The majority of businesses consider the human element of advanced technology as critical despite fears of staff being replaced by automation, a report has found.
A survey of 2,900 business leaders found that 86% were looking at how emerging technologies – such as AI – could advance employee skillsets. Additionally, 83% are planning to re-train their workforce to use rapidly advancing tech.
The findings come amid fears that recent advancements in generative AI will put thousands out of work.
Job security has been identified by policymakers as one of the biggest concerns of the latest wave of advanced AI, along with misinformation.
The survey, which was conducted by HSBC, also found that 82% of business leaders are investing in new talent in response to technological advancements.
Research from PushFar published last year found that over half (58.4%) of workers in the UK were afraid their jobs were replaceable by AI.
These new findings, however, suggest businesses are keen to maintain the human element of work, even as automation becomes more developed.
“The fourth industrial revolution will transform businesses as new technology and ever-increasing levels of automation are integrated into the workplace,” said Barry O’Byrne, CEO of global commercial banking at HSBC.
“Successful businesses will not see a diminished role for human skillsets. To remain competitive, businesses will need to harness new technology to empower teams to perform better, more efficiently and more creatively.”
The survey was part of the ‘Digital Horizons: How emerging tech will shape tomorrow’s business’ report from the global bank.
Previously published research from HSBC found that one in three businesses are exploring automation investments amid staff shortages.