How generative AI is empowering today’s workforce

The rapid evolution of generative AI (GenAI) has been reshaping the HR landscape in Asia-Pacific, driven predominantly by a younger and more tech-savvy workforce. Dubbed Generation AI, these young employees are at the forefront of adopting AI technologies to save work hours, develop new skills, manage workloads more sustainably, and boost productivity. 

According to a report from Deloitte Insights, GenAI is projected to impact more than 11 billion work hours across Asia-Pacific per week, equivalent to 16% of total working hours. As a result, AI users are enjoying an average time saving of 6.3 hours per week, which they can reinvest in acquiring new skills and enhancing their professional growth. Notably, 41% of those who benefit from these time savings report an improvement in their work-life balance, leading to a more fulfilling and sustainable career.

In Singapore, the Monetary Authority of Singapore (MAS) has committed an additional S$100 million (US$74.4 million) to enhance capabilities in quantum and AI technologies in the financial sector. This move aims to support innovation and adoption in financial services, with a focus on manpower costs and technology solutions.

Another financial institution in Singapore, DBS Bank, has planned to equip its 500-strong Customer Service Officer (CSO) with a GenAI-powered virtual assistant, dubbed CSO Assistant, by the end of 2024. Developed in-house, this GenAI tool integrates a large language model attuned to local languages and dialects with voice telephony and speech recognition capabilities. It can also transcribe customer queries in real-time, conduct live searches on the bank’s knowledge base, and assist with post-call documentation.

During its pilot phase, the CSO Assistant demonstrated nearly 100% transcription and solutioning accuracy, DBS said, and once fully deployed, it is expected to reduce call handling time by up to 20%.

Nimish Panchmatia, Chief Data and Transformation Officer at DBS, said, “We see GenAI as a co-pilot to supercharge our employees, and our immediate focus has been on driving efficiency gains and quality improvement. CSO Assistant is a prime example of how we leverage Gen AI innovatively to remove toil in the way we work, which in turn enables our people to enhance customer journeys and deliver differentiated customer outcomes.”

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The use of AI in hiring is another area gaining traction. A survey by HireVue, which included responses from 3,100 employees and 1,000 HR professionals in the US and UK, revealed a growing confidence in the fairness of AI tools.

According to Lindsey Zuloaga, Chief Data Scientist of HireVue, 64% of job candidates and 67% of HR professionals believe AI tools are as fair or better than humans in treating applicants and finding well-qualified candidates. However, she also emphasised the need for transparency and clarity about AI’s role in hiring decision-making to ensure candidates are comfortable with AI’s increasing presence.

As GenAI continues to transform the HR landscape, organisations are encouraged to adapt to these changes to stay competitive. Embracing AI tools can lead to significant efficiency gains and improved employee satisfaction, but transparency and fairness must be at the forefront of these initiatives. As Chris Lewin, AI and Data Capability Leader at Deloitte Asia-Pacific, aptly put it, “The rapid adoption of AI won’t directly eliminate jobs, but the impact will be felt by organisations that fail to adapt.”

To share your views on the impact of generative AI and join the conversation, head over to our LinkedIn poll! We want to hear what concerns you most as GenAI continues to reshape the HR landscape. Share with us your thoughts and see how others are navigating this exciting new frontier.