CEOs Using AI Automation to Reduce Workforce by 5% by 2024

A recent survey has shown that some CEOs are preparing to utilize generative artificial intelligence in their work to save time and achieve gains this year, even though it comes at the expense of retaining their employees.

“In its 27th annual report, PwC surveyed 4,702 CEOs leading large and small companies across a range of industries in 105 countries. The purpose was to understand how they are reshaping their businesses in the near future.”

When it comes to Generative Artificial Intelligence, many CEOs say they will adopt that technology as an opportunity to increase revenues and enhance efficiency.

However, the gains that come from that technology may put employees at risk this year.

Also, 40% of jobs are at risk due to artificial intelligence.

According to PwC, some of these efficiency benefits are likely to come at the expense of reducing the workforce, at least in the short term. It is expected that a quarter of CEOs will reduce the number of employees by 5% by 2024 due to this technology.

The report indicated that generative artificial intelligence may have a greater impact on certain industries over others. It is expected that the media, banking, and insurance sectors will lead in the largest number of job losses due to artificial intelligence.

This is partially due to the fact that tools like ChatGPT are capable of performing specific tasks related to content creation and customer service.

As anticipated, artificial intelligence is expected to reduce the need for companies to hire more employees.