Unlocking the potential of GenAI
While GenAI is well on its way to becoming mainstream, leaders face many unknowns and challenges regarding its adoption and impact on business operations. Our latest Hopes and Fears survey reveals that 54% of Irish respondents haven’t used GenAI tools for work in the past 12 months, compared to 37% globally. The main barrier is the lack of perceived opportunities to use these tools in their roles.
GenAI Barriers to Adoption
Which of the following statements best describes why you have not used Generative AI at work
Over 50% of GenAI users believe it improves work efficiency. The PwC 2024 AI Jobs Barometer also supports this, highlighting AI’s potential to revolutionise work and daily life. Key findings show that sectors with high AI adoption experience a 4.8x increase in labour productivity growth. GenAI is also associated with better outcomes for businesses and employees. According to the PwC CEO Survey, 69% of Irish CEOs anticipate a positive impact from GenAI on employees’ time at work, and 38% expect it to boost profitability in the coming year.
Despite the positive sentiment, some workers have reservations. Our survey found that 43% believe GenAI will increase their workload, with 46% thinking it will negatively change the nature of their work. However, over 40% believe it will take five years or more for GenAI to significantly impact their profession
GenAI Hopes and Fears
Thinking about the potential impact of Generative AI tools on your career, to what extent do you agree or disagree with the following statements
Leaders need to encourage widespread GenAI adoption in the workplace, starting with embracing GenAI themselves. Our latest CEO Survey revealed that Irish CEOs who have adopted GenAI report significantly higher confidence levels. This confidence is crucial for gaining employee buy-in. Success in GenAI adoption depends on addressing its impact on the workforce from the start. To set your organisation up for success, involve employees in developing and choosing AI tools, invest in AI education and training, foster a culture of human-AI collaboration and data-driven decision-making, and encourage employee-led innovation.
Ensuring workforce alignment is essential for any new technology adoption. By focusing on these steps and keeping people at the core of the change, businesses can effectively leverage GenAI technology, generate lasting value, and maintain a competitive edge in the market.
Workers are ready for change
Leaders are steering their organisations through exceptionally volatile periods. They continue to confront significant geopolitical shifts, the ongoing repercussions of a global pandemic on the workforce, the evolution of cybercrime, the urgent need to prioritise climate action, and the rapid pace of technological advancements. This has resulted in more organisational change than ever before, including increased workloads. In our 2024 Hopes and Fears survey, 41% of respondents indicated that their workload has risen significantly in the last 12 months.
However, this year has also seen positive trends in terms of receptiveness and openness to change. Seventy-six per cent of respondents feel ready to adapt to new ways of working, and 69% are excited about opportunities to learn and grow in their roles. This is a positive indicator for business leaders, mirroring the need for them to lead their businesses through rapid change and transformation. This sentiment is captured in PwC’s 2024 CEO Survey, where 28% of Irish CEOs lacked confidence in the sustainability of their business models over the next decade if they stayed on their current course, compared to 21% in the previous year. This upward trend indicates that continuous business model reinvention is becoming the new norm for CEOs.
While workers are willing to embrace change, respondents in Ireland may underestimate its pace and impact. This is particularly true of technological change: almost one in five respondents do not think technology, including AI and GenAI, will impact their jobs in the next three years. In comparison, only one in ten respondents globally share this view.
Drivers of Change
In the next three years, to what extent, if any, do you think each of the following will impact your job?
Growing emphasis on upskilling
While change continues to permeate the business landscape, employees are placing increasing importance on upskilling and learning opportunities, understanding the long-term impact on their careers. According to our latest Hopes and Fears report, one in four respondents feel they lack adequate opportunities to learn new skills that will benefit their future careers. The opportunity to upskill is a significant factor in career decisions, with 85% of respondents agreeing that the chance to learn new skills influences their decision to stay with their current employer or move to another job.
In conjunction with the increased demand for upskilling, workers also place a higher premium on their skills and expertise. While the likelihood of employees changing employers in the next 12 months is stable (21% of respondents indicate they are likely to change employers in the next 12 months, compared to 22% last year), 27% of respondents plan to ask for a promotion in the next 12 months, and 35% plan to ask for a pay rise.
Outcomes
How likely are you to take the following actions within the next 12 months?
Leaders must urgently prioritise investment in human capital to address the increased demand for upskilling. This can include creating robust upskilling programmes and clearly communicating future skill requirements to ensure their workforce is ready for ongoing industry transformations. While the 2024 Hopes and Fears Survey found that 56% of workers believe their skills and expertise align with their current jobs, this figure could increase with updated learning programmes. Business leaders should invest in continuous learning platforms, provide access to relevant and up-to-date training resources, and collaborate with educational institutions and industry experts.
Financial pressures and increased workloads persist
A worrying trend in the 2024 Hopes and Fears survey is workers’ persistent financial and workload pressures. According to the survey, most Irish respondents (43%) reported that while their household could pay all monthly bills, they have very little left over for savings, holidays, and extras. In comparison, most respondents globally (45%) can contribute to savings, holidays, or extras while covering their monthly bills. This highlights a significant portion of the Irish population living paycheck to paycheck, pointing to potential financial strain that could impact long-term financial stability and quality of life for nearly half of Irish households. Moreover, 15% of Irish respondents reported struggling to pay all or some of their bills every month. This financial pressure is occurring against a backdrop of increased workplace obligations, with 41% of respondents signalling that their workload has risen significantly in the last 12 months.
Financial Situation
Which of the following best describes your current financial situation?
Several factors may influence the disparity between Irish and global respondents in terms of financial security. Ireland’s cost of living, particularly in urban areas like Dublin, has been rising steadily, impacting household budgets. According to a recent PwC consumer report, inflation ranks overwhelmingly as the leading risk consumers believe could impact their country over the next year, with 75% putting this in their top three concerns. In light of the ongoing cost of living impacts, almost six in ten consumers are either extremely or very concerned about their personal finances (58%, up from 49% in 2023).
To address these financial challenges, business leaders should continue to focus on strategies that could allow for wage growth and seek to offer financial wellness programmes to help employees manage their finances more effectively. Persistent financial struggles can lead to increased stress and have broader implications for mental health and wellbeing. As a result, employers should monitor burnout levels and take steps to enhance workplace wellbeing.
Key actions businesses can take today
1. Promote and facilitate GenAI adoption
Leaders should actively promote the ethical and planned adoption of GenAI within their organisations by demonstrating its value and integrating it into daily operations. This includes offering hands-on training sessions and workshops and providing clear examples of how GenAI can enhance productivity in specific functions and roles.
2. Invest in upskilling and continuous learning
Prioritise investment in upskilling programmes that align with current and future industry demands. Leaders should ensure these programmes are easily accessible, tailored to different roles, and communicated effectively to the workforce.
3. Address financial wellbeing and workload concerns
Implement strategies to improve employees’ financial stability, such as exploring options for wage growth, offering financial wellness programmes, and monitoring workload distribution to prevent burnout.
4. Manage change with transparency and support
Since 60% of employees experienced more change in the last year than in the prior 12 months, leaders should emphasise transparent communication, involve employees in the change process, and provide adequate support to navigate transitions.
We are here to help you
While Irish organisations continue to face significant challenges, business leaders can leverage their existing talent and emerging technologies to stay competitive while aligning their culture with their business transformation strategy. Key actions can be taken now, and we’re here to support you every step of the way. Contact us today.
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