AI is set to result in reduced employment across many companies over the next five years, a recent survey by staffing provider, Adecco suggests.

Adecco’s report took in the views of businesses across a number of sectors from nations, including Singapore, Australia, Canada, the US, Spain, Japan, Germany, France and the UK.

Out of 2,000 major organisation senior executives polled, 41% said they expect their team sizes to shrink due to the evolution of AI technology in the workplace.

Generative AI is capable of creating text, images and videos based on written user requests. Industry leaders speculate that these advancements could carry out of many mundane working tasks that individuals and teams currently take care of, which in turn could lead to redundancies and workforce streamlining.

Global powerhouses are leading the way on this, with Google and Microsoft both having recently gone through a series of staff shrinks as they implement AI systems such as ChatGPT and Google’s Gemini chatbot.

Adecco’s study offers one of the most thorough examinations of the trend to date, and comes off the back of last year’s World Economic Forum report which found that a quarter of companies worldwide anticipate job losses due to AI. The report also concluded that as much as one half of businesses think that new jobs opportunities will be created, owing to the growth of machine learning software. 

However, despite recognising AI as a transformative force, the majority of senior executives polled by Adecco admit they have yet to make significant strides in adopting these technologies. 

Speaking to Reuters, Adecco CEO, Denis Machuel said:

“Almost all jobs are going to be impacted by AI one way or another. AI can be a job killer and it can also be a job creator.”

“Ten years ago, there was this big fear many jobs are going to be destroyed by digital, when actually lots of jobs have been created by the digital world…between jobs created by AI and jobs destroyed, we believe this is going to be balanced,” Machuel continued.

What’s clear is that organisations worldwide need to start preparing for the disruption and performance-enhancing strength that AI is set to bring on staffing profiles across all industries.

Speaking exclusively to GRC World Forums recently, AI Faculty Director, Andrew Perry described how businesses and teams will have to adapt:

“CDO/CTO/CIOs will play pivotal roles in spearheading this transformation, ensuring that AI initiatives align with business objectives and drive tangible impacts on both top-line and bottom-line performance.

“There’ll be natural hesitancy and pushback to all of this. Employees may have concerns about their roles or they may lack the skills required to adapt to AI-driven workflows. Indeed, some roles won’t be needed anymore, but other new positions will be created over time,” Perry continued.

“Smoothing this transition requires proactive efforts to retrain and reskill the workforce, ensuring that employees are equipped to thrive in an AI-enabled environment. For some businesses, this change will be tough, but they’ll have to adapt if they are to survive,” Perry added.

Know the risks

AI technology is transforming the Governance, Risk, and Compliance (GRC) landscape, delivering cost-savings, accelerating compliance pathways and unlocking new efficiencies in all sectors. But what are the implications for existing systems? 

These issues take centre stage this month at PrivSec & GRC Connect Chicago, where industry experts will discuss how new technologies need to be embraced in order to optimize performance and mitigate risk.

Not to be missed at PrivSec & GRC Connect Chicago:

Bridging the Silos: The Importance of Holistic Risk Management

  • Date: Tuesday 16 April, 2024
  • 15:15-16:00pm CST

In today’s complex and interconnected business environment, siloed approaches to risk management can leave organizations vulnerable to unforeseen threats and challenges. The discussion will delve into the interconnected nature of risks across various business functions, emphasizing the need for collaboration, integration, and cross-functional communication to identify, assess, and mitigate risks effectively.

Key topics to be addressed include breaking down organizational silos, leveraging technology for integrated risk management solutions, aligning risk management with strategic objectives, fostering a risk-aware culture, and adapting to emerging risks in a rapidly evolving landscape.

The Governance Principles and Practices You Need for AI

  • Date: Wednesday 17 April, 2024
  • 11:00-11:30pm CST

Artificial intelligence is already racing into the corporate enterprise; the question for compliance, risk, audit and governance professionals is how you can assure that AI races wisely into your enterprise.

This session will explore the IT governance practices that organizations should already have in place so that as employees experiment with AI’s possibilities, they do so in alignment with your risk profile and don’t invite regulatory infractions, security breaches, stakeholder discontent, or other threats.

Discover more at PrivSec & GRC Connect Chicago

GRC, Data Protection, Security and Privacy professionals face ongoing challenges to help mitigate risk, comply with regulations, and help achieve their business objectives - they must…

  • Continually adopt new technologies to improve efficiency and effectiveness.
  • Build a culture of compliance and risk awareness throughout the organisation.
  • Communicate effectively with stakeholders and keep them informed of GRC activities.

PrivSec & GRC Connect Chicago takes you to the edge of the debate, uniting the most influential GRC, Data Protection, Privacy and Security professionals, to present, debate, learn and exchange ideas.

This dynamic and content-rich experience takes place over April 16-17 at the Crowne Plaza Chicago West Loop.

Click here to register for free to PrivSec & GRC Connect Chicago