helping companies analyze data and make better business decisions. Some job losses could occur in the long run, but reducing employee numbers is often not an objective.

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