Artificial Intelligence (AI) playing This has contributed to recent job cuts in the technology sector.
Tech layoffs this year Over 100,000 As of July 12, Seeking Alpha (SA) reported on Sunday (July 14) based on data from its tracker layoffs..for your information.
Recent layoffs include: IntuitThe company, which makes products such as TurboTax and QuickBooks, said last week 1,800 job cuts With a renewed focus on AI.
But as the SA report points out, Intuit isn't replacing employees with AI bots, but instead Equal The number of workers with AI expertise. The report also cited the 2024 Economic Report of the President, which said up to one-fifth of American workers are at risk of AI-related unemployment.
Other companies cutting staff as they focus on AI include UiPath. 420 positions eliminatedOpen Text to cut 1,200 jobs plan The company will eventually employ 800 sales and professional services staff. and Engineering Workers.
The report follows the findings of a recent study by Citi which found that 54% of jobs in banking are likely to be automated, while the remaining 12% Could be enhanced by AI.
“AI-enabled customers have the potential to intensify price competition in the financial sector, potentially shifting the balance of power,” the banking giant said in the report's introduction.
“AI is likely to be adopted more quickly by digitally native and cloud-based companies such as fintechs and big techs, with agile incumbent banks soon to follow. Many incumbent banks will be weighed down by technology and cultural debt, and may be slow to adopt AI and lose market share.”
The report also said the shift to a “bot-driven world” will have a major impact on compliance, Security, Regulation and ethics.
“Because AI models are known to hallucinate and invent information that does not exist, organisations run the risk that AI chatbots could become fully autonomous, with negative financial and reputational impacts on their companies,” Citi said.
Meanwhile, PYMNTS conducted an interview in April, Javed KhanSenior Vice President and General Manager Cisco Collaborationshared his thoughts on how AI is already transforming the landscape of work and what we can expect in the coming years.
“Most Technological advances “Throughout history, it's been a great achievement to see AI ultimately deliver a much better experience than what was available before, and AI is no exception,” Khan said.in fact, We are already seeing the benefits that AI will bring to the workplace and beyond, empowering us all to rethink how we connect and collaborate.”
