A majority of CEOs see more value in technology than their workforce and nearly half of them believe that robotics, automation and artificial intelligence will make people largely irrelevant, says a study.
According to Korn Ferry Global Study, two-thirds of CEOs are of the view that technology will be their firm’s greatest competitive advantage.
Leaders who took part in the study say that tech is becoming so central to their thinking and execution that it occupies 40-60% of their priorities on strategic focus, financial investment and C-suite time.
“Leaders may be facing what experts call a tangibility bias,” said Jean-Marc Laouchez, global managing director, Solutions, Korn Ferry.
The research also noted that 40% of respondents said they have experienced shareholder pressure to direct investment toward tangible assets like technology.
When asked to rank what their organisation’s top five assets in the next five years, the company’s workforce did not make the list.
The top five assets named by the CEOs (in order) are: Technology (product, customer channels); R&D / Innovation; Product / Service; Brand; and Real Estate (offices, factories, land).
The study noted 63% of respondents believe in 5 years, technology will be the firm’s greatest source of competitive advantage.
Around 67% said technology will create greater value in the future than people will, while, 44% said the prevalence of robotics, automation and artificial intelligence (AI) will make people “largely irrelevant” in the future of work.
For this study, Korn Ferry conducted in-depth interviews with 800 business leaders in multi-million and multi-billion dollar global organisations on their views concerning the value of people in the future of work…….Source PTI