Despite the uncertainty about its business impact and implementation strategies, many companies are ramping up their investments in artificial intelligence (AI). A report from Orgvue revealed that 82% of organizations have already put money into AI technologies, with a third planning to increase their investment by over 50% in the next year. Yet, there’s a noticeable hesitation about how to effectively integrate AI into daily operations.
Orgvue’s CEO, Oliver Shaw, pointed out that embedding AI into the business fabric is challenging. He highlighted a disconnect between the eagerness of business leaders to embrace AI and the actual capacity of organizations to execute the transition effectively. This hesitance is partly due to the murky understanding of AI’s potential impact on businesses and employees.
A global survey targeting top executives from medium to large organizations found that 61% anticipate AI replacing human roles within their companies. Additionally, 69% believe AI will majorly drive workforce changes over the next three years. Despite these high expectations, almost half of the respondents admitted to being unsure about managing AI advancements to maximize its benefits.
Confidence in AI becoming a core part of business operations by 2025 was expressed by 69% of the participants, yet 39% confessed a lack of in-house expertise to achieve this. Other hurdles include employee doubts (36%) and the absence of regulatory guidance on AI usage in the workplace (33%).
The Society for Human Resource Management and The Burning Glass Institute’s report suggests that the next decade will bring significant AI-induced disruptions, especially in sectors like finance, insurance, and information systems. While workforce reductions might be inevitable, prioritizing learning and development could mitigate some of the challenges.
The necessity to reskill the workforce within the next five years is acknowledged, with a focus on transparent communication about future visions, alleviating concerns, and facilitating skill acquisition. Reskilling not only supports AI integration but also plays a vital role in employee retention. Despite 73% of employers prioritizing the recruitment of AI-skilled workers, as per an Amazon Web Services survey, finding qualified candidates remains a substantial challenge.
