43% of CEOs Cutting Entry-Level Hiring

According to Oliver Wyman's global CEO survey, the share of executives planning to reduce entry-level positions within the next 1-2 years surged more than twofold, from 17% last year to 43%. Meanwhile, the share shifting toward mid-career hiring increased from 10% to 30%.

Since AI is most effective at automating tasks currently performed by entry-level employees, younger job seekers are being hit particularly hard.

Skepticism prevails regarding AI investment returns. More than half of CEOs said it's still too early to assess AI's productivity gains, and the share reporting that ROI met expectations fell from 38% last year to 27%.

The overall job market is also contracting. The share of CEOs freezing hiring or reducing headcount rose from 67% last year to 74%.