PwC urges businesses to direct AI gains toward growth — Cyprus Mail
In Cyprus, PwC US Senior Partner Paul Griggs said companies should direct productivity gains from artificial intelligence toward creating new products, entering new markets and attracting customers, rather than viewing the technology primarily as a way to cut costs. Cyprus Mail reports.
According to Griggs, the discussion about the possible disappearance of jobs due to AI fails to take into account a potentially larger-scale economic effect. The technology can create a kind of reserve of human potential that businesses can direct toward growth. He stressed that AI creates value, value drives growth, and growth generates demand for new types of work.
Employment data
PwC's 2026 AI Jobs Barometer, which analyzed one billion job postings worldwide, stated that organizations most affected by AI increased their workforce twice as fast as organizations with the least such impact.
The study also showed that AI affects different types of work differently. Positions in which the technology enhances human expertise, decision-making ability and creativity are growing faster and often involve higher pay. At the same time, roles in which AI takes on more complex tasks requiring expert knowledge are shrinking and growing more slowly.
Opportunities first, staffing decisions later
Griggs acknowledged that for some companies, savings and certain staff reductions may be inevitable. At the same time, in his view, an excessive focus solely on efficiency could weaken future growth. He urged businesses to first identify new markets, products and customers that can be reached thanks to AI, and only then make staffing decisions.
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This approach may involve transferring employees to other areas, retraining them, hiring specialists with skills lacking within the company, or reducing roles if the gap between current and future requirements is too large.
As an example, Griggs cited software development. AI tools for writing code can take over part of the tasks, freeing up experienced developers' time for mentoring, team development and quality improvement. According to the analysis he referred to, employment of software developers could grow by 15% over the next decade.
Lower development costs, he said, can also enable companies to implement more projects, launch additional products and attract new customers. He named similar opportunities in personalized financial advice, legal and tax support for small businesses, as well as patient support and preventive medical services.
Griggs also urged executives to assess the efficiency created by AI not only as cost savings, but also as a strategic resource — employees' hours, expertise and time that can be directed toward growth.
