Jamie Dimon believes that the productivity gains expected from artificial intelligence will transform the traditional work model for future generations.
With the integration of AI, a 3.5-day workweek could become feasible, considering AI is projected to save workers between 60% and 70% of their time.
JP Morgan CEO Jamie Dimon is the perfect example of an “old-school” executive who advocates for hard work and a return-to-office policy as the standard model. However, he also recognizes that the progressive development of AI capabilities suggests that the future of the workforce will look different from today.
AI will change everything for the better. Despite his traditional views on work, Dimon recently acknowledged that AI will significantly enhance the quality of life for workers.
In an interview with Bloomberg TV, he explained that JP Morgan is currently using AI in about 300 processes. He also pointed out that, in the coming years, this technology could reduce the workweek for his employees, saying that AI is “critical to our company’s future success.” He added that thanks to its implementation, his workers will “probably be working three-and-a-half days a week.”
AI-driven layoffs. Regarding potential job losses due to AI, Dimon conceded that some job positions may be eliminated, but he emphasized that AI will also create new roles that don’t exist today. According to a Goldman Sachs report, the pace of AI adoption has been gradual, with layoffs attributable to AI accounting for only 0.1% of the total economy. This translates into about 20,000 jobs globally.
“People have to take a deep breath. Technology has always replaced jobs,” he told Bloomberg. During the interview, he also stressed the importance of the labor market adapting to technological changes and the expectation that affected employees will transition to other positions.
A 3.5-day workweek might be feasible. The JPMorgan CEO referred to a report by the consulting firm McKinsey that says AI could potentially free up 60% to 70% of workers’ time. This shift could contribute an estimated $2.6 trillion to $4.4 trillion annually to the global economy.
The expected rise in productivity could lead to a reduction in working hours, which have remained unchanged for nearly a century. This could improve working conditions for employees. Investor Ray Dalio recently echoed similar sentiments, suggesting that a three-day workweek could be achievable in the near future due to advancements in AI. “If it’s managed well, I think that the workweek could lessen. Maybe, the workweek goes to a three-day workweek or so,” Dalio said.
The impact of a shorter workweek. Companies worldwide are carrying out four-day week pilots. These trials consistently show positive results regarding workers’ physical and mental well-being. According to a report by PwC, automation driven by AI has the potential to increase global productivity by 14% by 2030.
Moreover, a study conducted by the University of Cambridge revealed that improved well-being reduced sick days by 65%, and 71% of employees reported lower levels of burnout. Notably, 92% of the companies that participated in the study chose to continue with the four-day workweek model after the trial ended.
Fewer days, more years. Dimon also suggested that technology’s influence will extend beyond the workplace. He predicts significant advancements in medicine thanks to the use of AI in medical research aimed at eradicating diseases like cancer.
“Your children are going to live to 100 and not have cancer because of technology,” Dimon said. While this vision may seem optimistic, it’s backed by the rapid progress of technological innovations in fields such as biotechnology and pharmaceutical research. This trend toward increased life expectancy could result in longer working careers and later retirement ages, a pattern that has been rising among governments worldwide in recent years.
Not all aspects of AI are positive. Despite Dimon’s optimistic perspective, he also expressed concerns about the potential misuse of AI. “Technology has done unbelievable things for mankind but, you know, planes crash, pharmaceuticals get misused–there are negatives. This one, the biggest negative in my view is AI being used by bad people to do bad things,” he said.
Image | Fortune Global Forum
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