CM October 2023

WORKING LIFE
AI in the Workplace
How finance professionals and employers feel about AI.
AUTHOR – Natascha Whitehead
THE rapid rise of generative
AI has dominated the news
in recent times, sparking
questions over how these
advancements in technology
might impact the workplace
and careers in the long term. Our research,
which received over 1,150 responses from
accountancy and finance professionals and
employers across the UK, sheds light on the
current attitudes towards, and usage of, AI in
the sector.
Upskilling is essential
Our research suggests that it’s still early days
in terms of adopting AI into the workplace,
as most (88 percent) accountancy and finance
organisations say they are not currently using
AI tools such as ChatGPT. As it stands, there
are several factors holding employers back
but the main cited reasons for not utilising
AI tools is due to a gap in knowledge and a
lack of awareness or understanding of the
benefits (22 percent), as well as the belief that
AI tools are not required in their organisation
(21 percent).
That being said, over two thirds (69 percent)
of finance employers intend to allow staff to
use AI tools like ChatGPT in the future, under
the condition that usage is monitored. Whilst
many employers are keen to keep an eye on AI
usage, 10 percent intend to allow staff to use
AI unmonitored within their organisation.
In contrast, there are some employers who
believe the risks will outweigh the benefits;
18 percent of finance employers anticipate
they will ban their employees from using AI
tools and technologies.
One of the key takeaways from our findings
is the urgent need to upskill if finance
employers and professionals want to begin
to take advantage of AI in their day-to-day
working life. Only one in ten (10 percent)
finance professionals say they have used an
AI tool in their current role and a third (33
percent) feel they do not possess the right
skills to enable them to make the best use of
AI tools and technology.
Likewise, more than half (55 percent) of
finance employers say they are not equipped
with the right skills in their workforce to
utilise AI and confess that both technical and
soft skills are lacking. So far, over half (54
percent) of finance professionals say their
employer is not helping to prepare them for
the use of AI in the workplace; less than a
quarter (24 percent) of finance employers
say they are investing in training for staff to
upskill in AI tools and technologies. Training
is important for assessing the positive
With careful
and considered
application,
AI could lend
a helping
hand to credit
professionals
rather than push
them out of
their jobs.
contribution AI can make in the workplace,
as well as reflecting on and playing into
the skills and attributes that make humans
irreplaceable. Our research emphasises that
employers must invest in training to support
upskilling at a fast enough rate to keep up
with our ever-changing digital age.
Mixed attitudes
Our research reveals various attitudes
towards AI and, unsurprisingly, there is
a sense of uncertainty over how best to
respond to the growing presence of AI in the
workplace. More than a third (38 percent)
of finance employers are undecided if we
should embrace AI and a further 38 percent
of professionals share this sentiment. On top
of this, eight percent of employers and nine
percent of professionals in the finance sector
are apprehensive about AI and think it should
be feared.
On an optimistic note, most accountancy
and finance employers believe the way
forward is to work alongside AI, as more than
half (54 percent) think we should embrace
AI in the workplace. Similarly, 53 percent
of finance professionals think AI should be
welcomed into the workplace with open arms.
Whilst 10 percent of finance professionals
believe AI will have a negative impact on
their role, more professionals expect AI tools
will positively impact their job (26 percent).
Although just under a third (32 percent)
of finance professionals anticipate AI won’t
impact their job at all, a similar number
of professionals expect the types of tasks
they carry out will change in the future as a
result of AI tools (30 percent). With careful
and considered application, AI could lend
a helping hand to credit professionals
rather than push them out of their jobs. The
automation of certain activities, such as data
entry, could allow professionals to spend less
time on repetitive tasks and more time on
high value tasks and invest in improving their
skillsets, to future-proof their careers. Some
of the wider benefits associated with AI in
the finance sector include reduced human
error, cost savings, process efficiencies and
improved productivity.
Ultimately, it’s crucial for employers and
professionals to prioritise developing their
skills to keep up with the pace at which
technology is progressing, so they can be
aware of the risks of AI as well as reap the
rewards of what AI has to offer within credit
management.
Natascha Whitehead is Business Director at Hays
specialising in Credit Management.
Brave | Curious | Resilient / www.cicm.com / October 2023 / PAGE 46