4-day week can be very fast thanks to AI

ChatGPT and similar generative artificial intelligence (AI) tools will only get better, and many experts foresee major changes in the white-collar professions in the coming years.

The new wave of AI-powered chatbots that have garnered so much attention in recent months can communicate in impressive human ways and will comfortably handle multiple tasks in a wide variety of industries in no time.

Speaking at a conference in Scotland this week, Nobel laureate in labor economics Christopher Pissarides suggested that instead of leading to massive layoffs, as some fear, he believes the AI ​​revolution could lead to a shorter workweek.

“I am very optimistic that we can improve performance,” Pissarides said in comments published by Bloomberg. “We could improve our general well-being through work and take more time to rest. We could easily switch to a four-day week.”

Pissarides, a professor at the London School of Economics and an expert on the impact of automation on jobs, suggested that AI tools could free people from routine tasks.

“They could take away a lot of the boring stuff we do at work… and then just leave the cool stuff for people,” he said.

While many people who currently work hard for five days or more would welcome a four-day week, there are still many uncertainties surrounding such a change. For example, will a shorter work week lead to pay cuts for those who work fewer hours? And while a four-day work week could be proposed, will these companies be phasing out their workforce as AI takes on more tasks?

Pissarides’ comments follow Goldman Sachs report suggests up to 300 million jobsmostly white-collar workers, may miss or somehow influence the latest AI technologies.

Goldman Sachs analysis found that while AI is likely to impact a large number of jobs, many roles will be supported by the technology rather than eliminated. In addition, he said the move to AI will create new jobs in technology and lead to increased economic productivity as tasks are completed more efficiently.

“While the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially affected by automation and therefore are likely to be supplemented rather than replaced by AI,” notes Goldman Sachs.

The point is that while we know big changes are underway, it’s still too early to tell the extent to which rapidly changing technology will affect jobs.