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Findings from a survey of leading firms on labour market trends and the adoption of generative AI

Author

Listed:
  • Consolo, Agostino
  • Fernandez, Guzman Gonzalez-Torres
  • Morris, Richard
  • Schroeder, Christofer

Abstract

This box summarises the findings from an ECB survey in which leading firms were asked about key labour market trends. The responses suggest that recruiting new employees has become more difficult in recent years, owing particularly to labour shortages, and that this is the main motivation for firms to hoard labour during downturns. Reduced working hours are said to reflect the preferences of employees more than of firms. The increase in remote working has helped to expand the potential pool of job candidates and reduced the cost of office space but is also perceived by some firms to have reduced productivity. The survey also asked about the adoption of generative artificial intelligence (generative AI). Responses point to a significant take-up of generative AI over the past 18 months, motivated in particular by the wish to increase employee access to information. JEL Classification: E2, E3, L2

Suggested Citation

  • Consolo, Agostino & Fernandez, Guzman Gonzalez-Torres & Morris, Richard & Schroeder, Christofer, 2024. "Findings from a survey of leading firms on labour market trends and the adoption of generative AI," Economic Bulletin Boxes, European Central Bank, vol. 6.
    • Handle: RePEc:ecb:ecbbox:2024:0006:4
    Note: 3572376
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    File URL: https://www.ecb.europa.eu//press/economic-bulletin/focus/2024/html/ecb.ebbox202406_04~ddc1cbcf78.en.html
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    More about this item

    Keywords

    artificial intelligence; business; labour market; survey;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior

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