Steve Cohen, the billionaire owner of the Mets, predicts that the “four-day work week is coming,” thanks to advances in artificial intelligence. He shared his belief with CNBC’s “Squawk Box” on Wednesday, April 3.
Cohen didn’t claim to know when it would happen, however, he did say that it’s part of the reason he invested in TGL, a new golf startup league. He said innovations in the work week will lead to “a theme of more leisure for people, which means golf rounds will go up.”
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Cohen said that the reduced work week is also due to the wide-held belief that work production dips on Fridays.
Recent advances in AI could also spur changes to the traditional work week. A 2023 study by Autonomy, a think tank group, showed gains in AI could reduce the work week to 32 hours per week for an estimated 28% of the workforces in the United States and United Kingdom by 2033. The data also showed there would be no drop-off in pay.
Researchers predicted that mundane tasks will eventually be done by AI, reducing the need for workers to clock in for 40 hours per week. Data indicated that some tasks could be achieved through ChatGPT and “Large Language Models.” The study found that by bringing Large Language Models on board, businesses could reduce the average employee’s hours by 10%.
Sen. Bernie Sanders, D-Vt., has previously advocated for a 32-hour work week. Sanders proposed a bill that would reduce the work week but would not reduce pay. However, Sanders legislation doesn’t appear to be gaining much traction.
Meanwhile, thousands of firms across the U.K. experimented with the world’s largest 32-hour work week trial in 2023. Of the companies who participated, 91% reportedly have kept the reduced hours.
A 32-hour work week pilot program in Spain also showed benefits to workers. Workers who participated in the pilot program reportedly felt less stress, were less tired and had more time for things they enjoy.
Workers who are employed by Cohen shouldn’t expect the change. Cohen said that as long as the market stays open on Friday, traders will be working. Still, Cohen believes “the vast majority” of workers are on track for a four-day work week.
Tags: Artificial Intelligence, Bernie Sanders, Economy, Spain, Trade, U.S. Economy, United Kingdom, United States, Vermont
[LAUREN TAYLOR]
IN THE FUTURE, YOU MAY BE SPENDING LESS TIME IN THAT CUBICLE, CHECKING MEMOS, AND MORE TIME RIDDING YOUR GOLF GAME OF THAT SLICE.
AT LEAST, ACCORDING TO BILLIONAIRE METS OWNER STEVE COHEN.
HE TOLD CNBC HE BELIEVES INNOVATIONS IN ARTIFICIAL INTELLIGENCE AND THE WIDE-HELD BELIEF THAT WORK PRODUCTIVITY DIPS ON FRIDAYS, LEADS HIM TO ONE CONCLUSION.
[STEVE COHEN]
MY BELIFE IS THAT A FOUR-DAY WORK WEEK IS COMING.
[LAUREN TAYLOR]
COHEN SAID IT’S PART OF WHAT INSPIRED HIM TO INVEST IN TGL, A STARTUP GOLF LEAGUE.
[STEVE COHEN]
BUT THAT SHOULD FIT INTO A THEME OF MORE LEISURE FOR PEOPLE, WHICH MEANS GOLF ROUNDS WILL GO UP.
[LAUREN TAYLOR]
SO WHERE DOES AI FIT IN?
A RECENT STUDY SHOWS GAINS IN AI COULD REDUCE THE WORK WEEK TO 32 HOURS FOR 28 PERCENT OF U.S. AND U.K. WORKFORCES BY 2033. AND GET THIS, THERE’D BE NO CHANGE TO PAY
THE DATA PREDICTS MUNDANE TASKS WILL EVENTUALLY BE DONE BY A-I, REDUCING THE NEED FOR WORKERS TO CLOCK-IN FOR 40 HOURS.
RESEARCHERS WENT ON TO SAY, THE TASKS WOULD BE ACHIEVED BY BRINGING APPS LIKE CHAT GPT AND “LARGE LANGUAGE MODELS” ON BOARD. WITH THEIR ADDITIONS, IT’S ESTIMATED HOURS COULD BE REDUCED BY 10 PERCENT.
WE’VE PREVIOUSLY REPORTED ON SEN. BERNIE SANDERS’ PROPOSED BILL TO SHORTEN THE WORKWEEK TO 32 HOURS. BUT THAT DOESN’T APPEAR TO BE GAINING MUCH TRACTION IN WASHINGTON.
AND THOUSANDS OF FIRMS ACROSS THE U.K. EXPERIMENTED WITH THE WORLD’S LARGEST 32-HOUR WORKWEEK TRIAL.
OF THE COMPANIES, 91 PERCENT DECIDED TO CONTINUE THE PRACTICE.
A PILOT PROGRAM IN SPAIN FOUND PEOPLE FELT LESS STRESS, WERE LESS TIRED, AND HAD MORE TIME FOR THINGS THEY ENJOY.
SO, THERE MIGHT BE SOMETHING TO COHEN’S THEORY ABOUT MORE ROUNDS OF GOLF.
BUT, IF YOU WORK FOR COHEN, DON’T EXPECT TO SEE THE CHANGE.
HE SAYS IF THE MARKET STAYS OPEN ON FRIDAY– TRADERS WILL BE WORKING.
BUT HE STILL BELIEVES THE VAST MAJORITY OF WORKERS ARE ON TRACK FOR A 4 DAY WORK WEEK.
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