AI & Work updates - week 33.

Welcome back to my corner of the internet, where we dive into the exciting (and sometimes overwhelming) world of AI.

As per usual, this is the best articles I've come across relating to AI and the world of work this week.

Ready to dive in? Let's go!

'Your job five years from now probably does not yet exist' – WaPo's AI Editor Phoebe Connelly.

This article explores the rapidly changing job landscape due to AI advancements. Phoebe Connelly, AI Editor at The Washington Post, suggests that many future jobs are yet to be created. This perspective highlights the transformative power of AI in reshaping industries and creating new opportunities. It likely discusses the need for adaptability and continuous learning in the workforce to stay relevant in an AI-driven future.

Source: https://wan-ifra.org/2024/08/your-job-five-years-from-now-probably-does-not-yet-exist-wapos-ai-editor-phoebe-connelly/

Embracing Gen AI at Work

This is a long read, but it's a good read by?H. James Wilson ?and?Paul Daugherty ?(you can listen to it as well). In short, they argue that Generative AI is set to transform many jobs across various sectors. To excel in this new era, employees need to develop "fusion skills" for AI-human collaboration:

1. Intelligent interrogation: Improving AI outputs through better prompting techniques.
2. Judgment integration: Applying human discernment to ensure trustworthy and accurate AI results.
3. Reciprocal apprenticing: Training AI on specific business contexts while learning to tackle more complex challenges.

These skills are crucial as ad hoc instructions often lead to poor outcomes. The article suggests techniques like step-by-step thinking, stage-based training, and creative exploration to enhance AI interactions.

While some companies are offering training, most employees will need to take the initiative to learn these skills. The rapid adoption of generative AI is expected to transform knowledge work across industries quickly and dramatically.

Source: https://hbr.org/2024/09/embracing-gen-ai-at-work

AI:s expectation problem

I reflect on the AI hype cycle, sensing we're at or past its peak. As an AI enthusiast, I've contributed to promoting its potential, but I recognize change often takes longer than we expect. While C-suite leaders have high hopes for AI boosting productivity, I've observed a gap between these expectations and actual implementation in organizations.

I predict a coming "trough of disillusionment" for AI, reminiscent of the dot-com bubble, but likely shorter. Long-term, I'm convinced of AI's significant impact, but I stress that organizations need to prepare and invest in upskilling their workforce.

The crucial question I pose: Will companies position themselves to be the next Amazon or follow the path of Boo.com in the AI era? Despite potential short-term disappointments, I encourage continued investment and preparation for AI's long-term impact.

Source: https://www.fullstackhr.io/p/ais-expectation-problem

The Power of Contextual AI in Human Resources

This piece from Anthony Onesto looks into the application of contextual AI in HR processes. It examines how AI can enhance various aspects of human resources, such as:

- Improving recruitment by better matching candidates to job requirements

- Enhancing employee engagement through personalized experiences

- Optimizing performance management with data-driven insights

- Streamlining onboarding processes

The article emphasizes how contextual AI can make HR more efficient and effective, leading to better outcomes for both employees and organizations.

Source: https://www.dhirubhai.net/pulse/power-contextual-ai-human-resources-anthony-onesto-cwjee/?trackingId=meBQApdCKbUS1NawGKug%2Fw%3D%3D

When Will The Trillions Invested In AI Pay Off? Sooner Than You Think.

Josh Bersin provides insights on the return on investment for AI, unlike me he is more positive.

Despite skepticism about immediate returns on massive AI investments, significant payoffs are expected, particularly in domain-specific applications.

1. Current concerns exist about AI's impact on productivity and GDP growth.
2. Companies are questioning the immediate value of AI tools.
3. Specialized, narrow AI solutions are likely to be more successful than general-purpose AI.
4. HR technology showcases successful AI applications developed over time.
5. Valuable AI solutions require refinement and optimization for specific use cases.

While short-term returns may not be apparent, long-term potential remains significant. Companies should focus on implementing specialized AI solutions addressing specific business needs rather than expecting immediate results from general-purpose AI tools.

Source: https://joshbersin.com/2024/08/when-will-the-trillions-invested-in-ai-pay-off-sooner-than-you-think/

JPMorgan Adopts AI to Streamline Tasks for 60,000 Employees

JPMorgan Chase has introduced an AI assistant called "LLM Suite" to over 60,000 employees. This ChatGPT-powered tool helps with tasks like drafting emails and summarizing documents. It's part of a larger plan to integrate AI across the bank's operations. Teresa Heitsenrether also says that this is just the beginning.

JPMorgan isn't alone in this move. Other major banks like Morgan Stanley and Goldman Sachs are also adopting AI to boost productivity and improve services. This trend shows how AI is quickly becoming essential in the financial sector.

The widespread adoption of AI in banking suggests a shift towards automating routine tasks, allowing employees to focus on more complex work. This change could significantly impact how the finance industry operates and potentially influence other sectors as well.

Source: https://allwork.space/2024/08/jpmorgan-adopts-ai-to-streamline-tasks-for-60000-employees/