Thomson Reuters, a global content and technology company, today released its Future of Professionals Report. The survey of more than 1,200 individuals working internationally shares the predicted impact that generative AI will have on the future of professional work. The survey showed 67% of respondents believe AI will have a transformational or high impact on their profession in the next five years.
What’s more, over half of the survey respondents (66%) predict AI will create new professional career paths, while 68% expect roles that do not require traditional legal or tax qualifications to increase over the next five years.
“We are at a unique moment where we have the opportunity to realize the benefits of human intelligence, thinking and collaboration differently, while using the potential of AI to overcome some of professionals biggest pain points,” said Steve Hasker, president and CEO, Thomson Reuters. “Through the application of AI to perform more mundane tasks, professionals have the unique opportunity to address human capital issues such as job satisfaction, well-being, and work-life balance. This will in turn unlock time for professionals to focus on complex work that adds value to their client’s needs.”
Amid the changing nature of professional work, organizations across industries are continuing to adopt AI into their everyday workflows. Most respondents shared optimism around the power of AI, with 45% pinning their biggest AI aspirations on improved productivity, internal efficiency, and client services, specifically as it relates to operations converging with their talent, customers, and environment.
Additionally, 67% of respondents indicated their biggest personal motivator was “producing high-quality advice.” To continue this work in the era of generative AI, professionals need to reconsider and redefine what it means to be an advisor and evolve business models to prepare and service customers for tomorrow – not just today.
More than a quarter (28%) of professionals say work negatively impacts their mental health and wellbeing. Long working hours and fear of making errors are the top two factors driving these perceptions. AI has the power to relieve some of this burden by reducing the time it takes to get the accurate and contextualized information needed to solve a problem, reducing the risk of errors, and automating mundane tasks.
Understandably, professionals are cautious; specifically, the biggest concerns include a compromise of accuracy (25%), job loss (19%), demise of the profession altogether (17%), data security (15%), and ethics (15%). Building AI that solves customers’ biggest pain points in a transparent and responsible way while providing trusted results will help instil confidence and alleviate fears.
Key industry findings from the report:
Tax and Accounting Professionals:
To access the full report, click here.
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