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

Agostino Consolo, Guzman Gonzalez-Torres Fernandez, Richard Morris and Christofer Schroeder

Economic Bulletin Boxes, 2024, vol. 6

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

Keywords: artificial intelligence; business; labour market; survey (search for similar items in EconPapers)
Date: 2024-09
Note: 3572376
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