Artificial intelligence is coming for your job: 41% companies worldwide plan to cut workforce, automate with AI

Artificial Intelligence (AI) may lead to a massive fall in the headcounts of global companies in coming years, a recent report has said.

According to the World Economic Forum's Future of Jobs Report, as many as 41% of employees want to reduce their workforce due to AI automation.

The report added that 170 million new jobs will be created by 2030, and 92 million jobs will be displaced.

WEF also said that skills in artificial intelligence (AI), big data, and cybersecurity are expected to be in high demand. However, human skills like creative thinking, resilience, flexibility and agility will continue to be critical.

The advances in AI, robotics and energy systems, notably in renewable energy and environmental engineering, are expected to increase demand for specialist roles in these fields. However, roles like cashiers and administrative assistants will come under the fastest declining sector but are now joined by roles including graphic designers as generative AI rapidly reshapes the labour market.

The report projects a significant increase in demand for care jobs, such as nursing professionals, and education specialists, such as secondary school teachers, with demographic trends driving growth in demand across essential sectors.

Till Leopold, Head of Work, Wages and Job Creation at the World Economic Forum, said, "Trends such as generative AI and rapid technological shifts are upending industries and labour markets, creating both unprecedented opportunities and profound risks."

"The time is now for businesses and governments to work together, invest in skills and build an equitable and resilient global workforce."

The report also highlighted that around 70% of companies are planning to hire new workers with skills to design AI tools and enhancements.

The WEF report said urgent and collective action is required across government, businesses, and education to bridge skills gaps, invest in reskilling and upskilling initiatives, and create accessible pathways into fast-growing jobs and skills that are in high demand.