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Citar41% of Companies Worldwide Plan To Reduce Workforces By 2030 Due To AIPosted by msmash on Thursday January 09, 2025 @02:36PM from the closer-look dept.AI is coming for your job: 41% of employers intend to downsize their workforce as AI automates certain tasks, a World Economic Forum survey showed Wednesday. From a report:CitarOut of hundreds of large companies surveyed around the world, 77% also said they were planning to reskill and upskill their existing workers between 2025-2030 to better work alongside AI, according to findings published in the WEF's Future of Jobs Report. But, unlike the previous, 2023 edition, this year's report did not say that most technologies, including AI, were expected to be "a net positive" for job numbers."Advances in AI and renewable energy are reshaping the (labor) market -- driving an increase in demand for many technology or specialist roles while driving a decline for others, such as graphic designers," the WEF said in a press release ahead of its annual meeting in Davos later this month. Writing in the wide-ranging report, Saadia Zahidi, the forum's managing director, highlighted the role of generative AI in reshaping industries and tasks across all sectors. The technology can create original text, images and other content in response to prompts from users.CitarWall Street Job Losses May Top 200,000 As AI Replaces RolesPosted by BeauHD on Thursday January 09, 2025 @06:40PM from the doom-and-gloom dept.An anonymous reader quotes a report from Bloomberg:CitarGlobal banks will cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers, according to Bloomberg Intelligence. Chief information and technology officers surveyed for BI indicated that on average they expect a net 3% of their workforce to be cut, according to a report published Thursday. Back office, middle office and operations are likely to be most at risk, according to Tomasz Noetzel, the BI senior analyst who wrote the report. Customer services could see changes as bots manage client functions, while know-your-customer duties would also be vulnerable. "Any jobs involving routine, repetitive tasks are at risk," he said. "But AI will not eliminate them fully, rather it will lead to workforce transformation."Nearly a quarter of the 93 respondents predict a steeper decline of between 5% and 10% of total headcount. The peer group covered by BI includes Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. The findings point to far-reaching changes in the industry, feeding through to improved earnings. In 2027, banks could see pretax profits 12% to 17% higher than they would otherwise have been -- adding as much as $180 billion to their combined bottom line -- as AI powers an increase in productivity, according to BI. Eight in ten respondents expect generative AI to increase productivity and revenue generation by at least 5% in the next three to five years.Results from a recent World Economic Forum survey also predicted a reduction in the workforce due to AI. According to the survey, 41% of employers intend to downsize their workforce as AI automates certain tasks.Unlike the survey results from 2023, this year's report did not say that most technology, including AI, were expected to be a "net positive" for job numbers.Saludos.
41% of Companies Worldwide Plan To Reduce Workforces By 2030 Due To AIPosted by msmash on Thursday January 09, 2025 @02:36PM from the closer-look dept.AI is coming for your job: 41% of employers intend to downsize their workforce as AI automates certain tasks, a World Economic Forum survey showed Wednesday. From a report:CitarOut of hundreds of large companies surveyed around the world, 77% also said they were planning to reskill and upskill their existing workers between 2025-2030 to better work alongside AI, according to findings published in the WEF's Future of Jobs Report. But, unlike the previous, 2023 edition, this year's report did not say that most technologies, including AI, were expected to be "a net positive" for job numbers."Advances in AI and renewable energy are reshaping the (labor) market -- driving an increase in demand for many technology or specialist roles while driving a decline for others, such as graphic designers," the WEF said in a press release ahead of its annual meeting in Davos later this month. Writing in the wide-ranging report, Saadia Zahidi, the forum's managing director, highlighted the role of generative AI in reshaping industries and tasks across all sectors. The technology can create original text, images and other content in response to prompts from users.
Out of hundreds of large companies surveyed around the world, 77% also said they were planning to reskill and upskill their existing workers between 2025-2030 to better work alongside AI, according to findings published in the WEF's Future of Jobs Report. But, unlike the previous, 2023 edition, this year's report did not say that most technologies, including AI, were expected to be "a net positive" for job numbers."Advances in AI and renewable energy are reshaping the (labor) market -- driving an increase in demand for many technology or specialist roles while driving a decline for others, such as graphic designers," the WEF said in a press release ahead of its annual meeting in Davos later this month. Writing in the wide-ranging report, Saadia Zahidi, the forum's managing director, highlighted the role of generative AI in reshaping industries and tasks across all sectors. The technology can create original text, images and other content in response to prompts from users.
Wall Street Job Losses May Top 200,000 As AI Replaces RolesPosted by BeauHD on Thursday January 09, 2025 @06:40PM from the doom-and-gloom dept.An anonymous reader quotes a report from Bloomberg:CitarGlobal banks will cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers, according to Bloomberg Intelligence. Chief information and technology officers surveyed for BI indicated that on average they expect a net 3% of their workforce to be cut, according to a report published Thursday. Back office, middle office and operations are likely to be most at risk, according to Tomasz Noetzel, the BI senior analyst who wrote the report. Customer services could see changes as bots manage client functions, while know-your-customer duties would also be vulnerable. "Any jobs involving routine, repetitive tasks are at risk," he said. "But AI will not eliminate them fully, rather it will lead to workforce transformation."Nearly a quarter of the 93 respondents predict a steeper decline of between 5% and 10% of total headcount. The peer group covered by BI includes Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. The findings point to far-reaching changes in the industry, feeding through to improved earnings. In 2027, banks could see pretax profits 12% to 17% higher than they would otherwise have been -- adding as much as $180 billion to their combined bottom line -- as AI powers an increase in productivity, according to BI. Eight in ten respondents expect generative AI to increase productivity and revenue generation by at least 5% in the next three to five years.Results from a recent World Economic Forum survey also predicted a reduction in the workforce due to AI. According to the survey, 41% of employers intend to downsize their workforce as AI automates certain tasks.Unlike the survey results from 2023, this year's report did not say that most technology, including AI, were expected to be a "net positive" for job numbers.
Global banks will cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers, according to Bloomberg Intelligence. Chief information and technology officers surveyed for BI indicated that on average they expect a net 3% of their workforce to be cut, according to a report published Thursday. Back office, middle office and operations are likely to be most at risk, according to Tomasz Noetzel, the BI senior analyst who wrote the report. Customer services could see changes as bots manage client functions, while know-your-customer duties would also be vulnerable. "Any jobs involving routine, repetitive tasks are at risk," he said. "But AI will not eliminate them fully, rather it will lead to workforce transformation."Nearly a quarter of the 93 respondents predict a steeper decline of between 5% and 10% of total headcount. The peer group covered by BI includes Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. The findings point to far-reaching changes in the industry, feeding through to improved earnings. In 2027, banks could see pretax profits 12% to 17% higher than they would otherwise have been -- adding as much as $180 billion to their combined bottom line -- as AI powers an increase in productivity, according to BI. Eight in ten respondents expect generative AI to increase productivity and revenue generation by at least 5% in the next three to five years.