While most business executives think generative AI will be a boon for their organizations, they are less optimistic when it comes to the employees of those organizations.
A recent survey from KPMG, which asked C-suite level executives about their views on generative AI systems like ChatGPT, found the majority of executives excited about the promise the technology holds for the business world. The poll found that 72% of executives believe generative AI could play an important role in increasing productivity in the workplace, 66% said generative AI would change in the way people work in the future, and 62% said generative AI could end up encouraging innovation in the workplace and help create more products and services.
At the same time, with the implementation of generative AI, 47% are expecting decreased job security, and 41% are concerned with reduced opportunities for overall development.
At the same time, 66% said AI will require hiring new talent and training existing talent. The contradiction is explained by looking at specific jobs affected. The KPMG poll found 76% of executives believe IT and software-related jobs will experience a positive impact with the widescale adoption of generative AI. In contrast, executives think administrative jobs, including data entry and record keeping, will face the most negative impact across all sectors and functions, with 64% of respondents believing that large-scale adoption of generative AI will take over such responsibilities.
Risk evaluations in early stages
The KPMG survey also found that while 45% understand AI can come with risks, especially when it comes to the trust people have in their organization, efforts to assess and mitigate these risks remain in the early stages.
Only 6% of organizations report having a dedicated team in place for evaluating risk and implementing risk mitigation strategies as part of their overall generative AI strategy, according to the poll. Another 25% of organizations are putting risk management strategies in place, but it’s a work in progress. Meanwhile, nearly half (47%) say they are in the initial stages of evaluating risk and mitigation strategies, and nearly a quarter (22%) have not yet started evaluating risk and mitigation strategies.
There is a similar trend in terms of AI governance programs. Only 5% report having a mature responsible AI governance program in place, and nearly half (49%) say they intend to stand one up but have not done so yet. Another 19% say an AI governance program is in process or has been partially implemented. Interestingly, more than a quarter (27%) say they do not currently see a need or have not reached enough scale to merit a responsible AI governance program.
“Generative AI, like many technologies, creates great opportunities for organizations,” said KPMG U.S. trusted imperative leader Emily Frolick. “However, the ease of use and open nature of generative AI amplifies the risk. As organizations are exploring potential use cases, giving attention to the risks or exposures associated with generative AI should be equally prioritized.”
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