According to 1,300 CEOs from global companies across 11 industry sectors, generative artificial intelligence isn’t going to be the job killer some AI cynics have predicted — in fact, it may just create more jobs than it eliminates.
This is according to the 2024 CEO Outlook Survey from KPMG, an audit, tax and advisory firm that annually surveys CEOs on their key challenges and opportunities in driving business growth.
“When asked about the most likely impact of GenAI on their organization, 72% said it will not fundamentally impact the number of jobs but will require upskilling and existing resources to be redeployed; 27% said it will create more jobs than it eliminates,” the report states.
Nearly 70% of CEOs surveyed said GenAI is a priority investment. IT, sales and marketing, and finance and accounting were the top three areas where CEOs report the most GenAI investments will be made in the next three years. However, less than 40% said their employees have the necessary skills to fully leverage GenAI’s benefits.
“CEOs increasingly favor a comprehensive return-to-office but the need for flexibility still holds. As this future unfolds, the integration of GenAI will become increasingly prominent, and upskilling the workforce will be a prerequisite for most white-collar roles,” said Paul Knopp, KPMG U.S. chair and CEO.
From prompt engineering to data management, upskilling in the age of GenAI is a requirement. With talent shortages still a top concern for many companies, savvy business leaders need to invest in upskilling — or completely reskilling — their current workforce as much as they invest in GenAI technology. But this herculean task can’t be an isolated HR function. Managers and senior leaders need to share in the responsibility of this “reskilling revolution.”
Companies that embrace upskilling and reskilling as a strategic growth initiative not only create the workforce they need now, they enhance their competitive advantage well into the future.
