There is only one way to overcome workers' fear of AI, says PwC's Tim Ryan
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Since generative AI burst onto the business landscape last November, CEOs and other C-suite leaders have been trying to understand the impact the technology will have on their companies.
Employees are worried AI will erase their jobs.
It's up to C-suite leaders to bring employees along and provide the upskilling needed to make the most of AI.
As companies look to deploy generative artificial intelligence across their businesses, leaders run the risk of leaving the bulk of their employees behind.
That's a mistake that will cost companies dearly, according to PwC's Tim Ryan.
Since generative AI burst onto the business landscape last November, CEOs have been trying to understand the impact the technology will have on their companies. Breathless interviews about generative AI's ability to do everything from supply chain management to customer service better, faster, and with fewer humans in the mix, have dominated the headlines.
Meanwhile, workers, still trying to recalibrate after the pandemic and the massive layoffs that occurred last year thanks to sky-high inflation and an uncertain economy, are wondering if AI will permanently erase their jobs.
Ryan said he's seen this cycle before. When he took over the top spot at PwC in 2016, the firm was in the midst of its own aggressive tech transformation. Workers, he said, were worried their jobs were going away as a result. He knew the only way to quell that worry was to train them on the new technologies PwC was using.
"We taught our people how to use data analytics, bots, how to use visualization and we had massive success," he said. "We made a commitment to our people not to leave them behind as long as they chose not to be left behind. Upskilling was very important because we were sensitive to what our people were feeling, and that was worry."
AI as a job creator, not job eliminator
Ryan said he sees that same job loss worry bubbling up again, but this time more intensely since AI is dominating the conversation. However, he's not "in the camp that foresees the elimination of large parts of the workforce. I don't think AI is a mass job eliminator."
An aging population, economic growth coming from overhauls to healthcare and infrastructure, and more nearshoring to eliminate supply chain risk are just some of the reasons why he believes the AI-as-job-eliminator narrative is false.
"AI is going to be an evolution, not a revolution," he said. "To think we're going to wake up tomorrow and find an entire part of the workforce wiped out is a bit naive." Instead, what Ryan is seeing within PwC and with the company's clients is a shift in what employees should do and what can be better done by AI.
Inside PwC, for example, AI is enabling auditors to speed through 150- to 200-page 10-K financial documents in a fraction of the time it took them before. Looking for trends and anomalies in these filings is what auditors do all day long, Ryan said. Through PwC's partnership with Microsoft, the company built its own version of ChatGPT. This private platform enables PwC auditors to look at multiple companies in different sectors to unearth trends and analyze data. The company said it's part of a $1 billion investment over the next three years to expand its AI offerings.
"The auditors' jobs didn't go away, just the less exciting part of hunting down data," he said.
The part of the job that brings out the true value of the auditors — analyzing data — in fact, got better, Ryan added.
As for the messaging that needs to come from CEOs and other C-suite leaders about AI, Ryan said clarity and transparency should lead the way.
"Our words matter. Be clear and never mislead anyone," he said. "[The adoption of AI] is going to happen over time, not in an instant so don't put people in a panic. Tell them how you're going to help them stay relevant."
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Make It. select ALL SELECT Credit Cards Loans Banking Mortgages Insurance Credit Monitoring Personal Finance Small Business Taxes Help for Low Credit Scores Investing SELECT All Credit Cards Find the Credit Card for You Best Credit Cards Best Rewards Credit Cards Best Travel Credit Cards Best 0% APR Credit Cards Best Balance Transfer Credit Cards Best Cash Back Credit Cards Best Credit Card Welcome Bonuses Best Credit Cards to Build Credit SELECT All Loans Find the Best Personal Loan for You Best Personal Loans Best Debt Consolidation Loans Best Loans to Refinance Credit Card Debt Best Loans with Fast Funding Best Small Personal Loans Best Large Personal Loans Best Personal Loans to Apply Online Best Student Loan Refinance SELECT All Banking Find the Savings Account for You Best High Yield Savings Accounts Best Big Bank Savings Accounts Best Big Bank Checking Accounts Best No Fee Checking Accounts No Overdraft Fee Checking Accounts Best Checking Account Bonuses Best Money Market Accounts Best CDs Best Credit Unions SELECT All Mortgages Best Mortgages Best Mortgages for Small Down Payment Best Mortgages for No Down Payment Best Mortgages with No Origination Fee Best Mortgages for Average Credit Score Adjustable Rate Mortgages Affording a Mortgage SELECT All Insurance Best Life Insurance Best Homeowners Insurance Best Renters Insurance Best Car Insurance Travel