Financial sector most exposed: "Targeted upskilling required"
According to an analysis, nine out of ten financial sector jobs are affected by AI. This calls for comprehensive upskilling of the financial sector, says Dorrit Brandt, President of Finansforbundet."We’re facing one of the most transformative technologies ever."
Increased demand for employees with AI skills
Published in September, the analysis by AE provides a detailed insight into how the Danish labour market may be affected by AI over the next few years.
Employees’ skills enhancement is also in this context emphasised as a crucial part of the development. That is because, according to the analysis, jobs are more likely to be complemented by AI rather than be fully automated and substituted by AI.
"To the extent that artificial intelligence complements the workforce, it will make employees more productive and take over routine tasks, which will increase the demand for the types of labour capable of using artificial intelligence in their work," the report reads.
According to the current analysis, it is especially knowledge and office work, including those who have completed higher education programmes, which appear to be affected the most.
And although the analysis indicates that, currently, the financial sector is most affected by AI, it is, according to AE, important to note that for the vast majority of employees, this implies increased productivity and fewer routine tasks.
"Therefore, it’s important to upgrade the skills of all employees, regardless of education, and that employees acquire new knowledge to prepare them for new technology, including artificial intelligence," according to AE’s report.
Skills need upgrading now
While it remains uncertain how quickly AI will impact different jobs, the changes are expected to occur gradually as the technologies mature and become profitable to implement.
However, neither the companies nor the employees can afford to wait for such development. The financial sector, which is already facing recruitment challenges, should therefore, as soon as possible, launch an initiative to ensure significant upgrading of skills.
"The potential of AI technology is enormous, but the true value will not be uncovered until the sector's qualified employees become capable of combining the new technology with deep financial insight and human resources, which means integrating AI in the core business," says Dorrit Brandt and adds:
"It requires targeted upskilling, and it requires a positive and critical sense of curiosity by everyone involved. The common goal should be a shared commitment to unlocking the potential of the technology while addressing the challenges it presents."
How best to accommodate AI development
According to the Economic Council of the Labour Movement, a number of studies and reports demonstrate how technological changes, AI included, may best be accommodated.
Especially four elements recur:
- Training and human capital, specifically additional training and retraining
- Efficient and flexible labour market policy
- Social security
- Digital infrastructure and regulation of technology
Source: ‘Kunstig intelligens på det danske arbejdsmarked‘
(artificial intelligence in the Danish labour market) | The Economic Council of the Labour Movement.
A successful transition will be based on employees
There is every indication that the labour market will undergo profound changes in the coming years, and that the financial sector is at the forefront of this development.
"AI is going to change our jobs and push the boundaries between functions. It’ll replace tasks and create new ones," says Dorrit Brandt.
Fortunately, analyses indicate that the foundation for a successful rollout of AI solutions is early and active employee involvement; especially in the development phase of the next technological steps.
Most recently, the international consultancy firm Boston Consulting Group noted in a report that organisations should direct most of their resources towards employee-related AI integration to maximise the chance of success.
"It’s absolutely crucial for employees to be involved in the practical integration of AI," Dorrit Brandt says, adding:
"Artificial intelligence is a massive wave of technology sweeping over us, and we need to share the responsibility for treading softly and acting with care. The generative language models are only the first step. Employees and union representatives must be actively involved to drive the business forward and to avoid the many complex – and not least ethical – challenges it inevitably poses."