AI expected to destroy more finance jobs than it creates


By Dylan Bushell-Embling
Tuesday, 18 February, 2020


AI expected to destroy more finance jobs than it creates

In a global survey of more than 5000 business technology professionals conducted by non-profit IT association ISACA, 54% of respondents expect AI to eliminate more jobs in the finance industry than it creates over the next decade.

Similarly, 57% of respondents expect to see big job losses in the manufacturing sector within the next 10 years.

The healthcare and technology sectors are also forecast to face heavy losses, with 42% of jobs in each industry expected to be affected.

AI is meanwhile expected to impact job stability, with short-term contracts expected to rise to 57% of all roles in the finance and manufacturing sectors. Meanwhile, 41% of respondents in finance and 37% in manufacturing expect AI to lead to a decrease in the traditional 40-hour work week.

Half of respondents expect pay levels to increase in the IT sector as a result of AI, but only a quarter expect pay levels to rise in the finance, manufacturing and healthcare sector.

The research also found that IT professionals believe that enterprises are not yet adequately prepared for the AI revolution.

Four in five (81%) respondents think enterprises are not yet investing adequately in the people skills needed to navigate the technology changes to come, while 70% think enterprises are underinvesting in the technologies needed.

“As we move into the 2020s, the pace of technology-driven change will continue to accelerate, so it’s more important than ever to be always learning,” ISACA CEO David Samuelson said.

“Both as individuals and in our companies, we will need new skills and frameworks to be equipped to navigate the inevitable change ahead.”

Image credit: ©stock.adobe.com/au/bagotaj

Related News

Leaders need to be more tech-savvy in post-COVID world

The momentum behind a permanent remote working model is growing, but business leaders must adapt...

Former WA Police CISO to lead newly formed A3C

Mr Hai Tran will lead the Australian Cyber Collaboration Centre's mission to improve national...

IoT Alliance Australia appoints new Chair

AllThingsEncrypted Co-Founder, David Spence, brings more than 25 years' experience in...


  • All content Copyright © 2020 Westwick-Farrow Pty Ltd