Concerns about AI replacing human workers continue to intensify, particularly among younger generations only just entering the workforce.
According to a survey conducted for the King’s Trust, three-quarters of people aged between 16 and 25 are worried about their future careers, with 59% expressing specific concern about AI’s impact on employment opportunities.
However, Brian Moynihan, CEO of Bank of America, sees things differently.
Speaking on the This Is Working podcast recently, Brian explained that while AI will transform banking operations, he does not anticipate it causing significant job losses. Instead, he believes that the technology can be a catalyst for growth and employment expansion.
“People wrote … in 1969 that there would be no managers left in business because the computer itself would eliminate the need for managers, because they just moved information. Well, guess what? We have 20,000 managers today at Bank of America,” he says.
“And we were told in 1969, there was going to be no manufacturing left in the US, there were going to be no jobs left, the computers were going to take it away, that Japan was going to take over. You go through all that stuff, and then we doubled the amount of people who worked in the United States in 50 years.”
Marketing should be at the table, but not be the meal
Over the past three years, marketers have faced an arduous journey due to the rapid shifts in consumer sentiment and the rising costs associated with their trade. In an era of economic uncertainty, shoppers have been compelled to prioritize value, leading to a trend of downgrading their purchases. In fact, our March 2023 survey revealed that a staggering 80 percent of consumers are modifying their shopping behavior by either adjusting the quantity or pack size of their purchases or opting to switch brands and retailers in search of more affordable options.
Simultaneously, marketing costs have experienced an upward trajectory. According to the insights gathered from our December survey of Chief Marketing Officers (CMOs), the average cost per click witnessed a substantial increase of 20 percentage points in 2022 compared to the previous year.
What do you think?
This strategic reallocation of resources can help companies create a significant competitive advantage.