Haley Tenore Business Insider October 4, 2023
Jamie Dimon says that AI will shorten the workweek, ultimately improving the quality of life for workers.
JPMorgan CEO Jamie Dimon spoke with Bloomberg about how he thinks AI will impact the future of work.
- Dimon said that he thinks AI will eventually cut down the work week to three and a half days.
- Many leaders have been advocating for a 4-day workweek, with AI making this move more plausible.
Forget about the five-day workweek or even the four-day workweek. JPMorgan CEO Jamie Dimon thinks that the next generation of workers will only need to go into the office 3.5 days a week, thanks to AI.
Dimon recently spoke about how he sees AI affecting the workplace in an interview with Bloomberg. He said that AI is helping eliminate some of the more tedious tasks of the workday, and yes, some jobs will likely be entirely replaced by the technology.
“Your children will live to 100 and not have cancer because of technology and they’ll probably be working three and a half days a week,” Dimon told Bloomberg.
However, Dimon believes that, despite some roles becoming obsolete, artificial intelligence will lead to a boosted quality of life for the next generation of workers. Perhaps shaving off a day and a half of work will allow for more leisure time. It’ll also impact the finance industry, affecting all aspects of workflow, he said.
“Every single process, so, errors, trading, hedging, research, every app every database, you could be applying AI. So it might be as a co-pilot, it might be to replace humans,” Dimon told Bloomberg. But he also assured that JPMorgan would “redeploy” anyone whose job is replaced by AI.
Dimon is not alone in his prediction. Many economists believe that with the rise of ChatGPT, the idea of a four-day workweek is more plausible. ChatGPT can help with tasks like writing evaluations, data, emails, and other things that might take up an employee’s time.
Companies testing out the four-day workweek did see positive results. Workers were happier and more productive and they reported lower levels of stress and burnout. Companies even saw an increase in income because workers were more efficient.
As a result, many politicians, economists, workers, and mental health advocates have welcomed the idea of a shorter workweek with open arms.
Still, even though the idea of a shorter workweek sounds nice, some employees are worried about AI will eliminate their jobs altogether. The issue of AI replacing workers came up when the Writer’s Guild of America went on strike.
Goldman Sachs predicted that 300 million full-time jobs will be “impacted” by AI, mostly in white-collar fields like tech, finance, and legal. Not all of these jobs will be eliminated entirely, but the way they’re done is highly likely to change.
In fact, AI is leading to the creation of some new jobs. JPMorgan, for example, listed over 3,600 new jobs earlier in 2023, according to Bloomberg. Dimon is even working to create a tool, similar to ChatGPT, to assist investors.