The use of artificial intelligence (AI) and automation has been a hot topic in recent years, with many businesses looking to implement these technologies to increase efficiency and reduce costs. However, there are concerns about the impact this will have on employment, with some fearing that it will lead to widespread job loss.
In a recent article by The Hustle, it was suggested that the CEOs’ roles should be replaced by AI rather than those of lower-level employees.
According to data from the Economic Policy Institute (EPI), the average CEO earns nearly 400 times the average employee. Good performance should indeed be rewarded with appropriate compensation, but the excessive amounts of money some CEOs receive, even when their performance is subpar, is concerning. For example, Warner Bros. Discovery CEO David Zaslav earned $247 million in 2021, only to be named the “worst CEO of 2022” shortly after that.
This raises the question: what exactly are CEOs being paid for? Many argue that the primary function of most chief executives, particularly those at long-established firms, is to measure business growth. This task can be outsourced to human employees and potentially even automated using AI.
While certain aspects of the CEO role cannot be performed by AI (such as networking and building relationships), many other tasks could be automated to increase efficiency and reduce costs. By outsourcing and automating certain functions of the CEO role, businesses could potentially save millions of dollars in salary costs while also improving efficiency.