AI Use in Switzerland Isn’t Destroying That Many Jobs Yet, SNB Says
(Bloomberg) — Most Swiss companies don’t see artificial intelligence prompting job cuts at present, with the main focus of losses so far within areas such as consulting, the Swiss National Bank said.
In its quarterly survey of businesses in Switzerland released on Wednesday, encompassing 241 respondents, the central bank said that only a fifth already need fewer workers because of adoption of the technology.
“AI is reducing staff needs primarily at consulting firms, in software development and in support functions,” the SNB said, summarizing discussions conducted since the beginning of the year. “Frequently affected are human resources and accounting, legal departments and translation services. In some cases, marketing services can also be provided by fewer staff.”
The first quarter, covered by the survey, is when jitters stemming from AI adoption caused a brief equity-market selloff after research by Citrini Research speculated on the possibility of a spiral of largescale job losses taking effect quickly. The SNB’s soundings rather suggest that Swiss businesses anticipate more of a slow-burn impact.
“Many companies are investing in projects involving artificial intelligence and are anticipating efficiency gains,” the SNB said. “They only expect to see staff reductions in the coming years. Around one-fifth of companies have less demand for staff as a result of AI, although the changes are typically only slight.”
In its quarterly bulletin, the SNB also cited the possibility that war in the Middle East could “increase upward pressure on the Swiss franc.”
The SNB has kept its interest rate at zero since June. Faced with haven flows from the Iran war, policymakers signaled increased readiness to prevent a rapid appreciation of the franc by selling the currency. Its strength is a common pain point for Swiss exporters.
The central bank said that its survey results suggest most companies are sticking to optimistic expectations for the year. It cautioned that most interviews were conducted before hostilities began. Some directly affected firms have significantly lowered expectations and uncertainty is considered to be high, it said.
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