CEOs are openly bragging about reducing their workforces using AI, highlighting a shift in how companies view and discuss layoffs. According to a report, CEOs like Amazon's Andy Jassy and Verizon's Hans Vestberg are proudly talking about shrinking their staff, citing the benefits of automation and increased efficiency brought about by AI.
Many CEOs believe AI will significantly impact their workforce, with 25% of CEOs surveyed by PwC expecting to replace 5% or more of their workforce with generative AI. Industries like media and entertainment, banking, and insurance are expected to be heavily impacted, with 32%, 28%, and 28% of CEOs, respectively, anticipating workforce reductions.
While AI may replace some jobs, it may also create new ones, such as machine learning engineers, AI application engineers, and data engineers. To adapt to AI-driven changes, companies are investing in reskilling and upskilling programs to equip employees with the necessary skills to work alongside AI.
CEOs see AI as a way to improve efficiency, productivity, and profitability, with 64% expecting it to enhance employee productivity and 59% believing it will improve their own work efficiency. However, there is uncertainty about the impact of AI on the workforce, with some CEOs worried about job displacement and the need for significant retraining.
As AI continues to transform the job market, companies will need to adapt and innovate to stay competitive, with a focus on human-AI collaboration and upskilling. While AI may automate some tasks, it is also expected to create new job opportunities in fields like AI development, deployment, and maintenance.
