Newsom signed the order Thursday, which directs the state to develop new tools to track AI's impact on employment, including a report on early warning signs of workforce disruption, a public dashboard monitoring changes across sectors, and expanded business input in monthly jobs reporting, according to a news release.
New economic analysis by Goldman Sachs reveals a bifurcated picture of artificial intelligence's (AI) impact on the workforce, finding that while the technology's role in current layoffs remains modest and unproven across the broader economy, companies focusing on AI in their workforce discussions have sharply curtailed their job openings this year. The findings, drawn from an analysis of Q3 corporate earnings commentary and results by senior economist Ronnie Walker, were drawn from management commentary and results across nearly all the S&P 500.
A leader at the Big Four firm EY recently told me that the firm has introduced an AI tool to help their employees navigate the uncertainty around jobs that the new technology is creating. It's part of an internal training program known as AI Now 2.0, which prompts EY employees to answer a series of questions about their job, day-to-day responsibilities, and overall deliverables.
A BearingPoint survey of 1,000 plus global execs found half report 10 to 19 percent workforce overcapacity due to "early-stage automation and limited role redesign" as AI is rolled out in their businesses. "Roles centered on routine analysis, process execution, transactional support, and repetitive knowledge work - including back-office operations, customer service, and entry-level financial or HR support - are becoming increasingly redundant," said the report.
Wall Street's M&A rebound got a boost on Monday with the biggest take-private buyout in years, but experts are warning that the hiring landscape isn't showing the same signs of revival. Video game producer Electronic Arts on Monday said it would be sold for $55 billion in a transaction hammered out by bankers at Goldman Sachs and JPMorgan. The price tag marks it the biggest take-private deal since the M&A boom in 2007 that preceded the global financial crisis.