AI could impact up to 300 million jobs around the world, according to a report by investment bank Goldman Sachs, which has left many people worried as to the future impact on the world of work, across all industries.
But rest assured, a recent survey has found that 64% of C-suite respondents say they will hire more professionals of all types due to generative AI, the strongest level of agreement among those surveyed.
The study, conducted by global work marketplace Upwork, surveyed 1,400 US business leaders and senior managers through to C-suite across many industries. And contrary to mainstream media “doom and gloom” headlines, when asked about staffing plans due to generative AI, 49% of business leaders said they will hire more freelancers and 49% said that they will hire more full-time employees.
When asked the same question, 64% of C-suite respondents said they will hire more professionals of all types due to generative AI, the strongest level of agreement among those surveyed.
Some more key findings from the report revealed
- There is a disconnect between the C-suite and their leadership team around whether or not their company is embracing generative AI. 73% of C-suite executives say that their company embraces generative AI, compared to only 54% of VPs, 52% of directors, and 53% of senior managers.
- Remote-first companies are more likely to embrace generative AI. 68% of full-time remote companies say they are actively embracing generative AI, compared to only 53% of companies that are full-time in the office.
- Mid-sized companies are leading generative AI adoption. 62% of mid-sized companies (501-5,000 employees) say they are leveraging generative AI, compared to 56% of small companies (251-500 employees) and 41% of larger companies (5,001+ employees).
- The majority of business leaders are personally using generative AI. 59% of business leaders say that they are personally embracing generative AI tools like ChatGPT and Midjourney.
And Goldman Sachs’ findings also revealed that despite replacing a quarter of work tasks in the US and Europe, AI may also mean new jobs and a productivity boom, which could increase the total annual value of goods and services produced globally by 7%.
So why is there so much doom and gloom around AI’s impact on jobs?
Upwork says that early signals from its open-ended survey questions suggest that concerns regarding early adoption and potential risks associated with generative AI are paramount.
For example, one respondent said, “I fear too much reliance on AI, at the expense of customer satisfaction.”
Another said that their organisation was “…blindly trusting the AI tools.” And yet another stated, “I fear the capabilities of AI may expand faster than business can act to put controls in place to guard against the harm they can do.”
Other respondents were sceptical and unsure of the ROI their organisation would gain from these new tools. One of our participants stated, “I fear that AI is highly overblown and will divert resources from more productive programs.”
Concerns were also raised around job displacement. An IT leader stated, “With technology like AI, it is making people very nervous about the future of their jobs, especially anything to do with IT because they don’t want to go to college for a job that will be taken over by a computer soon.”
So while there is much excitement around generative AI, especially in the C-suite, that optimism is not necessarily trickling down to the people who need to operationalize this technology.
The report suggests that to overcome the fear, uncertainty, and scepticism leaders should encourage their teams to use generative AI tools in their work (adhering to any company usage policies), take courses and skills training, and hire outside experts to teach and consult on generative AI best practices.
SME’s could lead the way with AI
As with any time of disruption, it also comes with huge opportunity. And there is an enormous potential for savvy entrepreneurs and creative business leaders to lead the way.
SME’s typically have more flexibility and agility, which stands them in good stead to become not only early adopters but also leaders when it comes embracing new technology and adapting business practices.
According to a 2021 Deloitte study, mid-sized and small companies took advantage of more affordable AI tools and services that strengthened their competitive position against larger companies. This early investment could explain the higher adoption of generative AI among midsized and small companies.
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