New Research: Artificial Intelligence Is Coming For 1 In 10 Jobs, With Senior Roles Most At Risk

New Research: Artificial Intelligence Is Coming For 1 In 10 Jobs, With Senior Roles Most At Risk

Boston, US. A new global survey of 252 senior IT executives at firms with annual revenues exceeding $250 million by Verdantix, the independent research and advisory firm for world-enhancing innovation, has revealed that more than half (53%) of businesses expect 10% of jobs to be replaced by AI agents in the next five years. Sixty-two per cent of IT executives expect more cost savings from the elimination of management roles than from the elimination of frontline roles.

Sales, marketing and customer service functions will see more AI-related projects than any other departments this year (28%), suggesting a higher level of comfort with AI adoption, while also indicating jobs in these departments could be most at risk as AI integration matures.

Despite job replacement predictions in the medium term, in the immediate term the research shows greater appetite for the blending of human intelligence with artificial intelligence versus entire replacement of humans. Far more organizations have already deployed 'AI in the human loop' projects - such as chat, research and creative writing (72%) - than domain-specific autonomous AI agents (37%). Similarly, adoption of human/AI co-pilots is expected to grow, particularly across transport - with 67% expecting human/AI co-pilots in maritime, railways, subways and trams, and aerospace & defense by 2025.

Crucially, though corporate investment in AI is accelerating - with 53% of firms expecting budgets for AI projects to grow by 10-24% in the next year alone - respondents' answers show caution about relying on tech autonomously. Very few respondents (11%) think we will create computers with the same intelligence as humans, even by 2030.

David Metcalfe, CEO of Verdantix said: "Like all prior waves of global innovation, the rise of AI will disrupt existing work routines, resulting in the elimination of tens of thousands of existing jobs and the creation of tens of thousands of new jobs. What's different about generative AI is that it has the potential to almost completely replace entire activities such as document translation, coding, legal due diligence and content creation associated with knowledge workers.

"This isn't just a challenge for the existing workforce to face. It will naturally also affect future job creation. For example, using AI automation to increase the volume of audits without hiring more auditors. And it's not just replacements and cuts - it's shifts too. The complexity of AI technologies was cited as the most significant factor slowing AI adoption, suggesting a change in skills is also required."

The survey also sees the majority (52%) of respondents say their firm's AI strategy is best described as seeking competitive advantage. Competitive advantage from faster process execution is also the most significant expected benefit from AI projects over the next three years (cited by 30% of respondents).

Metcalfe continues, "AI is becoming a genuine corporate differentiator if harnessed correctly. Though the reality of making this a success requires a pragmatic and informed approach to short-, medium- and long-term workforce adjustments. It is a complex, but crucial, step change to be addressed."

Read the full report here: Global Corporate Survey 2024: Artificial Intelligence Budgets, Priorities And Tech Preferences.