Insurance SELECT All Credit Monitoring Best Credit Monitoring Services Best Identity Theft Protection How to Boost Your Credit Score Credit Repair Services SELECT All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt Relief SELECT All Small Business Best Small Business Savings Accounts Best Small Business Checking Accounts Best Credit Cards for Small Business Best Small Business Loans Best Tax Software for Small Business SELECT All Taxes Best Tax Software Best Tax Software for Small Businesses Tax Refunds SELECT All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score or Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score SELECT All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds. USA. INTL. watch live. Search quotes, news & videos. Watchlist. SIGN IN. Create free account. Markets. Business. Investing. Tech. Politics. CNBC TV. Watchlist. Investing Club. PRO. Menu. CEO Council Summit. CNBC CEO Council. Leadership Insights. Susan Caminiti. @SusanCaminiti. WATCH LIVE. Since generative AI burst onto the business landscape last November, CEOs and other C-suite leaders have been trying to understand the impact the technology will have on their companies. Employees are worried AI will erase their jobs. It's up to C-suite leaders to bring employees along and provide the upskilling needed to make the most of AI. As companies look to deploy generative artificial intelligence across their businesses, leaders run the risk of leaving the bulk of their employees behind. That's a mistake that will cost companies dearly, according to PwC's Tim Ryan. Since generative AI burst onto the business landscape last November, CEOs have been trying to understand the impact the technology will have on their companies. Breathless interviews about generative AI's ability to do everything from supply chain management to customer service better, faster, and with fewer humans in the mix, have dominated the headlines. Meanwhile, workers, still trying to recalibrate after the pandemic and the massive layoffs that occurred last year thanks to sky-high inflation and an uncertain economy, are wondering if AI will permanently erase their jobs. Ryan said he's seen this cycle before. When he took over the top spot at PwC in 2016, the firm was in the midst of its own aggressive tech transformation. Workers, he said, were worried their jobs were going away as a result. He knew the only way to quell that worry was to train them on the new technologies PwC was using. "We taught our people how to use data analytics, bots, how to use visualization and we had massive success," he said. "We made a commitment to our people not to leave them behind as long as they chose not to be left behind. Upskilling was very important because we were sensitive to what our people were feeling, and that was worry." AI as a job creator, not job eliminator. Ryan said he sees that same job loss worry bubbling up again, but this time more intensely since AI is dominating the conversation. However, he's not "in the camp that foresees the elimination of large parts of the workforce. I don't think AI is a mass job eliminator." An aging population, economic growth coming from overhauls to healthcare and infrastructure, and more nearshoring to eliminate supply chain risk are just some of the reasons why he believes the AI-as-job-eliminator narrative is false. "AI is going to be an evolution, not a revolution," he said. "To think we're going to wake up tomorrow and find an entire part of the workforce wiped out is a bit naive." Instead, what Ryan is seeing within PwC and with the company's clients is a shift in what employees should do and what can be better done by AI. Inside PwC, for example, AI is enabling auditors to speed through 150- to 200-page 10-K financial documents in a fraction of the time it took them before. Looking for trends and anomalies in these filings is what auditors do all day long, Ryan said. Through PwC's partnership with Microsoft, the company built its own version of ChatGPT. This private platform enables PwC auditors to look at multiple companies in different sectors to unearth trends and analyze data. The company said it's part of a $1 billion investment over the next three years to expand its AI offerings. "The auditors' jobs didn't go away, just the less exciting part of hunting down data," he said. The part of the job that brings out the true value of the auditors — analyzing data — in fact, got better, Ryan added. As for the messaging that needs to come from CEOs and other C-suite leaders about AI, Ryan said clarity and transparency should lead the way. "Our words matter. Be clear and never mislead anyone," he said. "[The adoption of AI] is going to happen over time, not in an instant so don't put people in a panic. Tell them how you're going to help them stay relevant." watch now. VIDEO. 6:28. 06:28. Power Lunch. More In Leadership Insights. The 117-year-old steel maker that's key to solving climate tech's recycling issue. Ian Thomas. watch now watch now VIDEO 03:13. Booking Holdings CEO on blowout Q2 earnings: Not seeing any signs of travel demand slowdown. watch now watch now VIDEO 04:49. We have yet to see the projected consumer slowdown, says Edgewell Personal Care CEO. Read More. Subscribe to CNBC PRO. Licensing & Reprints. CNBC Councils. Select Personal Finance. 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