The speed at which artificial Intelligence (AI) has impacted business is unlike any technology that has come before it. While it’s fair to say we’re still early in the implementation aspect of AI and not yet out of the hype cycle phase, AI is reshaping work and the relationship companies have with their employees and stakeholders.
A conference hosted by MIT brought together a group of experts to examine the benefits of AI and its associated concerns. The speakers discussed ideas enabling organizations to strike a balance between innovation and job quality.
Consider which workers are affected by AI and what safeguards they have
Companies must be intentional in their approach to create long-term stability for their workforce. According to visiting innovation scholar at MIT’s Schwarzman College of Computing Frida Polli, “How do firms decide whether they replace humans or augment them? That really is a leadership decision. I know that’s super fuzzy, but at the end of the day, there is no policy that determines whether you decide to replace or whether you augment human beings.”
Compounding employee concerns is the fact that the impact of AI will affect some roles more than others. In industries that don’t have union representation, like insurance and finance, these employees could be more at risk of losing their jobs.
Integrate worker input into AI adoption
Successful AI adoption requires employee feedback since people are most affected by AI decisions; including them in decision-making is critical. For example, approach the conversation by asking what problems they think AI can solve and how it can improve their jobs.
Per Amanda Ballantyne, the executive director of the AFL-CIO Technology Institute, “They know what makes their jobs better, safer, more efficient [and] what makes their jobs worse, less fair, less safe — and everybody is leaving a lot of money on the table if we’re not engaging them in a very serious way in the R&D process.”
Increase transparency and fairness in hiring and promotion
AI systems and their algorithms are more easily reviewable to detect hiring biases. If companies are transparent in their approach, they can assess the statistical relationships between different groups to review and make any necessary adjustments.
Engage proactively with policymakers to shape policies
Smart executive teams will proactively create guardrails and regulations for the use of AI. Governments typically move slower when addressing new technologies by creating their own frameworks, while companies can provide guidance while regulatory oversight is being developed. “The panelists suggested that partnerships between labor, industry, and policymakers can help ensure that AI is implemented in a way that benefits both workers and employers.”
Consider AI’s impact on worker well-being
AI has created anxiety and fear in many employees, creating issues with productivity, stress, and burnout. As Google discovered, high-performing teams are those that have psychological safety. As AI initiatives are rolled out, framing them with employee wellness in mind will be important.
For more information on how AI is impacting the workplace and what executive teams can do to balance employee expectations and innovation, send us a note, and one of our executive recruiters will answer any questions you have.