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A new US study shows that 61% of jobs in admin will be replaced by AI. What does that mean?
AI Adoption Accelerates in Corporate America
Corporate America is rapidly integrating artificial intelligence (AI) to automate tasks traditionally done by humans. According to a survey by Duke University and the Federal Reserve Banks of Atlanta and Richmond, 61% of large US firms plan to use AI in the next year for tasks such as invoicing, financial reporting, and creative work like crafting job posts and marketing campaigns (CNN). This shift is driven by the desire to cut costs, boost profits, and enhance worker productivity.
Impact on Jobs and Workforce Dynamics
Despite the swift adoption of AI, experts believe immediate mass job loss is unlikely. Duke finance professor John Graham explains that companies are more likely to use AI to fill gaps and avoid new hires rather than lay off existing employees. AI is expected to augment human roles, creating a “co-pilot” dynamic where humans use AI tools to enhance their work. This trend is projected to unfold over the next three to five years, gradually transforming job roles rather than abruptly replacing them.
Inflation and Regulatory Concerns
The survey also highlights concerns about inflation, with most CFOs expecting faster-than-normal price hikes this year. Interestingly, firms that have adopted automation anticipate slower price increases compared to those that haven’t. While AI promises long-term economic benefits, Treasury Secretary Janet Yellen and other officials warn of significant risks, emphasising the need for robust regulatory frameworks and risk management systems to mitigate potential issues as AI adoption continues to rise.
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*An AI tool was used to add an extra layer to the editing process for this story.
