Business transformation begins with the adoption of AI. Eighteen months into the lifecycle of GenAI, half of all workers in PwC’s Global Workforce Hopes & Fears Survey 2024 expect #GenAI to lead to higher salaries – an expectation that’s even higher among those who use GenAI daily. This optimism highlights a profound belief in the transformative power of AI to enhance productivity and drive economic growth.

The survey reveals a fascinating duality in workers' perceptions of GenAI. On one hand, there is a clear recognition of its immense potential for efficiency gains. On the other, there is a palpable concern about the risks, particularly around bias and misinformation. This underscores the importance of a balanced approach to AI integration in the workplace.

To navigate these complexities, skill development emerges as a critical focus. Ensuring responsible and ethical implementation of GenAI requires equipping both workers and leaders with comprehensive knowledge about AI. This includes understanding its capabilities, limitations, and the ethical considerations involved. By fostering an environment of continuous learning and adaptation, we can empower employees to leverage GenAI effectively and responsibly.

Incorporating human review and verification processes is another essential strategy. As powerful as GenAI is, human oversight remains crucial in mitigating potential issues and ensuring that AI systems are aligned with ethical standards. This hybrid approach, combining AI's capabilities with human judgment, can help address concerns about bias and misinformation.

The survey, drawing on insights from more than 56,000 workers across 50 countries and regions, highlights several key actions that C-suite leaders can take to prepare their workforce for the future. These actions revolve around three transformational themes:

1.     Leading Through Transformation: Leaders must guide their organizations through the complexities of AI integration, fostering a culture of innovation and adaptability. This involves not only embracing technological change but also addressing the human aspects of transformation, such as managing change and supporting employees through transitions.

Related Article: Expanding Leadership: Thinking Beyond the CIP in the Age of AI

2.     Unleashing GenAI: To fully realize the benefits of GenAI, organizations must integrate it into their operations strategically. This means identifying areas where AI can deliver the most value and ensuring that its deployment is aligned with broader business objectives.

Related Article: Closing the Gap: The of Rise of GenAI in the Workplace

3.     Fueling Performance Through Upskilling and Employee Experience: Continuous upskilling is vital to keep pace with the rapid advancements in AI technology. Investing in training and development programs helps employees stay relevant and competitive. Additionally, enhancing the overall employee experience by creating a supportive and inclusive work environment is crucial for sustaining long-term engagement and productivity.

By focusing on these areas, organizations can create a future where GenAI not only boosts productivity and salaries but also ensures an ethical, inclusive, and prosperous work environment for all.

Another study shows the recent surge in the generative AI market has helped AI become a mainstream business technology. Specifically, large language models (LLMs) like ChatGPT and Midjourney are helping to boost AI adoption rates.

Companies Using AI Stats

• 35% of global companies use AI.

• Approximately half of businesses plan on incorporating AI into their processes this year.

• China has the highest rate of AI adoption (around 58% of companies)

• The global AI market is expected to reach $1.85 trillion by 2030.

• Larger enterprise companies are 2x more likely to use AI than smaller businesses.

Companies should not think about a RE-ORG, but rather building an AI-ORG. The path forward is one of collaboration, continuous learning, and a steadfast commitment to ethical principles, paving the way for a hopeful future in the age of AI. As the ice melts around AI adoption, who knows what it reveal.

Source: McKinsey, IBM, Forbes, Sortlist
Source: Workers are ready for change. Are leaders ready to engage them?

About the Author

Curt Doty specializes in branding, product development, social strategy, integrated marketing, and UXD. He has extensive experience on AI-driven platforms MidJourney, Adobe Firefly, ChatGPT, Murf.ai, and DALL-E. His legacy of entertainment branding: Electronic Arts, EA Sports, ProSieben, SAT.1, WBTV Latin America, Discovery Health, ABC, CBS, A&E, StarTV, Fox, Kabel 1, TV Guide Channel, and Prevue Channel.

He is a sought after public speaker having been featured at Streaming Media NYC, Digital Hollywood, Mobile Growth Association, Mobile Congress, App Growth Summit, Promax, CES, CTIA, NAB, NATPE, MMA Global, New Mexico Angels, Santa Fe Business Incubator, EntrepeneursRx and AI Impact. He is now represented by Ovationz. His new consultancy RealmIQ helps companies manage the AI Revolution.

© 2024 Curt Doty Company LLC. All rights reserved. RealmIQ is a division of the Curt Doty Company. Reproduction, in whole or part, without permission of the publisher is prohibited. Publisher is not responsible for any AI errors or omissions.