Generative AI (Gen AI) is revolutionizing work dynamics and has the potential to drive economic growth on par with the agricultural and industrial revolutions.
The evolution of AI can be divided into three major phases of progress. The Diagnostic Era introduced machine learning, the Predictive Era enabled accurate forecasting in various areas, and the Generative Era began in late 2022.
Machines are now capable of generating creative content and providing personalized suggestions, allowing individuals in all industries to redesign workflows. Accenture’s research highlights the potential of Gen AI to accelerate economic value, stimulate business growth, and improve job satisfaction through more human-centric processes.
Concerns about job displacement
Comparative analysis suggests that implementing Gen AI at scale across industries and value chains could generate over US$10.3 trillion in additional economic value by 2038.
C-level executives (CxOs) are optimistic about the impact of Gen AI, with many anticipating an increase in market share. A substantial 17% of CxOs predict a boost of 10% or more in market share due to Gen AI adoption.
The confidence in Gen AI’s transformative power to enhance competitiveness and drive growth is evident among executives.
While 95% of workers see value in working with Gen AI, their top concern is the lack of trust in organizations to ensure positive outcomes for everyone. Misaligned perceptions between leaders and workers could erode trust and hinder adoption.
Regarding job security, 58% of workers are worried, while less than one-third of CXOs see job displacement as a concern. There is also a disconnect in perceptions of well-being, with workers expressing concerns about increased stress and burnout while leaders do not see this as a significant issue.
Accenture’s data modeling indicates that 44% of working hours in the US could be automated or augmented. The percentage is even higher in countries with a larger number of knowledge- and language-task-based workers. For example, 47% of all working hours in the UK could be impacted.
Building trust: “Net better off”
Accenture’s research shows that helping individuals become “Net Better Off” can enhance their potential at work by 64%.
The concept of “Net better off” emphasizes meeting six fundamental human needs through work to unlock staff’s full potential. These dimensions include Emotional & Mental, Relational, Physical, Financial, Purposeful, and Employable.
Implementing “net better off” could lead to 5% greater revenue growth for companies and staff. This approach may help bridge the trust gap and instill confidence among employees regarding AI.
Employees who feel significantly Net Better Off are more likely to express strong agreement with AI technology, indicating their comfort with its integration into work processes.
Prioritizing positive employee experiences with AI can foster acceptance and build trust in the workplace.
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