How people and Gen AI can work together to grow the economy

There is now near-universal recognition of the importance of generative AI. Most CEOs I meet with believe that it has the potential to reinvent not only their organizations, but every industry. Generative AI is set to transform the workforce, but companies can unlock the value of Gen AI only if they use it in ways that generate consumer, employee, and stakeholder trust and put human well-being first.

Taking a people-centric approach is crucial. As part of this new era of reinvention, organizations will need to focus on reinventing their workforce at all levels, from fully understanding Gen AI at a leadership level to providing workers with the skills they need to work with the technology in their particular area of the business.

Our research found that adopting Gen AI responsibly, at scale and with a focus on people, could add $2.7 trillion in economic value in North America over the next 15 years. That’s the equivalent of adding 0.5 percentage points to annual GDP growth every year up to 2038.

Put simply, this is a once-in-a-generation opportunity for business leaders to not only succeed in the age of AI but also create future growth and prosperity in our region. But this won’t happen automatically. When speaking to clients and my leadership team, I always emphasize four specific steps that will help us fully realize this opportunity.

Four steps to take action

First, business leaders must lead and learn in new ways. To be effective and build trust in the Gen AI-enabled future, leaders need to immerse themselves in the technology, engage, lead differently, and challenge old mindsets to learn new things. They also need to make sure their businesses are using the technology responsibly to build that trust, not only within their organization and with clients, but also the wider community.

Second, businesses must reinvent the way they work. This means rethinking entire workflows, aligning Gen AI use with business goals for better efficiency, innovation, and breaking down silos.  From there, it’s possible to re-focus on how the work needs to change to better serve customers, support people, and achieve business outcomes.

Third, businesses will need to reshape the workforce. This technology demands a workforce that is agile and dynamic. Organizations will need to further leverage tools and technologies, such as skills mapping, that can help facilitate smoother transitions from declining to emerging roles. And as work and roles shift, increased capacity can free up time and talent for higher value activities.

Last, but certainly not least, leaders need to think about their people and prepare them for this technology. This includes investing in helping workers acquire market-relevant technical skills and the capability to collaborate with machines. They will also need to focus on soft skills. Along this journey, leaders also need to listen and involve their people at every step of the way to strengthen trust.

The critical investment: your people

Investment in people is the critical action that connects all four of the steps above. Our research found that 88% of North American leaders are planning to increase their spending on Gen AI this year, but just 33% are planning to invest in their employees, putting the potential of gains from Gen AI at risk.

This technology introduces new needs for talent, especially in technical competencies, such as AI engineering and enterprise architecture, alongside expected significant rises in demand for data analysts and digital transformation specialists. As the workplace evolves and automation takes over repetitive tasks, people will need to learn to work with new technologies; for example, an accountant learning to use Gen AI as a virtual audit partner or a physician automating administrative tasks to free up more time with patients. And leaders should consider these changes from their people’s perspective; by reskilling and upskilling them in technology, data, and AI, you can help them futureproof their careers and enable them to thrive.

A great example of a company that is taking a people-centric approach is a multinational integrated healthcare, pharmacy, and retail leader, which Accenture worked with to develop an ethical AI foundation across their entire business. Building this foundation was a multi-layered process that included defining objectives and creating training materials on responsible AI to make sure the company was bringing their workers along on the journey and using the technology responsibly. This initiative fostered enhanced cross-functional collaboration and resilience within the company. We are also supporting a global biopharmaceutical company with a ground-breaking generative AI training program for their employees to create world-class digital leaders.

All industries in North America are going to see change—some more quickly than others—and every business will be affected. This is why it is important for all leaders to act now to meet head on the exciting opportunities that Gen AI will create. Investing in your people now will empower your business—and the future of our region.

This story was originally featured on Fortune.com