Most top business leaders in major economies think AI will drastically change their industries, but acknowledge that their leadership teams don't fully grasp the risks and benefits of AI, according to a study released on Friday.
Adecco, the world's largest temporary staffing agency, and Oxford Economics conducted a survey to examine how companies are getting ready for the rapidly growing technology of AI, which is also raising concerns about its impact on jobs.
Between October and December, the survey interviewed around 2,000 CEOs, CFOs, and other executives from companies across nine countries.
The survey revealed that 61 percent believe AI will be a game changer, with the number jumping to 82 percent in the tech sector and 51 percent among automakers.
However, the report found that 57 percent lack confidence in their leadership team’s AI skills and knowledge.
Denis Machuel, CEO of Adecco, emphasized the importance of company leaders being prepared for the AI transition.
Machuel said in a phone conference, “Almost all types of jobs will be affected, even leadership roles.”
He added, “This survey made us realize the task ahead for leaders. If we as leaders are not prepared for AI, how can we ensure that our workforce is?”
Generative AI's rise is forecasted to transform various jobs by simplifying tasks, yet there are concerns that it could replace human workers.
The survey indicated that 41 percent of executives anticipate reducing their workforce over the next five years due to AI.
At the same time, 66 percent said they would hire AI experts externally, while 34 percent would provide training for current employees to address the technological gap.
The report cautioned, “Adopting a ‘buy’ mindset may worsen the shortage of skills and create a workforce with uneven capabilities.”
The report urged for a reconsideration of the approach, noting that only half of leaders intend to reassign employees impacted by AI. It stressed the need for organizations to promptly rethink this approach and cultivate relevant skills within the company to ensure the continuous employability of their current workforce.
An International Monetary Foundation report found that AI technology is likely to affect about 40 percent of jobs globally, and this figure rises to 60 percent in advanced economies.
Machuel stated in Adecco’s report, “Our research shows that many leaders don’t have a clear understanding of the disruption that lies ahead.”
He added, “To manage the challenges and build the right workforce for success, responsible, human-focused talent strategies will be crucial, providing opportunities for personal growth.”
AFP
