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Nine in ten executives don't yet feel an AI effect - and staff and leadership expect opposite futures

August 29, 2026 · 10 min read · Beyond Prompt AI Studio

StudyProductivityExpectation managementStrategy

An NBER working paper titled 'Firm Data on AI' surveyed roughly 6,000 CEOs, CFOs, and senior finance managers in the US, UK, Germany, and Australia between November 2025 and January 2026. The survey was fielded jointly by research teams at the Federal Reserve Bank of Atlanta, the Bank of England, Germany's Deutsche Bundesbank, and Macquarie University. The central finding clearly contradicts the current AI narrative: even though roughly 70 percent of surveyed companies already actively use AI, nine in ten executives report no measurable effect on employment or productivity at their own firm over the past three years. This analysis looks past the retrospective finding to the more interesting part of the study: a documented expectations gap between executives and staff for the next three years.

Key points at a glance

  • A joint study by the Federal Reserve Bank of Atlanta, the Bank of England, Germany's Deutsche Bundesbank, and Macquarie University surveyed roughly 6,000 executives in the US, UK, Germany, and Australia between November 2025 and January 2026.
  • Roughly 70 percent of surveyed companies already actively use AI - yet nine in ten executives report no measurable effect on productivity or employment at their own firm over the past three years.
  • For the next three years, executives on average expect a 1.4 percent productivity gain combined with a 0.7 percent decline in employment - net output growth of roughly 0.8 percent.
  • Employees at the same companies expect the opposite for employment over the same period: a 0.5 percent increase rather than a decline. The study explicitly labels this an 'expectations gap' between employers and employees.
  • A companion study from the same research group ('Mind the Gap: AI Adoption in Europe and the U.S.') finds a concrete reason for differing speeds of impact: in the US, 42 percent of workers receive encouragement to use AI, tools, and training simultaneously - in France and Italy, only 16 to 17 percent do. Conversely, 69 to 70 percent of workers in France and Italy receive none of these three forms of support, versus only 44 percent in the US.
  • Per the study, this organizational support gap - not the technology itself - explains a substantial part of the difference between countries seeing faster versus slower measurable AI impact.

What the study shows in retrospect

The picture the study paints for the past three years clearly contradicts the public AI narrative. Roughly 70 percent of surveyed companies in the US, UK, Germany, and Australia now actively use AI - a high adoption rate. Yet nine in ten surveyed executives report no measurable effect on employment or productivity at their own company. In this study, adoption and measurable impact clearly diverge: having a tool in use, per these findings, doesn't automatically mean it shows up in the company's bottom line.

That aligns with a pattern this series has already observed elsewhere - for instance in the Bitkom study, per which a third of German companies report AI costs higher than expected. Together, both studies paint a more consistent picture than the single headline 'AI is changing everything': the costs often arrive faster and more visibly than the benefit.

The more interesting part: the expectations gap

For the next three years, the study paints a different picture. Executives on average expect a 1.4 percent productivity gain, combined with a 0.7 percent decline in employment - net output growth of roughly 0.8 percent. That forecast is markedly more optimistic than the actually observed impact of the past three years.

A second finding is more notable, though: employees at the same companies were also surveyed - and expect exactly the opposite employment trend for the same period, namely a 0.5 percent increase rather than a decline. The study explicitly calls this an 'expectations gap' between employers and employees. That gap matters regardless of which of the two forecasts eventually proves correct: it shows that leadership and staff at many companies are working from fundamentally different assumptions about their own AI strategy - a communication gap with consequences of its own, independent of the actual economic outcome.

Why the impact hasn't arrived yet: an organizational question, not a technical one

A companion study from the same research group, titled 'Mind the Gap: AI Adoption in Europe and the U.S.', offers a concrete explanation for why the impact becomes visible faster in some countries and companies than others. Per the study, the decisive difference doesn't lie in the technology deployed, but in organizational support: whether a company actively encourages its employees to use AI, provides them with suitable tools, and trains them in it - all three elements together, not just one of them.

The numbers are stark: in the US, 42 percent of workers receive all three forms of support simultaneously - encouragement, tools, and training. In France and Italy, that share is only 16 to 17 percent. Conversely, 69 to 70 percent of workers in France and Italy receive none of these three forms of support, versus only 44 percent in the US. Per the study, this organizational gap explains a substantial part of the difference between countries with faster versus slower measurable AI impact - not the underlying availability of the technology.

What this means for your own AI strategy

For a company in our audience, these two studies suggest two separate but connected lessons. First: if no measurable AI effect has shown up in your own company yet, per this study, that's not an outlier but the normal case at nine out of ten companies - a reason to calibrate your own expectations, rather than prematurely concluding a deployment has failed, or conversely promising exaggerated short-term results.

Second, and this is the more actionable point: per the study, whether a company ends up among those that actually achieve impact depends more on organizational support than on the tool deployed itself. A company that rolls out AI tools without actively encouraging their use and without offering training structurally sits in the group less likely to achieve measurable effects - regardless of how capable the deployed model is.

On the expectations gap between leadership and staff: if executives internally assume future job cuts from AI while staff expect the opposite, a communication gap emerges that can have negative effects independent of the actual economic development - for instance on trust, willingness to change, and acceptance of new tools in daily work. Addressing that gap transparently is a leadership step in its own right, regardless of which of the two forecasts later turns out to be correct.

What this means in practice

  • Calibrate your own expectations for AI investments against this data: per the study, the absence of short-term, measurable effects is the normal case at nine out of ten companies, not a sign of a failed project.
  • Check whether your own company actually provides all three support elements together - active encouragement to use AI, suitable tools, and targeted training - rather than relying on simply making a tool available.
  • Actively address your own expectations gap between leadership and staff rather than leaving it unspoken - for instance through open communication about what employment and productivity development your company actually expects over the coming years, and why.
  • Don't measure AI success solely by adoption rates (how many employees use the tool), but by actually measured impact - the study clearly shows the two metrics can diverge widely.

The real value of this analysis isn't reassurance or a warning against AI investment, but calibration: the study provides a solid, data-backed basis for treating the absence of short-term effects as normal - and for locating the decisive lever for actual impact in your own organization rather than in the AI tool you've chosen.

Frequently asked questions about the NBER study on AI effects at companies

Does the study mean AI investments aren't worth it?

Not directly. The study shows that short-term, measurable effects on productivity and employment are currently absent at nine out of ten companies - that's a statement about the speed of impact, not about its fundamental potential. Executives themselves expect markedly larger effects over the next three years.

How reliable is this study?

The study was fielded jointly by research teams at the Federal Reserve Bank of Atlanta, the Bank of England, Germany's Deutsche Bundesbank, and Macquarie University, surveying roughly 6,000 executives in the US, UK, Germany, and Australia - a large, institutionally well-backed sample for this kind of survey.

What can we actually do if we don't feel an AI effect yet ourselves?

Per the companion study on organizational support, it's worth first checking whether your own company provides all three support elements: active encouragement to use AI, suitable tools, and targeted training. Companies offering only one of these, or none, achieve measurable effects markedly less often, per the study.

Why do executives and employees expect such different developments?

The study doesn't conclusively answer why, but clearly documents the gap: executives expect a 0.7 percent employment decline, employees a 0.5 percent increase. Regardless of the cause, the gap itself is a communication problem companies should actively address.

Want your own AI strategy reviewed for organizational support rather than just tool selection?