The lure of AI is irresistible, especially for large enterprises
aiming to stay ahead of the curve in today's highly competitive
environment. However, the rush to exploit its power for
productivity gains is often accompanied by significant workforce
disruption and dissatisfaction. These cycles of employee turnover
are risky, as the successful adoption of AI demands a human
workforce aligned with its goals. Trace3, a leading IT and AI
solutions provider, contends that investing in AI training is key
to this conundrum.
IRVINE,
Calif., Aug. 8, 2024 /PRNewswire-PRWeb/ --
American companies across all sectors are experiencing a
rollercoaster ride in their adoption of AI. One day, they find a
cost-saving opportunity in generative language models or machine
learning, only to scramble to hire experts to tame these tools the
next. Jobs essentially becoming turnstiles has had a hard impact on
employee morale, potentially negating the increased productivity
and innovation delivered by AI. "Instead of responding to AI
disruptions by reshuffling headcount, companies should pre-empt
these changes by reskilling and upskilling their existing
resources," points out Justin Hutchens Innovation Principal of
Trace3. "Equipping your employees with the tools to adapt to the
evolving AI landscape is key to fostering a confident and loyal
team."
"Instead of responding to AI disruptions by
reshuffling headcount, companies should pre-empt these changes by
reskilling and upskilling their existing resources," says
Justin Hutchens, Innovation
Principal of Trace3.
Winners and losers of the AI revolution
AI applications have completely upended the global job market. On
one hand, AI has improved how employees handle complex tasks. For
example, healthcare professionals can enhance their diagnosis with
imaging solutions while software developers can count on tools to
write code. On the other hand, AI has displaced routine tasks,
including significant portions of customer service and data entry.
As a result, the job market is in a state of flux, with both
substantial job displacement and job creation.
The latest World Economic Forum report forecasts a net job loss
of 14 million by 2027, with 83 million positions eliminated and 69
million new ones created. (1) In the US, nearly 12 million workers
are expected to need new employment by 2030. (2) A McKinsey report
claims that simple manual labor and basic data processing will be
the most susceptible to the AI revolution, while management and
jobs requiring applied "expertise" will be the least impacted. (3)
In short, only the scarcer, higher-paying roles can expect some
degree of job security in the near future.
However, even the winners of this seismic shift are not resting
on their laurels. A survey conducted by the American Psychological
Association claims that 38% of US workers are worried that AI could
eventually take their jobs. Among these, 51% report work-induced
mental duress, and 46% are considering seeking new employment.
(4)
"Employees are on edge these days," says Hutchens. "Companies
need to be judicious in their adoption of AI; sweeping, abrupt
decisions have shown to turn remaining employees into discontented
mercenaries."
Growing with AI
AI puts businesses in a difficult position. Its ability to quickly
increase productivity — sometimes at small to no financial cost —
makes it extremely difficult to resist; 72% of US companies have
already incorporated AI, and the remaining are almost certainly
exploring its use cases. (5) But the ensuing cycles of
restructuring and employee churn can foment resentment in the
company.
Helping employees gain the skills to harness AI presents itself
as the ideal solution. This option provides several advantages.
- Cost-efficiency: Upskilling existing employees is approximately
seven times more cost-effective than replacing redundant employees
with new, AI-proficient hires. (7)
- Proficiency: A company with an AI-trained workforce gains a
competitive edge over those without such training. For example, a
recent study by MIT revealed that while
generative AI can boost productivity by 38%, providing employees
with a short tutorial yielded an additional 4% increase. (6)
- Trust: Guided upskilling fosters trust, which reduces turnover
and may inspire employees to exceed expectations. A survey found
that 57% want companies to provide them with AI training. (8)
- Security: With the proper guidance, employees can wield AI
without jeopardizing privacy and confidentiality. A clear
understanding of AI's limitations prevents overreliance and ensures
responsible use.
"This is the path we've chosen at Trace3," says Justin "Hutch"
Hutchens, Innovation Principal. "We prepare our workforce for
AI-driven roles by providing theoretical and hands-on training and
data literacy workshops. Our program is customized to the roles in
our organization, so both technical and non-technical employees can
become AI experts in their respective domains."
