For those of us in the City who remember the Dot-Com boom of the early noughties, today’s AI revolution feels eerily similar. It feels like every other day, new AI tools are hitting the market, promising to deliver never before seen efficiency gains. The received wisdom in the boardroom is clear – if you aren’t using these tools today, then you are already falling behind.
People are eagerly embracing these advancements, doing away with the tedium of writing an email or summarising meeting notes. Yet in the race to adopt AI, are we not ignoring our uniquely human abilities? In the midst of a workplace automation gold rush, could we be potentially mining fool’s gold?
For the first time, white collar workers feel that they are at risk. Predictions that AI adoption would lead to massive layoffs already coming to pass. In the past six months alone, tech giants like Meta and Google have announced a series of layoffs affecting thousands of employees because of automation. Finance workers are no exception. In a report last year, commissioned by Citigroup, the global investment firm concluded that the banking industry will be the hardest-hit by the deployment of AI, with 54% of roles at risk[1].
New analysis by the Tony Blair Institute (TBI) has found that AI could displace up to 275,000 private-sector jobs a year in the UK at the peak of its adoption, leading to an overall loss of between one million and three million jobs by 2050[2].
No one is questioning the incredible potential of Artificial Intelligence, but I would caution employers to not be so quick to replace people with machines. In March 2023, the previous Government published an AI whitepaper[3], setting out a strategic framework for enhancing the country’s use of artificial intelligence. Crucially, it emphasises fostering innovation, promoting ethical AI practices, and ensuring public trust through transparent, accountable regulation.
While AI excels at automating existing processes, it cannot innovate. AI identifies patterns using vast datasets and generates responses that that mirror pre-existing sources. Innovation, by contrast, requires lived experience, abstraction, and diverse perspectives – skills which AI currently lacks
Tools like ChatGPT, Otter.ai, Grammarly and similar tools certainly refine our language, summarise content, and accelerate workflows. This is where the culture of a workplace plays a pivotal role. Without the human element – that creative spark – businesses that become overly reliant on AI risk creating an echo chamber of repetitive outputs and robotic yes-men.
Sundar Pichai, CEO of Google says “AI is probably the most important thing humanity is working on. It is more profound than electricity or fire.” The key thing to remember, however, is that it is humanity that is doing the work. It is thanks to our inherent creativity, originality and intuition that we are able to build these AI tools.
My advice is this: do not be tempted by AI fool’s gold. While on the surface it may seem like an effective means of cost reduction, the risk of stagnating is too big to ignore.
Fostering innovation stems from a complex interplay of emotions, experiences, and perspectives that machines simply cannot replicate. Replacing people, or ways of working, might improve functionality but it removes the very essence of a company – the team. If we choose machines over people, we are disrupting team culture forming the heart of any successful organisation and risk losing the spark that drives innovation.
To capitalise on the AI revolution in your workplace, focus on integrating tools while encouraging open dialogue, exchange, and discussion. Rather than allowing AI to iron out the creases of conflict, use them as a catalyst for creative debate. Champion a human-centred approach and upskill your employees instead of replacing them.
