There has been much debate recently about the impact of Artificial Intelligence ( AI ) and its impact on the workplace.
In the US, all types of businesses are harnessing AI to forecast demand, hire workers and deal with customers. In 2017 companies spent around $22bn on AI-related mergers and acquisitions, about 26 times more than in 2015.
Impact of AI in the Workplace
However, in a recent article published in the Daily Mail, the Bank of England’s chief economist, Andy Haldane, has warned of impact of AI in the workplace. He states that robots could replace ‘swathes’ of jobs and has urged major skills drive to ensure people could take opportunities of the change.
He also cautioned that, “the ‘dark side’ of the change could be disruption on a much bigger scale than in Victorian times, with professions such as accountancy among those at risk.” Read more here.
Preparing for the Future
Businesses need to start preparing now for AI and fundamental technological transformation to be part of customer experience and building it into their future workforce strategy. Employers and employees alike need to think about how to be ‘future proof’ or ‘robot proof’. They need to be best positioned for skills challenges on the horizon, and to embrace the potential of AI, while at the same time withstanding the accompanying mistrust and disruption.
This will involve educating themselves about AI, demystifying it, and developing a strategy for technology transformation. AI and data analytics are already playing an important role in HR, and one that looks set only to grow. For example, in areas of recruitment, workforce planning (where new kinds of analytical tools are being used to spot skills gaps) and talent management.
Look out for future updates on AI in the workplace, sign up to our HCHR newsletter here or for more information, call us today on the number below: