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Generative AI may reduce employee headcount by at least five percent in 2024, some CEOs say #generativeai #humanresources #ai #management #hiring https://lnkd.in/gXnsGcs3?

A year after generative AI burst onto the market and into the workplace, employees with experience using the technology report new anxieties fueled by lack of guidance from leaders, according to survey results from Ernst & Young. #humanresources #hr #generativeai #ai #artificialintelligence

Sound advice from EY's Andy Baldwin (in Harvard Business Review, Jan. 2024) on how to embed DEI into your company's AI strategy: 1. Advancing diversity, equity, and inclusion (DEI) is a business imperative when deploying AI systems, not just a "nice to have". 2. To create well-designed AI systems with minimal bias, involve a wide range of stakeholders from different demographic groups, train the AI on diverse and representative data, and employ diverse development and testing teams. **3. Organizations should prioritize DEI in their workforce upskilling and training programs related to AI, ensuring underrepresented groups gain critical AI skills to access new career opportunities. 4. When used ethically and responsibly, AI can boost DEI by identifying patterns of bias or inequality within organizations, such as pay gaps or unfair promotion processes. 5. AI systems can improve workplace accessibility for people with disabilities through tools like speech recognition and image recognition. 6. Companies should use AI to collect and analyze data on employee engagement, satisfaction, and feedback to better tailor and customize DEI initiatives based on specific needs and experiences. https://lnkd.in/dGg3aa52 #AI #DEI #aistrategy #innovation

Hey everyone, I'm looking for recommendations on accounts to follow that share insights on the intersection of HR/People Tech and AI. If you have any suggestions, I'd love to hear them! #hrtech #people #ai

Despite the recent hype about AI, over 70% of people surveyed are opposed to the role of artificial intelligence in making hiring decisions. However, some of these concerns are misconceptions that HR leaders can dispel. Learn more at https://lnkd.in/gJkQx6DV #HRExecutive #HR #HiringTrends #HiringDecisions #AI #HRTechnology

🚀 Embrace the future of HR with Generative AI! HR leaders are revolutionizing the workplace by leveraging the power of AI to streamline operations, boost productivity, and elevate the human experience. Discover how ADP Chief Data Officer Amin Venjara explores the deep datasets fueling generative AI's ability to deliver credible insights in our latest Workforce News Minute. Unlock the full potential of generative AI to propel your business into the realm of innovation and efficiency. Learn how ADP is pioneering the responsible use of AI while enhancing HR processes. Join us in shaping the future of work - easy, smart, and human. #GenerativeAI #FutureOfWork #HRInnovation 🌟🤖 SPARK ADP India ADP

According to Deloitte AI Institute’s Generative AI and the Future of Work report, structuring your hiring strategy around job titles can hinder organizational agility and innovation as well as diversity, equity, and inclusion. Instead, by viewing roles within the organization as a collection of shifting skillsets rather than a specific job title, organizations can be more responsive to industry changes, specifically to the rise #GenAI in the workplace. Read more insights from the report in this article by CIO Online, which details how to take a skills-based approach, redefine and recategorize skills, and measure success. https://lnkd.in/eunFCFHs

Will generative AI lead to job losses for employees? "Some of those efficiency benefits appear likely to come via employee headcount reduction — at least in the short term — with one-quarter of CEOs expecting to reduce headcount by at least 5% in 2024 due to generative AI." CEOs are embracing generative AI for efficiency gains, but it may result in employee headcount reduction in the short term.

Navigating the GenAI wave requires not just a surfboard, but a whole new way of swimming. As we stand on the brink of a $200 billion investment deluge, it's clear: AI isn't just knocking on the door; it's redesigning the house. The paradox of GenAI—threatening jobs while supercharging productivity, diluting the human element while deepening our data insights—echoes the dual-edged sword of every major technological leap in history. The sectors? From healthcare's diagnostic AI to finance's algorithmic trading, no shore is untouched. The jobs? Those that evolve with AI will thrive; those that don't may well find themselves relics of a bygone era. As for us, the workforce? The key lies in adaptability and lifelong learning. Kevin Roose's "Futureproof" and Kai-Fu Lee's insights in "AI Superpowers" suggest a path forward: cultivating uniquely human skills that AI can't replicate. In essence, the arrival of GenAI isn't a sign to brace for impact, but to set sail. The most crucial question isn't "What does AI mean for us?" but "How do we mean to ride the wave of AI?" Let's dive into the discussion, armed with curiosity and a readiness to adapt, for in the flux of GenAI, the most potent tool at our disposal is our capacity to evolve.

What will be the impact of #AI on the #FutureOfWork according to a study conducted by McKinsey & Company and referenced in the AI Index Report 👇 👉 Although a large proportion of the business professionals surveyed (30%) expected little to no change in the number of employees, 43% felt that staff size would decrease in the next 3 years. Only 15% felt that generative AI would lead to increases in the number of employees. There were also widespread predictions that AI would lead to an increased need for employee #reskilling. 🧠 What do these insights mean in other words? While the impact of AI on the number of employees in an organisation will likely be, on average, minimal, depending on how rapidly generative AI tools are deployed in the coming years, we might see a decrease in the number of #job postings for certain functions as AI is taking over more of the tasks for certain roles (e.g. customer support). 🧠 Also, when it comes to the need to be reskilled, which was expressed by the majority of business professionals surveyed, what I see happening instead is that employees are left, in most cases, to their own devices. In other words, while their employers are figuring out different business use cases for generative AI tools, employees are learning by themselves how to use them. 👉 The need to equip people with AI skills will only increase in the coming years, but unfortunately, most organisations will struggle to keep up to speed with the latest developments in generative AI and reskill their workers at the same time. Therefore, my message, which I also delivered yesterday at the Business Circle Power of People Conference, is that it's down to us to reskill ourselves. "AI won't replace humans in the workplace, but humans who know how to work with AI tools will replace humans who don’t." - HBS Professor Karim Lakhani