Generative AI could save 300 billion work hours a year, equivalent to an average of roughly two hours per employee weekly!

?? Workplace maturity will be reached with a productivity gain expected between 6 and 10 years!

As generative AI reshapes the workplace, it could place new stresses on organizational structures.

?? The spread of generative AI is impressive not only in terms of geographic breadth but also speed of adoption across industries. This spread across all job types is unprecedented.

?? Some 55% of employees use generative AI at least once a week at work, but 61% of users do not find it very trustworthy. Of those 61%, 40% would nevertheless use it to help them make big financial decisions, and 30% would share more personal data for a better experience.

?? Junior employees armed with generative AI may potentially replace their first-line managers, leaving a vacuum in the middle of the job pyramid.

Generative AI’s potential is vast, yet years of scaling are needed for full productivity benefits, according to a new interesting research published by Oliver Wyman Forum using data ?? from more than 25,000 people across 15 countries the between June and November 2023.

?Extraordinary potential of Generative AI: $20 trillion and 300 billion hours

Researchers estimate that generative AI could add up to $20 trillion to global GDP by 2030 and save 300 billion work hours a year. They believed that the technology promises to eliminate millions of hours of mundane and repetitive tasks but also threatens some hidden risks.

?Healthcare appears to be especially ripe for disruption

Researchers also estimate that by 2030, generative AI could save doctors three hours a day, which would allow them to serve an additional 500 million patients globally per year - assuming the productivity gains go to serving more patients.

Likewise, they estimate that up to 400 million patients will receive mental health support as a result of generative AI therapy services, democratizing access and sparking global interest.

?Generative AI is changing the Nature of Work

Researchers noticed that generative AI use exploded across all job types, with a 62% increase in use overall across white-, blue-, and pink-collar workers.

They found that automation brought significant change to the manufacturing floor, where machines, with their unerring precision and tireless efficiency, replaced blue-collar workers. Meanwhile, white-collar ?? professionals have had a different experience with technology : Their work, often less physical in nature, has historically been insulated from the robot revolution that transformed other sectors.

??Generative AI is erasing these boundaries : Adoption is highest among white-collar workers as knowledge work is democratized: Nearly three in five white-collar employees report using generative AI on a weekly basis.

?? More than one in three employees in industries with the lowest AI adoption report using it at least weekly, from healthcare workers to public sector officials

Researchers noticed that in some countries, generative AI has become so deeply embedded into everyday tasks that it is almost as instinctive for people as checking email in the morning or taking that first sip of coffee before work.

?? For example, India has catapulted to an 83% weekly adoption rate.

?Phases of generative AI’s impact on productivity at work

Researchers estimate that if generative AI deployment isn’t proactively managed, it risks becoming a productivity sinkhole in the short term, potentially squandering up to 200 billion hours of productivity annually.

?? Researchers believe that employees are still in early experimentation mode with generative AI, testing how to optimize their individual ways of working.

?? The bottom-up individual adoption is mostly within existing individual processes and activities, rather than rethinking entire team activities or organizational ways of working

?Entry level employees can take on more senior roles

Researchers discovered that younger employees are more likely to be using generative AI at work, paving the way to take on first line management roles

?? So as generative AI replaces some frontline roles, it will disrupt the pipeline of manager roles, akin to the “collapse of the middle” in the job pyramid.

Some research already predict that AI and automation will transform workers’ core tasks, unlock productivity gains, and affect 80% of today’s jobs.

Researchers believe that Generative AI may reshape the job pyramid, but not uniformly for all workers.

?? Researchers conclude that by automating routine and monotonous tasks, generative AI can provide workers more time to focus on the thoughtful and creative aspects of work. This emerging productivity paradigm could mark an era in which the value of work is measured by the novelty and ingenuity it fosters, creating possibilities for collaboration between humans and AI and breaking barriers on what we currently define as productivity

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This fantastic study shows to what extent Generative will (probably) shake up the definition of work and will impact ALL jobs. Researchers' findings on changes in the job pyramid are interesting. This will inevitably make organizations think about their approaches to recruitment and career management.

Thank you ?? Oliver Wyman Forum researchers team for these insightful findings: Ana Kreacic Amy Lasater-Wille Lucia Uribe Ravin Jesuthasan, CFA, FRSA John Romeo Simon Luong

Dave Ulrich George Kemish LLM MCMI MIC MIoL

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