While predictions of the number of jobs AI will eliminate or create vary, the narrative goes beyond simple labor market restructuring. According to research by Goldman Sachs, over 25% of current workplace tasks in the US could be automated. However, what if AI enables the implementation of a four-day workweek and revitalizes the labor movement itself?
The ESG team at Jefferies, an investment bank specializing in business-driven societal transformation, has delved into these possibilities and offers three predictions that will come along with the adoption of AI.
The note by Jefferies´ ESG strategists, led by global department head Aniket Shah, states that AI can improve certain aspects of the workplace. AI´s ability to do ordinary tasks quicker has saved employees time to focus on more challenging tasks. There´s even research suggesting that ChatGPT can improve the productivity of employees by 14%.
AI-Driven Efficiency Boosts the Prospects of Shorter Workweeks: Jefferies’ Perspective
Jefferies suggests that the gains derived from AI advancements could potentially lead to the implementation of shorter workweeks.
In a recent note, the firm emphasized that AI would significantly enhance workers’ efficiency, ultimately fostering a wider acceptance of four-day workweeks. The historical context is highlighted, as the United States had six-day workweeks until the 1930s, indicating a precedent for change.
Encouraging results have emerged from recent experiments with four-day workweeks. A trial conducted across numerous companies in the UK in February yielded highly positive outcomes, prompting companies to consider adopting this policy as the new norm, particularly from the employees’ standpoint.
According to 4 Day Week Global, an advocacy group overseeing the study, employees reported experiencing improved work-life balance and overall well-being due to either fewer workdays or reduced daily working hours. In fact, approximately 15% of participants expressed that no monetary incentive would entice them to return to a five-day workweek.
