Corporate leaders often say that people are their company’s greatest asset. A new report suggests that some bosses may be changing their minds.

When asked to rank their businesses’ most valuable asset, leaders said technology matters above all, according to a new report from Korn Ferry . Employees didn't make the top five.

The Korn Ferry Institute, the research arm of the executive search and consulting firm, asked 800 chief executives and other top leaders at global firms about what they believe can generate profit for their companies and how workers fit into that vision. Two-thirds said they believe technology will create greater value in the future than their workforce will, and 44% believe that automation, artificial intelligence and robotics will make people “largely irrelevant” in the years to come.

Coming a week after the election of Donald Trump, who vowed to bring good jobs back to the U.S., the findings suggest that companies may be more eager to invest in technology than in making full-time hires.

Executives ranked two types of technology—back-office infrastructure and customer-facing or product tech—as the most valuable assets of their firms, along with culture, inventory and research and development. While culture refers to the internal values and conventions of an organization and its people, the report notes that the workforce overall rated low.