Should your business be afraid of AI?

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On Tuesday, nonprofit organization Center for AI Safety published an open letter warning readers that the "risk of extinction from AI" should be a "global priority alongside other societal-scale risks such as pandemics and nuclear war," and demanded action.

The letter, which has the support of leading tech innovators — including those who are largely responsible for today's greatest artificial-intelligence advancements — follows a similar call for oversight from the Future of Life Institute, which in March urged developers to "pause giant AI experiments." Still, the AI market is expected to grow 37.3% annually between 2023 and 2030, according to market analysis and consulting services company GrandViewResearch. Will any perceived threat grow, too?

"Anyone who's been in tech and AI for the last five to seven years has known that this moment was going to come," says Alexa Eden, human technologist at AlgoAI Tech, an AI platform that designs matching algorithms for recruitment and entertainment spaces. "We just needed leaders to stand up and say, 'We know the power of this, but also, we don't know the power of this. So to keep everything in check, let's slow down a little bit.'"

Read more: OpenAI, IBM urge Senate to act on AI regulation after past tech failures  

It's easy to understand at least some of the fear: 77% of employees are concerned that AI will cause job loss in the next year, according to a Forbes Advisor survey. And in 2018, a report by McKinsey estimated that up to 400 million workers may be displaced by AI by 2030. But AI has also created positive change, from helping small businesses grow their potential to making everyday workplace tasks easier and more efficient. 

"[AI] is not going anywhere," Eden recently told EBN. "It's going to be integrated into our corporate spaces, into our lives, into our day to day, into our shopping habits — everything. How do we want to use this time between now and every month, year or decade to come in the best way possible to make sure that we, as humans, are prepared for the next steps?"

As you consider the pros and cons of artificial intelligence, catch up on our most recent AI coverage to explore how both people and organizations will continue to be impacted by this trending technology.

How small businesses can leverage AI

Read: How small businesses can leverage AI

Artificial intelligence is often seen as an innovation embraced by big companies with deep pockets. But not only do small businesses have access to the same tech-driven opportunities, they may also have more of an incentive to utilize these tools. 

According to Joseph Cole, chief marketing director at skill intelligence platform Glider, large businesses can be bogged down by restrictive policies and an aversion to risk — but small businesses have more freedom when it comes to the kind of tech they can and should implement.

"What small businesses have to understand is that they have to identify how long things are taking now. What are those current inefficiencies? And can those inefficiencies be addressed through AI?" Cole says. "The answer, in most cases, would be a resounding yes."

How employers can prepare for New York City's AI law

Read: How employers can prepare for New York City's AI law

Companies have increasingly turned to automated hiring tools to help them pick the right person for the job. But do employers know whether their hiring tools come with gender and racial biases built within their systems? 

New York City's Local Law 144 — otherwise known as New York City's AI law — requires them to find out. The new legislation regulates the use of automated employment decision tools, or AEDTs, making it unlawful for employers to use hiring and promotion tools that have not been annually audited by an independent party for glaring biases. New York City's Department of Consumer and Workplace Protection will begin to enforce Law 144 on July 5, 2023, six months after the AI law was supposed to go into effect.

"One of the biggest concerns New York City is trying to address is whether these artificial intelligence tools have some form of bias inherent to them," says Daniel Kadish,  an associate in the labor, employment and benefits practice at law firm Morgan Lewis. "To help [employers] understand if the tool is resulting in some sort of impact on certain categories of individuals and create an awareness of that record."

How advisers can embrace AI tools without sacrificing human connection

Read: How advisers can embrace AI tools without sacrificing human connection

For client-facing roles like benefit and financial advisers, the thought of embracing AI may elicit some skepticism. But with the right approach, these tools can not only make a valuable impact, but also build human connection. 

Ninety-eight percent of advisers believe that AI is transforming how advice is created for, delivered to, and consumed by clients, according to a 2023 study released by IT services and consulting company Accenture, which surveyed 500 licensed financial advisers in the United States and Canada. Eighty-three percent even believe AI will have a direct, measurable and consistent impact on the client-adviser relationship by early 2024.

"There might be a lack of understanding of what artificial intelligence really is, and maybe a little bit of skepticism from advisers that the information that AI is cranking out will be actually correct," says Lauren Hein, head of adviser relations at Robo Global, an advisory specializing in disruptive technologies. "But the sentiment is definitely, 'I'm fielding questions about AI from everybody, so let me try to figure out what this is.'"

Is your manager trying to replace you with AI?

Read: Is your manager trying to replace you with AI?

AI is currently not advanced enough to replace human labor, but that doesn't stop employees from worrying. According to a survey from AI software company Beautiful.ai, managers are afraid of being outsourced by bots as workplace pressure rises in the face of inflation, layoffs and a looming recession. 

"We view AI tools as accommodations and enhancements for workers rather than replacements," says Sam Radbil, a research strategist at Beautiful.ai. "But it's a sign of the economic times that managers view AI as a savings opportunity, and want to use AI instead of paying employees."

Radbil underlines that a majority of managers still trust human-produced work over AI, but that won't stop companies from wishing they could pay less for the same results. Beautiful.ai further explored managers' thoughts on AI, and whether employees should be worried.

No more ChatGPT? Here’s what the ‘pause’ on generative AI means for the workplace

Read: No more ChatGPT? Here's what the 'pause' on generative AI means for the workplace

In March, tech titans Elon Musk, Steve Wozniak and more signed an open letter published by the Future of Life Institute that urged artificial intelligence developers to "pause giant AI experiments." The petition, which currently has more than 2,000 signatures, warns the industry against the "profound risks to society and humanity" AI poses, and asks researchers to pause their projects for at least six months.

AI will persist, predicts AlgoAI Tech's Eden, but a slowdown isn't necessarily as dramatic as it may have initially seemed. 

"Banning it entirely is like telling a teenager not to go out," Eden says. "But this new evolution of technology is coming out and leaders are saying, 'We know something that you don't know and there are globalized powers that are working on this, so we need to work on it too.'"
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