According to a survey by PricewaterhouseCoopers (PwC), around a quarter of global CEOs plan to lay off at least 5% of their workforce due to generative artificial intelligence (AI). The survey included responses from over 4,700 CEOs from 105 countries, with over half of them leading organizations with over $100 million in yearly revenue. While just under a third of CEOs said their companies have already adopted generative AI, 25% of CEOs expect to let go of 5% of their staff due to the technology. However, the report also suggests that firms making cuts in some areas may be offsetting them with hiring in other areas. The media, entertainment, banking, capital markets, and insurance sectors are more likely to make staff cuts due to generative AI, while engineering, construction, technology, metals, and mining industries seem to be safer from AI-related layoffs. The survey results align with the analysis by the International Monetary Fund (IMF), which found that 40% of all jobs are exposed to AI and that the technology could worsen inequality. IMF managing director Kristalina Georgieva emphasized the need for countries to create social safety nets and offer programs for workers at risk of losing their jobs to AI.
