A recent poll conducted by Chief Executive magazine indicates that CEOs across various industries in the United States are increasingly turning to automation and technology to offset soaring labor costs. The survey, which included 182 CEOs, highlights that automation and technology investment emerged as the top strategy for addressing rising labor costs, with 59 percent of respondents selecting it as their preferred approach. This trend is expected to gain further momentum in the coming year.
With labor cost inflation and employee shortages becoming pressing challenges for businesses, CEOs are actively seeking solutions through technology and automation. According to the poll, automation and technology investment emerged as the primary strategy for combating rising labor costs, surpassing other approaches such as price increases, finding new revenue streams, and up-skilling existing workers.
The survey also reveals that while CEOs are increasingly embracing automation, the majority do not anticipate significant workforce displacement, with 88 percent expecting to replace less than 5 percent of their employees with technology in the next year. The adoption of automation strategies varies among companies of different sizes, with larger firms showing a greater appetite for technology solutions.
The survey suggests that automation has the potential to further widen productivity gaps between larger and smaller organizations. Overall, the findings highlight the growing importance of automation in addressing labor cost challenges and improving overall efficiency in the business landscape.
I've enclosed the full article link here for you: https://news.chiefexecutive.net/acton/rif/39684/s-0e5a-2312/-/l-0249:8a1e5/l-0249/showPreparedMessage?sid=TV2%3A14sEUWDzC