Fifty-two percent of U.S. workers are now concerned about losing their jobs to artificial intelligence, nearly double the level last year, according to a survey released Monday by KPMG.
The report calls on business leaders to do more to prepare their workforce for an AI-driven future.
“Employees are using AI to increase efficiency, but they don’t understand how the benefits translate to them,” Katie Dahler, human capital advisory leader at a Big 4 accounting firm, said in a press release. “By reinvesting AI-powered productivity improvements into the upskilling employees need, companies can demonstrate that they see their employees as partners in transformation and build long-term trust.”
In a separate study published this month, Economist Impact, a think tank run by global media company The Economist Group, found that CFOs are divided on what AI means for their employees.
According to the think tank’s research, 42% of finance executives believe that headcount reduction is the clearest way to demonstrate return on investment from AI spending. However, a similar proportion (43%) disagree, arguing that attrition is a narrow-minded and potentially short-sighted indicator.
“The rise of AI is sparking difficult debates about the potential for disruption, cost pressures and job cuts,” said The Economist Impact. “Finance leaders need to make decisions about upskilling, workforce management, and the pace of technology adoption to stay ahead of the increasingly competitive AI race.”
A study released at the end of August by the Federal Reserve Bank of St. Louis found a “significant correlation” between the prevalence of AI and increased unemployment, especially in the technology sector, starting in 2022.
“Our results suggest that we may be witnessing the early stages of AI-induced job losses,” the authors write.
The issue is gaining attention on Capitol Hill. Earlier this month, Sens. Josh Hawley (R-Missouri) and Mark Warner (D-Va.) said they plan to introduce legislation that would require major companies and federal agencies to report AI-related layoffs to the Department of Labor, with the goal of compiling that data into publicly available reports.
“American workers are already being replaced by artificial intelligence, and experts predict that AI could increase unemployment by up to 10 to 20 percentage points over the next five years,” Hawley said in a press release. “Americans need to understand exactly how AI is impacting the workforce so we can make sure it works for them and not the other way around.”
A panel of leading technology executives speaking at a virtual conference hosted by Financial Executives International this month offered an upbeat outlook on the impact of AI on the workforce.
“There’s a lot of rhetoric about machines taking our jobs… but we have to think about AI as a tool that augments human capabilities,” said Daniel Fontaine, assistant controller at ServiceNow, during a session on AI use cases in finance.
Dennis Lucas, vice president and assistant controller at IBM, made similar comments, saying he “strongly” disagrees with reports that AI will replace accountants’ jobs.
“It will change the task, it will take away some tasks… But the AI will hallucinate, and the people who can point out that… are subject matter experts who can think critically and collaborate with other people,” Lucas said. “We’re not going to lose all of our natural human skills. I think they’ll be even stronger in the next phase.”
Fontaine said ServiceNow is bringing AI to finance processes, and the company is working to “involve the entire finance organization.” Among other opportunities, ServiceNow employees interested in learning more about the technology can attend the company’s monthly “School of AI,” she said.
According to KPMG, 85% of companies offer some form of AI training, but 84% of employees say they need more AI training. Less than half of organizations mandate AI training, “sending mixed signals about its importance,” the accounting firm said.
According to KPMG, three-quarters (77%) of employees say AI allows them to focus on higher-value work, but are concerned that AI will be able to perform more than half of their roles within two years.
“Organizations must recognize this tension and seize the opportunity by reimagining their workforce strategies for an AI-driven future now,” Monday’s report said. “That means planning for new skills and roles, guiding employees through change, and creating clear career paths so people feel supported.”
KPMG announced it surveyed more than 2,100 full-time and part-time U.S.-based employees across a wide range of major industries. Participants were multi-generational and held a variety of roles across an organization with more than 5,000 employees. The survey was conducted in June and July.