Navigating uncharted territory
However, AI literacy programs are not always easy to implement,
especially in large enterprises with huge workforces. Only 38% of
US executives have attempted it — often with mixed results. (9)
For one, building such programs requires advanced data science
expertise, a scarce resource for many organizations. Even companies
that do possess the technical know-how may lack the pedagogical
experience necessary to transfer this knowledge to their workforce.
Furthermore, there is also the challenge of integrating AI tools
with existing systems. Talking to ChatGPT is merely the tip of the
iceberg.
Partnering with a business transformation consultancy may just
be what companies need to get their employees acquainted with AI.
Beyond their experience in data-centric education, these firms can
help other organizations implement and manage AI solutions while
adhering to rigorous governance, compliance, and ethical
standards.
"We at Trace3 talk a great deal about providing strategic AI
guidance and implementation, but we walk the walk, too," says
Hutch. "We've recently launched our own internal AI training
program, 'AI Legends,' developed in collaboration with Udemy. We've
then tabulated our results piloting this program and compared notes
with other tech leaders that have rolled out similar
initiatives."
Ultimately, effective utilization of AI hinges on a company's
ability to cultivate a workforce adept at navigating the
technology's complexities. Such is the new foundation for
sustainable growth and success.
About Trace3:
Today there is a great deal of noise in the technology industry
around AI, but not much practical intelligence is offered. Trace3,
based in Irvine, California,
delivers over 20 years of expertise in delivering innovation in the
form of emerging technology, providing unique technology solutions
and consulting services to change this – and drive its
implementation across enterprises. Their elite engineering and
dynamic innovation provide convergent solutions that embrace
emerging technology and drive measurable value. Trace3 embodies the
spirit of a startup with the advantage of a scalable business.
Trace3 believes that ALL Possibilities Live in AI. For more
information, visit http://www.trace3.com.
References:
1. World Economic Forum. "Future of Jobs
Report 2023: Up to a Quarter of Jobs Expected to Change in Next
Five Years." World Economic Forum,
weforum.org/press/2023/04/future-of-jobs-report-2023-up-to-a-quarter-of-jobs-expected-to-change-in-next-five-years/.
Accessed 30 July 2024.
2. Zinkula, Jacob, Aaron Monk. "ChatGPT may be coming for our jobs.
Here are the 10 roles that AI is most likely to replace." Business
Insider,
businessinsider.com/chatgpt-jobs-at-risk-replacement-artificial-intelligence-ai-labor-trends-2023-02.
Accessed 30 July 2024.
3. Manyika, Von
James et al. "A future that works: Automation, employment,
and productivity." McKinsey Global Institute,
mckinsey.com/featured-insights/digital-disruption/harnessing-automation-for-a-future-that-works/de-DE.
Accessed 30 July 2024.
4. Lerner, Michele. "Worried about AI in the
workplace? You're not alone." American Psychological Association,
apa.org/topics/healthy-workplaces/artificial-intelligence-workplace-worry.
Accessed 30 July 2024.
5. Chui, Michael et al. "The state of AI in
2023: Generative AI's breakout year." McKinsey,
mckinsey.com/capabilities/quantumblack/our-insights/the-state-of-ai-in-2023-generative-ais-breakout-year.
Accessed 31 July 2024.
6. Somers, Meredith. "How generative AI can
boost highly skilled workers' productivity." MIT,
mitsloan.mit.edu/ideas-made-to-matter/how-generative-ai-can-boost-highly-skilled-workers-productivity.
Accessed 31 July 2024.
7. Machuel, Denis. "Why investing in talent
can pull us through a polycrisis." World Economics Forum,
weforum.org/agenda/2023/01/davos23-invest-in-talent-future-of-work-polycrisis/.
Accessed July 31 2024.
8. Machuel, Denis. "A majority of workers
want AI training from their companies. We must empower them." World
Economic Forum, weforum.org/agenda/2024/01/ai-training-workforce/.
Accessed 31 July 2024.
9. Liu, Jennifer. "Executives are spending
on AI – but just 38% are actually training workers on it." CNBC,
cnbc.com/2024/03/06/linkedin-just-38percent-of-employers-provide-ai-training-to-workers.html.
Accessed 31 July 2024.
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