Accenture on Generative AI, the transformative impact on economic growth and the workforce, with insights on job security and the ‘Net Better Off’ approach.
Generative AI (Gen AI) signifies a paradigmatic transformation like labor, holding the potential to stimulate economic expansion on par with the agricultural and industrial revolutions. The research by Accenture On Generative AI and how it may affect businesses and jobs can be found in this article.
The progression of artificial intelligence can be categorized into three phases of substantial development. The advent of machine learning predominantly characterized the diagnostic era, whereas the predictive era empowered us to generate ever more precise prognostications about operational matters and customer conduct. Late in 2022, the Generative Era finally came into existence.
Since machines are now capable of generating creative content and providing personalized recommendations, individuals in all industries can restructure their workflows. Accenture’s research emphasizes this transformation’s potential to increase job satisfaction, foster business expansion, and accelerate economic value.
Continued concerns regarding employment displacement
If Gen AI is implemented at scale across multiple industries and value chains, additional economic value in excess of $10.3 trillion is anticipated to be generated through comparative analysis by 2038.
The optimism expressed by the majority of C-level executives (CxOs) regarding the impact of Gen AI on their company’s market share emphasizes this potential. It is worth mentioning that 17% of CxOs anticipate a significant increase of 10% or more in market share as a result of implementing Gen AI.
The evident optimism embodies a firm conviction in Generation AI’s revolutionary capabilities to bolster corporate rivalry and stimulate expansion.
According to the report, 95% of workers recognize the value of collaborating with the next generation of AI; however, their primary concern is that they lack faith in organizations to ensure positive outcomes for all. According to the report, misaligned perceptions between leaders and employees will impede adoption and erode trust.
58% of workers are concerned about job security, whereas less than 33% of CXOs believe job displacement is a significant issue for individuals. Another disparity arises regarding well-being: while 37% of leaders perceive this as a concern, 60% of employees are apprehensive that Gen AI could increase tension and burnout.
Furthermore, according to data modeling by Accenture, 44% of working hours in the United States are susceptible to automation or augmentation. This percentage is even more significant in nations where the proportion of workers engaged in knowledge- and language-based tasks is more significant than that of the total working population. As an illustration, 47% of all working hours in the United Kingdom could be affected. It is imperative to emphasize that individuals needing formal education, skills, and career experience in the digital realm may be even more adversely affected. This further underscores the danger of the digital divide becoming even more pronounced.
Developing confidence: “Net better off”
According to research conducted by Accenture, assisting individuals in becoming “Net Better Off” can increase their professional potential by 64%.
Accenture devised the phrase “net better off” to promote ethical business conduct in workplaces increasingly reliant on technology. Assisting employees in realizing their “utmost potential” requires that employers fulfill six basic human needs through their employment. Emotional, mental, familial, financial, purposeful, and employable are the six facets comprising “Net better off.”
Their research indicated that if “net better off” were implemented, organizations and personnel could ultimately increase revenue growth by 5%.
“Net better off” serves as a prospective approach to reconcile the trust gap and foster employee confidence in the context of artificial intelligence. More precisely, individuals whose overall well-being is substantially enhanced as a result of adopting AI are inclined to exhibit robust concurrence with its implementation, specifically concerning its relevance to their professional obligations.
This can be seen in the 19 percentage point increase in the proportion of employees who strongly concur with AI technology, indicating their ease with incorporating it into their work processes, among those who feel substantially better off-net.
This implies that emphasizing employees’ positive experiences with AI can help cultivate trust and encourage widespread adoption of this technology within the work environment.