Over 50% of Global CEOs Believe AI Could Replace Jobs, Survey Finds
A new survey conducted by think tank The Conference Board has revealed that more than 50% of global CEOs believe that artificial intelligence (AI) could potentially replace jobs within their companies. The survey, which included responses from over 1,200 corporate executives, including 630 global CEOs and 344 US executives, aimed to explore the perceived impact of AI on businesses in the future.
While an overwhelming majority of executives (over 90%) agreed that AI has the potential to make their workers more productive, opinions were divided on whether AI could lead to job displacement. However, it’s important to note that the survey made it clear that displace labor referred to the idea of AI replacing jobs.
Among the respondents, 51% of global executives, 50% of global CEOs, and 52% of US CEOs stated that job replacement could be one of the consequences of adopting AI technologies within their organizations. It is worth mentioning that reducing labor costs was seen as a potential benefit by 68% of CEOs, as they believed that AI could help increase sales and profits.
While the belief that AI could replace jobs does not necessarily indicate that it will happen, nor does it mean that a significant number of employees would be affected, it does shed light on the mindset of business leaders. Furthermore, not all industries are likely to face the same level of impact from AI technologies. According to the survey, 45% of CEOs worked in business and professional services, 34% in manufacturing, and 14% in financial services.
Experts continue to deliberate on the extent to which AI will replace jobs and which workers are most susceptible. Some argue that generative AI technologies like ChatGPT will predominantly impact white-collar roles. Consequently, it is becoming increasingly crucial for workers to learn how to harness AI tools in order to remain valuable in the future.
The survey also emphasized that the majority of CEOs (94%) agreed that AI adoption would require the development of new skills and training for their workforce. While some companies have already taken steps to retrain workers, the success and widespread implementation of these efforts remain uncertain.
Microsoft co-founder Bill Gates highlighted the need for governments and businesses to support and retrain workers during the transition to an AI-powered workplace. It is true that some workers will need support and retraining as we make this transition into an AI-powered workplace, he wrote in a blog post last July. That’s a role for governments and businesses, and they’ll need to manage it well so that workers aren’t left behind.
In conclusion, the survey conducted by The Conference Board reveals that a significant portion of global CEOs anticipate the possibility of job displacement due to the adoption of AI technologies. However, the extent of this impact and the specific industries affected remain uncertain. It is clear that businesses need to prioritize skill development and training in order to navigate the transition effectively and minimize any potential negative consequences for their workforce.
