This article was written using Finnt software and summarizes insights from McKinsey's Building talent in generative AI for employees report. To receive more report summaries powered by Finnt, complete the form below.

Facts and Data

FactDataSourceShare of Workers using AI by categoryCreators: 2%
Heavy users: 8%
Light users: 18%
Nonusers: 71.88%Survey of 9,684 employees across Canada, the UK, and the USIn-House talent increase strategyMajority of organizations plan to build gen AI capabilities internally through upskilling, reskilling, and redeploying talent"the-human-side-of-generative-ai-creating-a-path-to-productivity.pdf", Page 7Attraction factors for Creators and Heavy UsersMeaningful work: 39%
Caring and inspiring leaders: 45%
Inclusive community: 37%
Supportive people at work: 50%
Workplace flexibility: 35%
Employee health and well-being: 20%
Adequate compensation: 17%Survey dataImportance of higher cognitive and social-emotional skillsAs gen AI usage increases, higher cognitive skills and social-emotional skills are rated as more important than technological skillsSurvey findingsRedefining flexibility in the workforceFlexibility and relational factors are prioritized over compensation for creators and heavy users of gen AISurvey insightsPeople over pay preferenceCreators and heavy users prioritize relational factors over compensation in job choice and retentionSurvey data

Recommendations

Emphasize Active Listening

Foster a culture of active listening to create a constantly evolving dialogue with employees. The goal is to enhance problem-solving and morale as the gen AI talent pool expands.

Engage Employees on Changes

Proactively engage workers about the potential changes and impacts of gen AI integration. It's important to also address concerns about job displacement and the evolving nature of work.

Recognize Human Contributions

Encourage employees to recognize the importance of their insights and creative contributions, especially as tasks and time spent on work evolve with gen AI integration.

Foster Ongoing Dialogue

Create an environment of open and evolving dialogue rather than making assumptions, to better navigate workforce dynamics and maintain morale amidst the changes brought by gen AI.

Address Employee Concerns Proactively

Address concerns about job displacement due to gen AI, especially among younger workers, through open communication and engagement.

Develop Human-Centric Skills

Focus on developing higher cognitive and social-emotional skills over purely technological skills, as these are becoming more important with the increase in gen AI usage.

Prioritize Relational Factors Over Compensation

For creators and heavy users of gen AI, emphasize workplace flexibility, meaningful work, caring leaders, and a sense of community over compensation.

Manage People and Gen AI Use

As gen AI becomes more integrated, ensure managers focus on supporting their teams and humanizing work, encouraging the use of unique insights and creative contributions.

Redefine Flexibility and Workweek

With gen AI potentially automating many tasks, emphasize the creative aspects of work and consider rethinking the traditional 40-hour workweek.

Engage in Ongoing Dialogue with Employees

Maintain open dialogues with employees to understand their needs and concerns around gen AI changes, addressing issues like burnout and attrition proactively.

Recommendation by Finnt

Upskill and Reskill Finance Team

Invest in upskilling and reskilling the existing finance team in advanced analytics, data science, and gen AI technologies to enhance FP&A capabilities internally.

Integrate Gen AI into FP&A Processes

Actively explore and integrate generative AI tools that can automate routine tasks, enhance forecasting accuracy, and provide deeper insights into financial data.

Foster a Culture of Continuous Learning

Create a culture that encourages continuous learning and innovation within the finance team, ensuring they remain adaptable and forward-thinking in the use of new technologies.

Enhance Collaborative Workflows with AI

Utilize gen AI to enhance collaborative workflows among the FP&A team, improving efficiency and enabling more strategic use of human insights.

Implement Human-Centric AI Use

Ensure the use of gen AI in FP&A processes emphasizes the augmentation of human capabilities, not replacement, focusing on strategic decision-making and creative problem-solving.

Prioritize Data Security and Ethics

As gen AI is integrated into FP&A processes, prioritize data security and ethical considerations. The goal is to protect sensitive financial information and maintain stakeholder trust.

Leverage AI for Scenario Planning

Use gen AI capabilities for advanced scenario planning and risk management, enabling more dynamic and responsive financial strategies.

Promote Cross-Functional Collaboration

Encourage collaboration between the finance team and other departments in the use of gen AI, fostering a holistic approach to business planning and analysis.

Monitor AI Impact and Adjust Strategies

Regularly monitor the impact of gen AI integration on FP&A processes and outcomes, adjusting strategies as needed to optimize performance and value creation.

Engage in Strategic Talent Management

Focus on strategic talent management to attract and retain skilled professionals. They'll be able to drive the successful integration of gen AI into FP&A. Prioritized skills should include analytics, gen AI, and strategic financial management.