Digital transformations continue to disrupt the workplace, and the resulting new ways of working are constantly evolving. Robotic process automation (RPA) and data visualization were recent breakthroughs for workforce productivity, and now generative AI (GenAI) joins their ranks.
AI is a core part of business operations and strategy, but there are risks. To reap the potential rewards while also avoiding concerns like quality issues, sensitive data exposure and discriminatory biases, your business should confirm it is properly investing in training or upskilling your people in GenAI.
The growing need for GenAI training
Generative AI will not replace humans in the workplace, but the rapid rise of GenAI is fueling significant change—and will replace certain tasks from humans. This reality is reflected in PwC’s latest CEO survey, which found that 69% of CEOs believe that GenAI will require most of their workforce to acquire new skills over the next three years.
Why?
Because GenAI is advancing at breakneck speeds. It is poised to change many business processes in the next five to ten years, which will dramatically reshape the workforce — changing some jobs and even creating new ones. It's clear GenAI is making waves, with CEOs expecting its impact to intensify.
This all points to the pressing need to invest wisely in GenAI training and upskilling. Generally, it can be hard to quantify the value of risk prevention, such as avoiding an incident resulting from a poorly reviewed AI interaction. However, people with proper AI training will more reliably use AI responsibly and potentially outperform those without. These skills can help make your workforce more effective, and upskilling opportunities can become a critical part of your recruiting and retention strategy.
Upskilling for business growth
Successful upskilling involves providing high-quality training to help elevate skill sets across digital tools and productivity techniques. It might include agile project management or design thinking—in addition to technology-based skills such as GenAI or RPA. In this year’s PwC CEO survey (which polled over 4,700 CEOs), 46% believe GenAI will increase profits and 64% expect GenAI to increase employee efficiency.
Upskilling can prepare your business to get the most out of the new technologies you invest in, as your workforce will be trained in how to fully use and apply them. More specifically, upskilling focuses on the skills that provide understanding, adaptability and clarity for your people — while strengthening your business on its path forward.
When you create an adaptable workforce, you can better position yourself to get a strong return on the investments you make in tech and transformation. Plus, employees gain valuable new skills that often allow them to become more productive by working with new digital technologies.
The need for transformation is so large that 45% of CEOs believe their companies won’t be viable in 10 years if they are to simply stay on their current path. That number gains more weight when you consider it is up 40% from last year’s survey, despite a year between surveys that saw CEOs contemplating these changes.
Starting small with applications of GenAI
A common starting point for GenAI implementation is with the automation or elimination of simple, time-consuming tasks. In fact, PwC’s 2024 US Responsible AI Survey found that 43% of business leaders already have GenAI deployed in their employee systems for operational tasks. Now, considering that CEOs classify 40% of time spent on meetings, administrative processes and emails as inefficient —GenAI’s facility can be a game-changer.
Yet, even with these routine operational improvements, employees will need the proper upskilling to use GenAI tools effectively and ultimately help increase their productivity.
When you consider additional applications of GenAI, PwC has seen their clients upskill employees to enable improvements in sales, customer service, and more.
- Sales: One major financial institution has seen a 15%-to-20% increase in request-for-proposals, due to the increase in speed and efficiency GenAI has brought. A fast-food chain saw similar sales results, with an average of 10%-to-15% increase in their average order value.
- Customer service: One large call center has already seen a 25% reduction in call handling time thanks to it. Even more impressively, GenAI has led to a 67% reduction in call abandonments and a 70% reduction in misrouted calls.
- Governance, Risk, and Compliance: A major food and beverage company has seen a 25% rise in productivity for their log reviewers, improving collaboration and increasing claim savings.
Source: PwC analysis, 2024
Upskilling can help overcome one of the biggest barriers to successful transformation: convincing highly experienced people to reimagine the way they work. By enticing your workforce and investing in upskilling, rather than hiring new talent with GenAI skills, you can leverage the valuable experience and domain knowledge of your current workforce while also gaining the benefits of these new skills.