AI Transforming the Global Employment Landscape: Insights from Industry Leaders – by Tram Anh Nguyen

Advancements in Artificial Intelligence are dramatically reshaping the global employment landscape, with the potential to impact over 300 million jobs worldwide. 

At the Singapore Fintech Festival in November 2023, I had the opportunity to host the Talent Stage and prior to the event, I interviewed 50 industry leaders from banking, government, and AI companies. This discussion led to a comprehensive survey focusing on four key areas: the impact of AI on organizations and employment, the influence of AI on individual skills, the challenges posed by AI, and potential solutions.

AI’s Disruptive Influence on Organizations and Skills Development

AI is not merely an incremental innovation but a disruptive force that will significantly transform all sectors, leading to the development of new skills. While the landscape is rapidly evolving, the Centre for Finance, Technology, and Entrepreneurship (CFTE) maintains that skills and talent remain the primary drivers of transformation.

In the research survey, 95% of industry leaders expressed a positive outlook on AI’s potential to enhance operational efficiency, automation, and customer experience. GenAI, in particular, was highlighted for its ability to improve communication and personalised services, with a notable emphasis on its role in elevating content creation.

On an individual level, 82% of senior leaders believe AI will augment the capabilities of professionals, helping them deliver solutions that are better, cheaper, and faster. However, uncertainties remain about the net impact on jobs, with AI’s effects likely to vary depending on the specific roles and sectors involved.

What to look out for in 2024?

In 2024, I would like to focus on 3 areas which I feel are still issues in our industry. I learnt from the Future of Skills Forum CFTE organised this year in Dubai where we interviewed the senior leaders including Governments, policy makers, the senior leaders from financial services companies and from the startups worldwide. We discussed how we bridge the skills gap: a national and corporate challenge.

Addressing skill shortages, especially at the national level, emerged as a key theme during discussions with senior leaders. The private sector plays a crucial role in bridging these gaps by investing in the broader community, promoting upskilling, and ensuring a sustainable workforce. To tackle the evolving demands of the digital economy, collaboration among governments, private enterprises, and educational institutions is essential.

Several strategies were proposed to address national skill gaps:

  1. Cross-Functional Skill Development: It is crucial to merge technical skills with professional knowledge, particularly in sectors like finance, where AI can drive innovation and compliance.
  2. Transforming Organisational Roles: Organisations should focus on transforming existing roles by fostering diverse talent and creating individual development plans to encourage innovation.
  3. Public-Private Partnerships: Governments and the private sector must collaborate effectively to develop robust skill-building initiatives that not only support corporate social responsibility but also ensure long-term economic sustainability.
  4. Innovative Educational Models: Traditional education systems need to evolve by incorporating continuous learning, vocational training, and essential soft skills like adaptability and risk management into curricula.

Getting Everyone AI-Ready: A New Skills Framework 

I shared my views on bridging the skills gap in this article published by Elevandi. To me, upskilling and reskilling at scale is the priority, and this starts with identifying the skills gap.

To prepare the workforce for an AI-driven future, CFTE developed the SHIME framework, which provides a qualitative tool to identify the key skills needed in finance and technology sectors, helping individuals assess their strengths and areas for improvement, and guiding companies and governments in workforce development.

The road to AI readiness involves acquiring foundational knowledge of AI tools, understanding the associated risks, effective data management, identifying use cases, and fostering a strategic mindset that embraces innovation.

The aim of CFTE is to provide a thorough process for individuals to evaluate their competencies to ultimately upskill into the jobs of the future. Moreover, considering the bigger picture – SHIME can be utilised by governments to analyse the workforce and its readiness to implement a country’s digital economy strategy. 

The exponential growth in finance requires new skills, and the skills gap influences all levels in finance, from organisations to sectors to countries. By focusing on these pillars, organisations can cultivate leaders who are knowledgeable about AI and capable of guiding their teams through digital transformation.

Senior Women in Leadership within the Rapidly Evolving Tech and AI Sectors

Another critical discussion point we saw was how to bring more women into leadership roles within the tech and AI sectors. Despite the transformative potential of AI, women remain underrepresented in AI development and leadership. We emphasized the need for inclusive policies and the cultivation of soft skills like empathy, teamwork, and emotional intelligence.

AI presents both opportunities and challenges for women. While it can empower women by amplifying their emotional intelligence and creativity, there are concerns about inherent biases in AI systems, especially within human resource technology. Addressing these biases and ensuring high-quality data are essential to prevent AI from perpetuating discrimination.

