Oliver Wyman Forum Finds Challenges Remain in Training
Current and Future Workforces
DAVOS,
Switzerland, Jan. 16,
2024 /PRNewswire/ -- Oliver Wyman, a business of
Marsh McLennan (NYSE: MMC), announced today findings from a new
report entitled "How Generative AI is Transforming Business and
Society," released at the World Economic Forum Annual Meeting in
Davos, Switzerland.
The report, from Oliver Wyman's
think tank, the Oliver Wyman Forum, found that more than half of
employees globally now use generative AI at work and that adoption
is far higher in some countries. The Forum also found that adoption
has not necessarily translated into higher levels of productivity –
yet.
"The adoption rate of generative AI has been nothing short of
remarkable," said John Romeo, CEO of
the Oliver Wyman Forum. "ChatGPT achieved mass adoption in less
than one year -- a stark contrast to the internet, which took 17
years, smartphones 21 years, and electricity which took three
decades, but training is not keeping up and we are facing an AI
productivity disconnect."
Forecasting business impact over the next decade, the report
shows generative AI-trained junior employees will climb into
management ranks faster than ever before. And senior-level leaders
express the greatest levels of concern about losing their jobs to
generative AI automation, according to the report.
Key workplace findings from the report are below:
- Developing Countries Ahead: India leads 16 countries in employee adoption
with 83% surveyed reporting daily or at least weekly use of
generative AI. By contrast, weekly use by North American and
European employees is below 50%.
- Explosive Growth Among Pink & Blue
Collars: Between June and November
2023, generative AI use exploded among white-collar
knowledge workers as well as pink-collar workers. Doctors, nurses,
and life-sciences employees increased weekly use by 264%. Weekly
adoption among pink-collar education employees grew 144%, and
blue-collar retail worker use increased by 71%.
- Productivity Gains Are Years Away: As many as 20%
of employees who report generative AI has not increased their
productivity say they are bogged down by corporate guidelines and
"unsatisfactory output" which adds review and editing time to
projects. The full potential of generative AI's productivity gains
is still six to 10 years away, according to the report.
- Generative AI Training Gap: Lack of productivity may be
linked to insufficient training. Employees at all levels seek more
upskilling than employers currently provide. Among white-collar
employees, 80% want more or better AI training, but only 64%
currently say they receive it. This gap is wider among pink-collar
employees.
- Job Loss Concern: Across the 17 industries and job types
studied, 60% of employees express increasing concern their jobs
will be replaced by generative AI. Globally, 30% of all job seekers
say generative AI is motivating their job search. Employees who
worry about AI are 57% more likely to feel their productivity is
declining and 78% more likely to believe they don't matter to their
employer, according to recent data from the American Psychological
Association.
Consumer findings include:
- Bias concerns: In all 16 countries studied, most
consumers are concerned generative AI is producing biased content.
People are most concerned in India
(92%) and least concerned in France (73%) while 83% of US respondents
report being are concerned.
- Trust is shaken: When asked if organizations using
generative AI are untrustworthy, 29% said "yes," with 18% saying
generative AI tools "are not trustworthy at all" or "not very
trustworthy."
- Privacy, cybersecurity and more: Privacy, cybersecurity
and overreliance on generative AI are the top three concerns for
over 30% of consumers, but many cited additional worries, including
job loss (29%), environmental impact (15%) and mental health
(14%).
Ana Kreacic, COO of the Oliver
Wyman Forum and Chief Knowledge Officer of the Oliver Wyman Group
commented: "Automation is no longer just a narrative of blue-collar
workers. Many white-collar workers fear their roles will become
displaced with generative AI, and this anxiety is having a direct
impact on productivity. It's a misconception for businesses to wait
a year or two and hope to hire a fully generative AI trained
workforce. Companies need to reskill the employees they have now by
focusing on areas with the most near-term applications."
About the report
Oliver Wyman Forum conducted the survey to enhance its
understanding of generative AI, specifically in the context of the
workplace, the consumer economy, and risk. The survey was conducted
in June and November 2023 among a
total of 25,000 respondents across 16 countries including:
the United States, Canada, Mexico, Brazil, the United
Kingdom, France,
Italy, Germany, Spain, China
(Hong Kong), India, Indonesia, Singapore, the United Arab Emirates, and Australia.
About Oliver Wyman
Oliver Wyman is a global leader in
management consulting. With offices in more than 70 cities across
30 countries, Oliver Wyman combines
deep industry knowledge with specialized expertise in strategy,
operations, risk management, and organization transformation. The
firm has more than 7,000 professionals around the world who work
with clients to optimize their business, improve their operations
and risk profile, and accelerate their organizational performance
to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan
[NYSE: MMC].
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SOURCE Oliver Wyman