It is no secret that the technology industry is one of the highest-paying sectors in the job market, but that lucrative salary comes with the fear of layoffs, long working hours, and extreme pressures.
And this is leading many executives to turn to alcohol and drugs. A survey conducted by the health company All Points North (APN) among 500 executives in the technology sector reveals that they are becoming increasingly depressed and concerned about their future, leading them to resort to substance abuse and medication.
This year, the technology sector has laid off tens of thousands of people as a result of economic instability and over-hiring during the pandemic. Amazon alone has laid off over 20,000 workers.
A depressed sector due to AI
Nearly 40% of survey participants have experienced an increase in anxiety and/or depression due to these layoffs, while 77% state that they have negatively impacted their health.
The other major concern for technology executives is the rise of AI. Companies like IBM have expressed their intention to stop hiring for positions that could be performed by artificial intelligence.
It is expected to affect 300 million full-time jobs worldwide.
Almost two-thirds of the participants claim that AI advancements and the idea of being replaced by a computer have negatively affected their health, while 31% are concerned about AI taking away their jobs.
Drugs and alcohol to survive depression
Nearly 80% of technology workers consume medication, either under medical supervision or otherwise. 32% claim to use controlled substances to enhance performance and cope with long working hours and high stress levels.
45% consume painkillers such as OxyContin, Vicodin, and Codeine; 34% use stimulants, including amphetamines like Adderall; 36% take antidepressants; 35% use sleeping pills; and 26% take SSRIs.
Excessive alcohol consumption was also a common factor among participants. Half of them admitted to consuming between 3 and 7 alcoholic beverages per day, qualifying them as heavy drinkers.
Some reported consuming alcohol or controlled substances just before or during work, while around 3 in 10 have increased their alcohol intake due to stress related to layoffs and AI.
Money is in technology and AI is the enemy
The Bloomberg Billionaires Index shows that all but two of the richest people in the world come from the technology industry, and they have earned an average of $14 million per day in the past six months thanks to the widespread market surge.
However, for many everyday executives, the reality is a job filled with so much stress and worry that it can lead them to turn to medication, alcohol, or drugs to cope.
Artificial Intelligence knows exactly which sectors to target for making money. The problem is that it directly clashes with well-paid and highly responsible jobs.
In the world of tomorrow, plumbers, bakers, or salespeople will not see their positions at risk; they are irreplaceable. But those of us who spend our days in front of computer screens… we may have limited time.
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