Generative AI models, exemplified by innovations like ChatGPT, have demonstrated remarkable proficiency in technical tasks such as coding and writing. This efficiency has led to concerns about potential job displacement. However, a recent IBM study asserts that rather than fearing this technology, individuals should harness it to their advantage.
The IBM report delves into the influence of AI on business models, particularly its role in shaping company operations and impacting job roles. Drawing insights from two comprehensive studies—one surveying 3,000 C-level executives across 28 countries and the other encompassing 21,000 workers in 22 nations—the report highlights the transformative potential of AI in the workforce and business landscape.
While AI is undoubtedly bringing about changes, the study indicates that these changes need not be negative. The surveyed executives anticipate that 40% of their workforce will require reskilling in the next three years due to AI integration. This amounts to approximately 1.4 billion individuals out of the global workforce of 3.4 billion, as per World Bank data.
Interestingly, a staggering 87% of these executives believe that generative AI will augment roles rather than replace them. IBM’s IBV research provides evidence that those who effectively adapt through reskilling to accommodate technology-driven job changes experience an average revenue growth rate premium of 15%. Similarly, those who prioritize AI initiatives witness a 36% higher revenue growth rate compared to their peers.
IBM succinctly encapsulates the dynamics in their report, stating, “AI won’t replace people—but people who use AI will replace people who don’t.”
The evolving skill paradigm underscores a shift from conventional technical proficiencies prioritized in the past, such as STEM expertise which was crucial in 2016, to a renewed emphasis on different skill sets. Technologies like ChatGPT have empowered workers to accomplish more with less domain-specific knowledge, transforming the landscape. The emphasis now lies in cultivating people skills, including effective team management, adept communication within collaborative environments, adaptability to change, and a proactive attitude. These attributes have taken center stage as the most critical skills required for the workforce in 2023, reflecting the evolving demands of the modern professional landscape.
In essence, the study affirms that embracing generative AI can serve as a catalyst for both personal skill enhancement and organizational growth, fostering a future where technological innovation and human ingenuity complement and elevate each other.
By Impact Lab