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Harnessing AI and reskilling for growth: Workforce considerations for AI integration

Organisations must prepare workforces for AI adoption to drive growth. AI enhances productivity and adds value, but integration poses risks and requires reskilling. Leaders must recognise tools, address employee impact, and develop a data-driven culture.

It is crucial organisations prepare their workforces for artificial intelligence (AI) adoption, according to Maura Jarvis, Workforce Transformation Leader, Mercer UK.

Marsh McLennan hosted ‘Harnessing the power of AI: Reskilling for growth’, at the AIRMIC Conference 2024, in Edinburgh. Jarvis and James Crask, Head of Strategic Risk Consulting, Marsh Advisory UK, led an engaging session that looked at how organisations can confidently prepare employees for AI use.

AI is a topic firmly at the top of the executive agenda, with AI integration forecasted to add US$20 trillion to global GDP by 2030. Business leaders expect AI to boost performance, help develop talent, allow further collaboration, and be a driver of future growth. However, currently, only 14% of HR leaders think businesses are ready for this transition.

Integration of AI into the workforce is still in its infancy for most companies. To successfully deliver business results, businesses must have the “agility and ability” to keep pace with the changing work environment, Jarvis said. As the workforce and nature of work transforms through the impact of AI, organisations will need to devise practical strategies for issues they may encounter.

AI opportunities

AI can enhance workplaces to meet productivity needs and financial growth. As organisations pivot and integrate AI into their business processes, leaders are finding “opportunities for humans to do more that can add value,” Crask stated.

Currently, companies are using AI to improve productivity via various methods, including:

Analysing large amounts of data.
Improving decision-making accuracy.
Innovating and developing new products.

All organisations have finite resources, such as people, time, and commodities. To provide competitive advantages, harnessing AI is important “for a lot of organisations to produce growth opportunities,” said Crask.

Leveraging AI to automate repetitive tasks allows organisations to free employees from more laborious and time intensive tasks and instead focus on improving productivity, boosting performance, and driving growth.

Workplace disruption risks

However, the introduction of AI into businesses is not without risk. AI has the potential to severely disrupt workplaces across all industries. To combat this, organisations must “get the right skills in the right places to successfully pivot and adjust,” Jarvis said. Business will also have to reskill and upskill employees, as covered in the 2024 Global Risks Report.

While offering the opportunity for businesses to improve their efficiencies and productivity, AI adoption also changes their risk profile. Concerns raised by the audience during the session included associated costs, cyber threats, misinformation, fraud, and job losses.

AI integration

As organisations begin integrating AI into their business models, it is important leaders recognise the “tools available to help rapidly gain insights into unstructured data,” said Crask. While AI adoption enables businesses to find extra resources to add value to other areas, the impact on employees must be addressed to ensure that the technology is designed to enhance their work experience.

Organisations developing mature AI systems, can take the following steps to ingrain AI into business processes:

Developing a data-driven, AI-first culture
Ensuring there is robust governance in place to oversee the adoption of AI tools
Collaborating with AI vendors and new technologies
Investing in advanced AI capabilities
Optimising AI models and algorithms to suit business processes

Risk management and keeping pace with change

The speed of change in the AI landscape can be overwhelming. Engaging with employees and involving them in the AI journey can help businesses adapt to the changing landscape.

Any transformative technology comes with its own set of risks, and organisations should have a clear vision of how AI-enabled technology can solve business problems and improve productivity.

Change management and strong governance is crucial to ensuring employees understand the benefits of AI adoption and addressing concerns surrounding job losses, data security, and potential biases in AI algorithms. Additionally, the ethical implications of AI need to be considered and business leaders must ensure transparency and accountability in its use.

By implementing a digital-first and risk resilient culture, organisations can unlock new opportunities, improve productivity, and remain competitive in an ever-changing environment.