The landscape of the workplace is evolving with the integration of artificial intelligence (AI) technologies, marking a significant shift in job dynamics and functions. With over 54,000 job cuts linked to AI advancements in the past year, the call for adaptation in the workforce has become more urgent. Citigroup’s CEO, Jane Fraser, is actively addressing these changes to support her employees through this technological transformation.
Fraser emphasized at a recent event in Davos that while AI will undoubtedly alter work roles and may even displace certain jobs, it also holds the promise of creating new opportunities that are beyond our current imagination. In an effort to equip Citigroup’s workforce to navigate these challenges, the bank has implemented mandatory AI training for 175,000 employees across 80 global locations. This initiative was aimed at demystifying the technology and enhancing workers’ skills in AI prompting.
Fraser believes that familiarity with AI is crucial and aims to ensure employees are well-prepared for the impending changes. The training represents a proactive strategy, allowing employees to retain a sense of control over their careers as they learn to leverage AI tools effectively. She noted an essential perspective: “Not that AI is going to take your job away, but someone using AI is going to probably be better at your job than you are.”
This move is not merely about maintaining job security; it’s also a strategic approach to reduce hiring costs and improve internal mobility. Almost half of Citigroup’s job openings are filled by current employees, demonstrating a commitment to investing in their development. According to Peter Fox, Citigroup’s head of learning, the training platform is designed to accommodate different skill levels, making it accessible for all employees.
The results thus far have been promising, with over 6.5 million prompts generated by employees using the bank’s AI tools and a 70% adoption rate recorded. The internal feedback has indicated that tasks which previously consumed hours can now be completed in a fraction of the time, further showcasing the efficiency gains made possible through AI.
As the workforce grapples with the uncertainties brought on by AI, training initiatives like Citigroup’s serve as a reassuring measure to affirm that technology is intended to complement human efforts rather than eliminate them. Experts emphasize this perspective, noting that AI should function as a co-pilot in the existing work environment, providing support rather than acting as a replacement.
Citigroup’s efforts to embrace AI while simultaneously bolstering its workforce through effective training highlight a positive trend in corporate responsibility toward employee welfare and professional development amid rapid technological change.