SURVEY: AI upskilling needs addressing

Friday 15 December 2023

Europe's business leaders are expecting developments in artificial intelligence to "deliver a windfall to productivity", with 77% of respondents to a new survey saying they are "bracing for a significant impact to their workforce and operations".

The survey by EY, which took place in October 2023, canvassed the views of executives from 60 European financial institutions including the views of administrators, lawyers and wealth managers from the Channel Islands.

Two-thirds (68%) of respondents said they anticipate that up to a quarter of all roles will require AI training or upskilling over the next six to 12 months, with 17% believing it could be as much as half.

Despite that, there's only been limited action to upskill. 

More than a third of respondents (35%) said they currently have no plans in place to train their workforce in new and rapidly evolving GenAI technologies, while a further 42% described their plans as being “in their infancy”.

Pictured top: Leo Boessenkool, Partner and leader of EY’s CI Technology Risk team.

Taking a more focused approach, 12% of leaders stated that they have training in place for targeted groups and just 10% reported having developed plans in use. Only 2% of respondents believe that their workforce is fully equipped to contribute end-to-end to building AI capabilities across their organisation.

Leo Boessenkool, Partner and leader of EY’s CI Technology Risk team, said: "It was evident from our discussions with local businesses when conducting the survey that firms are at different stages of their thinking and implementation of Generative AI.

"However, all understood that AI cannot be a 'bolt-on strategy', but rather a fully integrated component of their firms' strategies. Much of the work that has been done in the Channel Islands has been driven by leaders who are passionate about embracing the value that it can bring their clients and their people.

"The survey’s results highlighted that they must also hone their passion for innovation into actively planning for training and upskilling their workforce in AI technologies and establishing robust governance frameworks to mitigate potential risks.”