{"id":357498,"date":"2025-02-07T10:13:03","date_gmt":"2025-02-07T15:13:03","guid":{"rendered":"https:\/\/chiefexecutive.net\/?p=357498"},"modified":"2025-02-07T10:22:01","modified_gmt":"2025-02-07T15:22:01","slug":"the-most-powerful-ai-asset-is-your-people","status":"publish","type":"post","link":"https:\/\/chiefexecutive.net\/the-most-powerful-ai-asset-is-your-people\/","title":{"rendered":"The Most Powerful AI Asset Is Your People"},"content":{"rendered":"\n

AI and new technology are obviously important to the future of work strategies, but I worry that they may be taking up too much of our attention. We could miss a threat the size of an asteroid if we don\u2019t get our heads out of the cloud.<\/p>\n\n\n\n

\u201cBy 2030, there will be a global human talent shortage of more than 85 million people, or roughly equivalent to the population of Germany,\u201d claims the \u201cVery Human Future of Work Report\u201d by Korn Ferry. The report also predicts that this talent shortage could result in roughly $8.5 trillion in unrealized annual revenues.<\/p>\n\n\n\n

World Economic Forum research claims that 50 percent of all employees will need reskilling by 2025 due to the adoption of new technologies. The same study suggests that if we make wide-ranging investments in upskilling, it has the potential to boost GDP by $6.5 trillion by 2030.<\/p>\n\n\n\n

Obviously, it\u2019s going to be impossible to hit the WEF\u2019s 2025 target. It may be on our radar, but AI remains a shiny penny that we can\u2019t seem to look away from.<\/p>\n\n\n\n

Gartner research shows that growth is still the number one priority for most companies and tech is second. Only 32 percent say managing the talent shortage is their top priority. But how is it possible to achieve growth if we don\u2019t have a properly skilled present and future workforce?<\/p>\n\n\n\n

At the World Economic Forum in January 2024, Igor Tulchinsky, founder, chair and CEO of WorldQuant, urged leaders to recognize that in order to harness the power of AI, we need humans. \u201cFirst, we must stop fixating on whether AI will impact our lives and start managing the elements within our control,\u201d said Tulchinsky. \u201cWhile the ubiquity of AI has caused fear of these technologies overtaking human ability, this is not yet the case\u2014and may never be. Human capital is a much more important asset than ever before.\u201d<\/p>\n\n\n\n

Satya Nadella, CEO of Microsoft, shares sentiments similar to those of his predecessor and mentor, Bill Gates. They both warn that embracing AI without reskilling people will have a negative impact on the labor market.<\/p>\n\n\n\n

At a conference in Mumbai, Nadella said, \u201cI think it is an exciting future but at the same time, you have to be very mindful of the impact of AI on jobs. That\u2019s why I want to make sure some of the skilling work we are doing in India is going to help people,\u201d he said. The company plans to train more than 2 million people in India with artificial intelligence skills by 2025 under an initiative that will help generate more jobs.<\/p>\n\n\n\n

This is how we need to think about the future of work on this new timeline. It\u2019s all about \u201cand\u201d statements\u2014that two things can be true at the same time. AI can be positively impactful on the world and<\/em> humans are required to ensure that AI will have a positive impact on the world. AI should not replace humans. We should think of AI as part of the team.<\/p>\n\n\n\n

According to the WEF report on reskilling, \u201cSince the Forum activated the Skills Accelerator in Brazil in 2020, over 1.2 million individuals have enrolled in training courses. And training is starting much younger. To prepare future workers to adopt to this new future of work, WEF\u2019s Reskilling Revolution project aims to benefit at least 150 million students and young learners by 2024.\u201d<\/p>\n\n\n\n

As much as we invest in AI, we should be allocating to training, especially if we start to see workers cut off from access to mobility. Reskilling and upskilling aren\u2019t just buzzwords that help our current workforce from becoming obsolete. They represent how we maintain global stability in a time of future uncertainty.<\/p>\n\n\n\n

Equipping the Future by Reframing the Present<\/h4>\n\n\n\n

Change is hard. Whether dealing with the economic and societal impact of a new technology or being tasked with learning new skills, change can lead to fear, distrust and anxiety. So it\u2019s important to implement changes with the utmost care and compassion.<\/p>\n\n\n\n

Step 1: Realize the purpose<\/h5>\n\n\n\n

People need to know why change is happening, and how it will impact them. And they need to feel in control of their own futures.<\/p>\n\n\n\n

To help employees understand the why of AI, start by doing the following:<\/p>\n\n\n\n

Bring internal stakeholders into the conversation.<\/strong> Ask people to share much further upstream what would be ideal and work from there. How will they use the technology? Is it with internal or external clients? As an individual contributor or a team lead? Is it all the above? What is a current pain point that another technology hasn\u2019t resolved for each stakeholder? Get as many questions out as possible, even if the answers are to come later on.<\/p>\n\n\n\n

Host big-room meetings<\/strong> where critical feedback is welcome. Poke holes in everything.<\/p>\n\n\n\n

Solicit anonymous feedback.<\/strong> This will help you uncover potential sources of resistance. Understanding employee well-being and stress is critical. If you know how people are feeling, you can gauge predicted success. If employees adopting a new technology or strategy don\u2019t see their future job satisfaction improving or are worried about job safety, these factors will influence the outcomes.<\/p>\n\n\n\n

Step 2: Define upskilling\/reskilling objectives<\/h5>\n\n\n\n

If people\u2019s jobs and tasks are going to be affected in a major way, then it\u2019s imperative to have a careful and compassionate plan in place.<\/p>\n\n\n\n

Identify skill gaps<\/strong>. Solicit feedback on the gaps that employees are experiencing between their skill sets and what\u2019s being asked of them.<\/p>\n\n\n\n