A new global survey by staffing firm Adecco Group paints a concerning picture for the future of employment. The poll, conducted with Oxford Economics, reveals that 41% of executives at major companies across various industries expect to reduce their workforce size due to the implementation of Artificial Intelligence (AI) over the next five years.
This trend is driven by AI’s potential to automate tasks and processes, impacting both white-collar and blue-collar jobs. While some companies plan to redeploy affected employees internally (46%), the survey also indicates a focus on hiring new talent skilled in AI (66%) compared to retraining existing workers (34%).
This contrasts with a more optimistic outlook from a World Economic Forum poll last year, where half of companies believed AI would create new jobs. However, the Adecco survey reflects a more immediate concern for workers whose jobs are already being displaced by AI. Recent layoffs at tech companies like Dropbox and Duolingo highlight this risk.
The potential impact of AI on job displacement is further emphasized by a Goldman Sachs prediction from March 2023. Their economists estimated that up to 300 million jobs globally could be lost or significantly impacted by the rise of generative AI, particularly affecting white-collar workers.
This survey serves as a wake-up call for both companies and workers. Companies need to invest in reskilling and upskilling their workforce to prepare them for the changing job landscape. Workers, meanwhile, should consider developing skills relevant to the AI-powered future of work.
