Dr. Sasha Rubel:

I will complement what my colleagues have said and highlight a use case that is representative of where we anticipate the world going with regard to the uptake of generative AI and what it represents for the future of work. In February 2024, the National Bureau of Economic Research in the United States published an article that highlighted that, in the early 1900s, telephone operation was among the most common jobs for American women and that telephone operators were ubiquitous. Between 1920 and 1940, AT and T undertook one of the largest automation investments in modern history, replacing operators with mechanical switching technology in over half of the US telephone network. Although it eliminated most of the jobs that were held by women, it did not reduce future cohorts' overall employment. The decline in operators was counteracted by employment growth in other areas. We see that in the trajectory of the history of technological innovation. Jobs disappear and new jobs are created. As mentioned by one of my colleagues earlier, a lot of the jobs that will exist in 2030 do not exist yet.

In general, we see a lot of enthusiasm about AI. Earlier this year, we published a report in co-operation with Access Partnership that highlighted that 86% of employers expect to use AI-related tools by 2028 and that 86% also anticipate that their organisations will be driven by AI. In parallel, 80% of employees plan to use generative AI tools within the next five years and are excited about what it means for reducing repetitive tasks. Most notably, the report anticipates that non-tech talent will use AI to complete up to 30% of their daily work, increasing productivity. There is also an increase in the amount that employers are willing to pay employees with digital skills.

Again, going back to my opening statement, we see digital skills as one of the three key pillars for investment alongside regulatory certainty and support to the start-up ecosystem.