I see here are the areas to bring more Women Leadership roles in AI and how do we tackle this: 

  • Lifelong learning and upskilling

Lifelong learning and upskilling In terms of the skills the 3 C’s were discussed: Curiosity is essential in an environment of constant learning. Creativity involves making good use of AI tools, which is what will likely differentiate humans from machines. Courage is about having the bravery to learn, to fail fast, and to learn from those failures

  • Allowing Women to understand the fundamentals tools of AI

Understanding the fundamentals of AI tools, especially generative AI and understanding the fundamentals of the technology are critical. Many entrepreneurs think people are binary, like 0s and 1s, and they will fail if they don’t change this mindset. Those who excel in technology but also understand the importance of human relationships will be successful in leadership

  • Ethical considerations and awareness with AI tools

Ethical AI use requires leaders to balance AI reliance with judgment, addressing biases and risks. Ethical leadership and self-awareness ensure AI aligns with organizational values, fostering trust and integrity in decisions. Leaders should balance reliance on AI with their own instincts, maintaining a healthy scepticism to ensure informed decisions. Ethical leadership involves understanding and mitigating AI risks, while self-awareness helps align AI use with personal and organisational values, fostering trust and integrity in AI initiatives.

  • Enabling women to develop soft skills

Soft skills and teamwork were highlighted as being the most essential for leading AI and technology teams effectively. Leaders should invest in self-education and stay updated with global trends to leverage their teams’ capabilities. By fostering a supportive environment for their team’s upskilling and valuing both technical and non-technical contributions, leaders can enhance their team’s performance and innovation.

Women’s leadership in an AI-driven world has immense potential to drive innovation and inclusivity, leveraging strengths in emotional intelligence and creative problem solving. Achieving this potential requires addressing biases in AI systems, promoting continuous learning, and fostering supportive environments. By building confidence, advocating for diversity, and ensuring ethical AI practices, women can lead the Fourth Industrial Revolution, contributing to a more equitable and innovative future.

The Future of Workforce Development

As AI continues to reshape industries, the importance of lifelong learning and upskilling cannot be overstated. The development of essential soft skills—curiosity, creativity, and courage—will differentiate human contributions from machine automation. Building confidence, advocating for diversity, and promoting ethical AI practices will enable women and other underrepresented groups to lead in the Fourth Industrial Revolution.

The journey toward equipping the workforce with future-ready skills is ongoing. Collaboration between the public and private sectors, coupled with a commitment to continuous education, will ensure that no one is left behind in the rapidly evolving job market.

The Future skills Forum Impact report highlights the key insights and impact from the Future Skills Forum, featuring contributions from government, industry leaders, and professionals. It provides an in-depth look at the future of work and necessary skills for upcoming generations. I’d be happy to discuss the findings with anyone interested.

Contact: ta-nguyen@cfte.education

Learn the skills of Fintech

Learn the skills of Fintech

More To Explore

From Using AI Tools to Building AI Systems

AI isn’t just a tool—it’s a system. Build AI-powered workflows, automate tasks, and free yourself from repetitive work. Stop using AI in isolation. Build AI systems that work for you—24/7

From Using AI Tools to Building AI Systems

AI isn’t just a tool—it’s a system. Build AI-powered workflows, automate tasks, and free yourself from repetitive work. Stop using AI in isolation. Build AI systems that work for you—24/7

Frequently Asked Questions

The Centre for Finance, Technology & Entrepreneurship (CFTE) is a global education platform that aims to equip financial professionals and organisations with the necessary skills to remain competitive in a rapidly changing industry. Our leading training programmes, curated by global industry experts, help talent build skills to join the digital revolution in finance. CFTE’s courses are globally recognised with accreditations from ACT, IBF, CPD, SkillsFuture and ABS.

At CFTE, our mission resonates with every learner’s goals to rapidly advance in their career, to thrive in their next project or even to lead the disruption in finance with their own venture. To help you do this, CFTE gives you the tools you need to master the right skills in digital finance. We bring exclusive insights from leaders that are steering the developments in the financial sphere from global CEOs to disruptive entrepreneurs. With CFTE you don’t just learn what’s in the books, you live the experience by grasping real-world applications.

If you are looking for rich insights into how the Financial Technology arena is transforming from within, we can help you get the latest knowledge that will stir things up in your career. CFTE offers leading online programmes in digital finance, covering an expanse of topics like – Payments, AI, Open Banking, Platforms, Fintech, Intrapreneurship and more, that will help you conquer the financial technology landscape. With this expertise at your disposal, you will be on track to turbocharge your career.

You will be learning from a curated line-up of industry leaders, experts, and entrepreneurs hailing from Fortune 500 companies and Tech Unicorns, among others. They will each be presenting their knowledge and experience in the field of digital finance. No matter if you are embarking on a new journey or fortifying your role, these lecturers and guest experts will guide you through the perspective of established institutions like – Starling Bank, Wells Fargo, tech giants like – Google, IBM, successful startups such as – Kabbage or Plaid, among many more!