Revolutionizing Workforce: The AI Effect
AI Technology Won't Decimate EY's 400,000 Employees, According to CEO – May Even Expand the Workforce
In a groundbreaking share at the Milken Institute Global Conference, EY CEO Janet Truncale unfolded her thoughts about the impact of Artificial Intelligence (AI) on her 400,000-strong company.
When probed about potential job losses due to advancements in AI, Truncale suggested a contrary perspective. Instead of layoffs, employees might become more productive, potentially leading to the company's growth rather than a reduced workforce.
She envisioned an average employee capable of performing twice the work today, and under such circumstances, EY could expand rather than shrink. At the conference, she confidently stated, "We will not reduce the size of our workforce."
The power of AI serves to boost productivity and enable workers to perform at a higher level from the early stages of their careers. This expansion of capabilities should not be mistaken for automation.
EY caters to the world's largest corporations, known for data-intensive work such as auditing and accounting, leading many to speculate that firms like EY might be able to perform the same tasks with fewer people thanks to AI. However, Truncale insists that AI will change the nature of work without making people redundant or eliminating thousands of jobs.
Truncale emphasized the human component in the workplace and encouraged a significant focus on soft skills to complement AI's advantages. "You have to invest in all those soft skills," she emphasized.
EY as Client Zero
EY serves as a trailblazer, constantly testing new AI tools internally and experimenting with them to understand both their strengths and weaknesses. This pioneering role, Truncale calls "Client Zero," gives the company a unique advantage in providing well-informed guidance to clients seeking to integrate AI into their business operations.
EY has been consistently investing in AI, from AI agents that function independently and make decisions without human support, to the recent launch of its EY.ai Agentic Platform, which equips 80,000 tax professionals with 150 AI agents to streamline data collection, analysis, and compliance for income and indirect taxes.
Many industry experts share Truncale's opinion that AI should augment human work rather than replace it entirely. AI's purpose is to free humans from mundane tasks, allowing them to focus on more complex or strategically important work. For consulting firms like EY, AI presents an opportunity to offer top-notch guidance on integrating technology sensibly into their clients' businesses.
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- When asked about potential job losses due to AI, EY CEO Janet Truncale suggested a contrary perspective, stating that employees might become more productive, enabling the company to grow rather than reducing its workforce.
- Truncale emphasized that the power of AI serves to boost productivity and enable workers to perform at a higher level from the early stages of their careers, rather than automating tasks and making people redundant.
- EY, as a trailblazer in AI technologies, serves as "Client Zero," constantly testing new AI tools internally and experimenting with them to understand their strengths and weaknesses.
- Many industry experts agree with Truncale's opinion that AI should augment human work rather than replace it entirely, freeing humans from mundane tasks and allowing them to focus on more complex or strategically important work.
