According to a recent estimation report from IBM, almost 40% of workers or 1.4 billion of the 3.4 billion people in the global labor force will need to reskill over the next three years as a result of automation and artificial intelligence (AI).
About 87% of executives, according to tech giant IBM, believe that generative AI would improve job functions rather than replace them. That percentage is closer to three-quarters in the areas of marketing (73%) and customer service (77%) and exceeds 90% in the areas of finance (93%), risk and compliance (93%), and procurement (97%) respectively.
Moreover, three out of four executives claimed that entry-level positions are already being impacted, whereas only 22% agreed about the same for those in executive or senior management roles. The potential impacts of generative AI on their current staff have only been considered by 28% of CEOs.
According to the report, as AI develops further, its effects will probably become more pronounced everywhere, especially at the administrative and executive levels. No level is exempt from the effect and this will compel executives to reconsider job responsibilities, skill levels, and the way work is completed. says IBM.
The World Economic Forum (WEF) estimates that between 2020 and 2025, this transformation would disrupt 85 million jobs globally and create 97 million new job roles.
The experts also identified three key priorities that can help them elevate employees and gain a competitive edge. Transforming traditional processes, job roles, and organizational structures to boost productivity and enabling new business and operating models; developing human-machine partnerships that enhance value creation and employee engagement; and investing in technology that enables people to concentrate on higher-value tasks and fosters revenue growth.