Infosys does it. Amazon does it. Even McDonald’s does it.
What are these employers doing today that could transform their workforces tomorrow? They have embraced technology, particularly AI tools and platforms, to upskill and retrain their employees to deal with shifting workforce trends like the “silver tsunami”, which refers to the huge number of baby boomers who are retiring and leaving sizable knowledge gaps in businesses and industries across the U.S.
According to a recent article in Forbes,
- Baby boomers make up nearly a third of the U.S. workforce.
- Over the next few months, about 46 million U.S. adults will approach retirement and turn 65 years old.
- Fifty-six percent of boomers who plan to retire hold leadership roles in their organizations.
- Large businesses lose $3,000 per employee every year due to loss of knowledge.
- Yet, only 57 percent of the aging workforce has transferred less than half of their knowledge to the incoming one.
While AI can help employers fill the potential skills gap left in the wake of this trend, it can also help with current labor shortages, capture critically important mindshare before all that talent walks out the door, and help to bolster talent retention.
A recent study from CYPHER Learning, a leading platform for AI training and education, revealed how many HR professionals and business leaders use AI:
- fifty-three percent use generative AI to create more engaging professional development courses
- fifty-three percent use it to create assessments to evaluate learner progress
- fifty-four percent use it to save time on course creation
Because leveraging effective AI training solutions requires data, much of it sensitive or proprietary information. Research shows that 44 percent of employers worry about data security and accuracy.
So how can employers best use AI to train employees as they deal with the impact of the silver tsunami, but still protect private information, trade secrets, and sensitive employee data?
- Maintain confidentiality
Since any information entered into an AI platform can be accessed by others, it’s important to develop company policies that advise employees not to share any confidential information, such as private contracts, company reports, personal data, etc. - Be aware of AI-related laws
Knowledge will help you adhere to any compliance changes or new regulations that protect data, copyrights, or patents. Stay up to date about possible liability associated with using AI for your business. According to HR consulting firm, ExtensisHR, “Employers should also establish robust protocols to ensure the protection of sensitive information, comply with relevant regulations, and communicate with employees about data collection and usage.” - Verify AI-generated output
Oversee and review processes within your organization, but also guide employees about how to appropriately leverage AI tools for training and other purposes. Since AI is limited to available information and cannot decipher between fake news and real facts, make it a point to validate anything it generates. - Monitor cybersecurity
Work with your trusted advisors to assess existing insurance policies you may already have in place (e.g., cyber insurance, product liability, employers liability, etc.) to see which AI-related risks may be covered. Including, but not limited to data breaches, business interruptions, privacy leaks, network flaws, design defects, manufacturing/coding errors, etc.
Let’s work together to prepare your company for the silver tsunami.
This material has been prepared for informational purposes only. BRP Group, Inc. and its affiliates, do not provide tax, legal or accounting advice. Please consult with your own tax, legal or accounting professionals before engaging in any transaction.
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