Strengthening the workforce: the advantages of augmented working

February 2022 | FEATURE | LABOUR & EMPLOYMENT

Financier Worldwide Magazine

February 2022 Issue

Workplace collaboration between humans and machines has been a reality for decades. But recent advances in robotics, artificial intelligence (AI) and machine learning (ML) have outstripped virtually all developments which have come before.

In the post-COVID-19 landscape, the role of machines, including robots and AI, is expected to expand. Though there are concerns about the automation, and therefore elimination, of certain human jobs, technology can also create jobs and help job seekers avoid unemployment.

A report by the World Economic Forum, for instance, estimated that AI would create a net total of 97 million new jobs by 2025. Furthermore, according to PwC, “any job losses from automation are likely to be broadly offset in the long run by new jobs created as a result of the larger and wealthier economy made possible by these new technologies”.

Digitalisation

The pandemic has accelerated digitalisation strategies in virtually all industries. Companies have, for example, relied on ML-enabled systems to engineer production delivery amid massive disruptions to supply chains. Others have turned to AI technologies such as automation to cover the absence of physical workers due to social distancing and remote working requirements.

Beyond the pandemic, other applications of AI include helping to remove unconscious and conscious bias when hiring or remunerating staff. It can also assist health & safety efforts, such as using intelligent scanning technology to ensure appropriate gear is being worn.

Broadly, companies have assessed which technologies best suit their needs and incorporated them into operations, rather than replace existing workers with new solutions. Consequently, the workforce of today has a growing appreciation for the power of automation. Freed from mundane tasks such as data entry, people have more time to explore value-adding initiatives.

Going forward, AI capabilities such as natural language processing (NLP) and voice recognition will enable human workers to interact with computers in a more natural way, facilitating even closer relationships between humans and machines.

Reskilling

Disruption and evolution are nothing out of the ordinary. From the first industrial revolution to the dawning of the computer age and the internet, change has been a fundamental part of the working world. Cloud computing, mobile communications and automation are among the latest in a long line of advancements which have altered work processes and environments.

Using technology to augment the capabilities of a human workforce will present opportunities for both companies and employees alike. To thrive in this new environment, however, workers will need to develop new skills to adapt. Indeed, according to the World Economic Forum, 50 percent of workers will need reskilling by 2025.

“Despite the legitimate fears of many that they will be replaced, the emergence of an entirely AI-workforce is unlikely. Technology will be fully integrated into the workplace, sitting alongside humans.”

To gain the full benefits of technologically augmented working, employees will be required to hone their skill sets, particularly around critical thinking and judgement, decision making and creativity. They will also need the skills to interpret and apply the insights generated by AI and data analytics in the most productive, effective ways.

Symbiosis

Despite the advancements made in recent decades, machines do not yet have the flexibility and awareness to manage the huge range of tasks that humans perform on a day-to-day basis. A symbiotic relationship is more likely. While technology will not necessarily replace the entire human workforce, it will reshape jobs and daily processes for many.

The AI of tomorrow will take on increasingly complex tasks, over and above the more menial undertakings it is currently instructed to complete. But the decision making needed to lead and succeed is set to remain a human endeavour.

Despite the legitimate fears of many that they will be replaced, the emergence of an entirely AI-workforce is unlikely. Technology will be fully integrated into the workplace, sitting alongside humans.

Regulation

Of course, when companies rely heavily on machines, there are ethical, economic and practical considerations. Without action, concerns have been raised that AI could end up uncontrolled and unregulated. Already, the European Union (EU) has moved to avoid this scenario.

On 21 April 2021, the European Commission published its proposal for the Artificial Intelligence Regulation – the first concrete proposal for regulating AI. The draft regulation is likely to profoundly affect the debate on AI and ultimately the way that companies, as well as governments and law enforcement agencies, can use AI. It is one of a number of initiatives conceived by the EU within the context of its Digital Strategy.

The regulation, which has extraterritorial reach, divides AI systems into three categories: unacceptable-risk AI systems, high-risk AI systems, and limited- and minimal-risk AI systems. Any AI system providing output within the EU would be subject to the regulation, regardless of where the provider or user is located. Individuals or companies located within the EU, placing an AI system on the market in the EU, or using an AI system within the EU would also be subject to the regulation. Enforcement could include fines of up to €30m or 6 percent of global revenue.

Going forward, AI will play an increasingly important role in business. Companies must be prepared to use it responsibly or face financial and reputational consequences.

Richard Summerfield