CEO of AI Company Says Gen Z Needs to Get Ready for 30 Percent Unemployment

"I think it's very natural to be concerned about jobs. I think young people coming out of university today [are experiencing] 9 percent unemployment. I think it could easily go into the mid-30s in the next couple of years. So much of the work is going to be done by agents, so it's going to be challenging for young people to differentiate themselves in the corporate environment."

"We will have billions of users in the next several years that we could never have gotten from human beings. Like other tech CEOs, McDermott doesn't pause to wonder if it's worth slowing down and considering what all this could mean for the mass of workers and families who will struggle under such a scenario. His attitude, instead, is enthusiasm."

ServiceNow CEO Bill McDermott warned that artificial intelligence will dramatically increase unemployment, potentially pushing rates from current 9 percent for young graduates to the mid-30s within a couple of years. He attributed this to AI agents performing most work, making it difficult for young people to differentiate themselves professionally. McDermott expressed enthusiasm about AI's potential to reach billions of users, showing little concern for workers facing displacement. The CEO's statements coincide with ServiceNow's strategic pivot toward AI, including collaboration with OpenAI. His company's stock received a modest boost following his pessimistic forecast, suggesting market interest in AI-focused strategies despite the grim employment outlook.

Read at Futurism