The predictions about artificial intelligence (AI) are hyperbolic and grim at best. Pundits have alluded to a “wipeout” of white-collar jobs, an impending “bloodbath” for the American workforce, and software capable of “taking over” entire industries.
The foreboding forecasts are designed to elicit clicks–and of course they do. But are these prophecies helpful in enabling us to make informed choices about how we utilize AI, especially in our workplaces? That’s questionable.
We must take the increasingly dire AI headlines with a grain of salt, or a whole shaker. Otherwise, spiraling concern about the technology’s potential, good and bad, could cause short-sighted financial decisions and investments. The collective corporate shift in adopting AI with near abandonment–and at great expense–could leave our workforce without a steady pipeline of trained, capable employees and future business leaders.
AI is not new. Technologies such as computer vision, machine learning, natural language processing and neural networks have existed for decades. It is generative AI that has captured our attention and become a trending, if not one of the hottest, topics lately.
And it’s no wonder. AI-powered tools provide concrete value for employees and businesses, automating tasks and enhancing efficiencies. But before American workplaces go down the AI rabbit hole, hearkening back to the hype of blockchain and now-worthless NFTs, we must remember that the technology isn’t a magic bullet. Nor should it be.
Whether a small business or a Fortune 500 company, organizations operate on structured tiers of leadership. By using AI in the place of entry-level employees, are we harming our ability to build the next generation of future leaders and business-makers? Perhaps.
A recent example is financial institutions attempting to replace junior analyst roles with AI-powered forecasting tools. The current school of thought is that these technologies could fill some entry-level positions. The entities previously hiring these workers feel hopeful about gaining upfront cost savings and reducing their payrolls, but will it cost them indirectly later?
Organizations must consider whether they will have to re-gear if or when the promises of the AI-fueled solutions don’t pan out. A recent IBM report states, “Three in four AI initiatives fail to deliver their promised ROI [return on investment].” Entities that decide to go all in on AI may be forced to allocate significant time and resources to rehiring, retraining and potentially revamping their operations to address the gaps left by AI.
In the case of financial institutions, the question may become, “Without a development pipeline of junior analysts with institutional knowledge, who will become the future director of finance or the chief financial officer?”
Regardless of the sector, companies will always need adept, experienced professionals to fill their senior roles. Workplace attrition makes it impossible for us to stop hiring and training young adults.
It’s human nature to want to wave a magic wand, and the appeal of easy-to-use, accessible technology is easy to understand. But it’s important to remember that AI has limits. Companies shouldn’t make penny-wise, pound-foolish decisions by expecting the technology to address all our workplace challenges.
The bottom line? Workers and businesses shouldn’t panic about AI. Let’s avoid the scare tactics and use the technology smartly, strategically and securely.
Chris Wright is co-founder and partner at Sullivan Wright Technologies, an Arkansas-based firm that provides tailored cybersecurity, IT, and security compliance services.
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