The rise of GenAI in the workforce has happened quickly. Credit: Getty Images/10’000 Hours.

Two-thirds of CEOs are adopting GenAI faster than staff can handle in order to stay ahead of the competition, according to recent research from IBM. 

In an annual global study of 3,000 CEOs from more than 30 countries and 26 industries, 64% of respondents said they were pushing their organisation to adopt GenAI more quickly than some employees were comfortable with.

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The rise of GenAI being used in the workforce has happened quickly, with 58% of CEOs surveyed stating they were hiring for GenAI roles that did not exist last year. 

Rahul Kalia, UK & Ireland managing partner at IBM Consulting, said success with GenAI will depend “more on employee engagement and a culture of innovation rather than the technology itself”.

Of the CEOs surveyed, 37% said they were increasing their headcount due to GenAI, while 35% admitted that their workforce will require retraining and reskilling over the coming years.

Sachin Agrawal, managing director at Zoho UK, said the discussion around safe AI is often directed at regulation but should also apply to company training.

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“AI can deliver great commercial benefits in areas including forecasting, data analysis and customer experience, but just like any aspect of business, employees are ultimately responsible for driving success,” Agrawal said. 

“To minimise risks and improve employee experience, CEOs should provide staff with sufficient tech skills and training so everyone within an organisation implements responsible data practices at every stage of AI development,” he added.

GlobalData predicts that the overall AI market will be worth $909bn by 2030, having grown at a compound annual growth rate (CAGR) of 35% between 2022 and 2030.

In the GenAI space, revenues are expected to grow from $1.8bn in 2022 to $33bn in 2027, a CAGR of 80%.