An article in the May 2024 issue of the FEI’s F.A.R., sponsored by Robert Half Canada, by says that, as Canadian businesses embrace Artificial Intelligence (AI), senior financial executives hold a critical role in navigating its impact on your organization and workforce.

A recent survey by Robert Half Canada revealed that, according to 1,140 workers the recruiting firm surveyed across Canada:

• 27 per cent think generative AI will have a positive impact on their career.
• 17 per cent worry it could make their skills obsolete.
• 32 per cent feel generative AI will have no impact on their job prospects.
• A quarter are unsure.

“The human element remains crucial amongst AI adoption,” the article says, suggesting ideas on   how to ensure a smooth AI integration while maximizing its benefits for both your employees and your bottom line:

1. Openly communicate about the company's AI initiatives, including their goals, limitations and potential impact on staff. Provide regular updates — including AI-driven wins and discoveries — and let employees ask questions and express concerns.
2. Offer training and resources to help employees understand AI technology, its benefits and its limitations. This can include explaining how AI works, dispelling common myths and misconceptions, and discussing ethical and legal considerations.
3. Develop and share clear guidelines for AI use within the organization. These guidelines should cover inclusion, fairness, transparency, accountability and respect for privacy. Involve employees in the development of these guidelines to ensure their concerns are taken into account.
4. Prioritize privacy and security. Show employees how to exercise caution when entering data into these generative AI applications and platforms. Share information where you can and have conversations with employees about any Canadian laws or potential bills that could affect how data is used.
5. Involve employees in the AI development process whenever possible. Encourage them to contribute ideas, feedback and suggestions to make AI systems more effective and aligned with their needs. This involvement can help employees feel empowered and reduce fears of being replaced.
6. Prioritize ethical AI practices, such as avoiding biased data sets, conducting regular audits of AI applications or systems and ensuring transparency in decision-making processes. Communicate to employees all the measures you’re taking to mitigate biases and errors in AI algorithms and avoid creating new ones.
7. Foster a supportive environment where employees feel safe to voice concerns, ask questions and provide feedback about generative AI applications and technologies in use. Create channels for anonymous reporting of ethical concerns related to AI — and take them very seriously.
8. Most importantly, create a pathway for employees to upskill and reskill so you can retain the talent you’ve worked so hard to develop in your organization. Employees would value the opportunity stay with their company and train for another position than leave when their job becomes automated.

For a bit more, see Newsletters | FEI Canada.