Unprecedented Generative AI Use Does Not Guarantee Quick Productivity Gains

Oliver Wyman Forum Finds Challenges Remain in Training Current and Future Workforces

DAVOS, Switzerland, Jan. 16, 2024 /PRNewswire/ -- Oliver Wyman, a business of Marsh McLennan (NYSE: MMC), announced today findings from a new report entitled "How Generative AI is Transforming Business and Society," released at the World Economic Forum Annual Meeting in Davos, Switzerland.

The report, from Oliver Wyman's think tank, the Oliver Wyman Forum, found that more than half of employees globally now use generative AI at work and that adoption is far higher in some countries. The Forum also found that adoption has not necessarily translated into higher levels of productivity – yet.

"The adoption rate of generative AI has been nothing short of remarkable," said John Romeo, CEO of the Oliver Wyman Forum. "ChatGPT achieved mass adoption in less than one year -- a stark contrast to the internet, which took 17 years, smartphones 21 years, and electricity which took three decades, but training is not keeping up and we are facing an AI productivity disconnect."

Forecasting business impact over the next decade, the report shows generative AI-trained junior employees will climb into management ranks faster than ever before. And senior-level leaders express the greatest levels of concern about losing their jobs to generative AI automation, according to the report.

Key workplace findings from the report are below:

Consumer findings include:

Ana Kreacic, COO of the Oliver Wyman Forum and Chief Knowledge Officer of the Oliver Wyman Group commented: "Automation is no longer just a narrative of blue-collar workers. Many white-collar workers fear their roles will become displaced with generative AI, and this anxiety is having a direct impact on productivity. It's a misconception for businesses to wait a year or two and hope to hire a fully generative AI trained workforce. Companies need to reskill the employees they have now by focusing on areas with the most near-term applications."

About the report

Oliver Wyman Forum conducted the survey to enhance its understanding of generative AI, specifically in the context of the workplace, the consumer economy, and risk. The survey was conducted in June and November 2023 among a total of 25,000 respondents across 16 countries including: the United States, Canada, Mexico, Brazil, the United Kingdom, France, Italy, Germany, Spain, China (Hong Kong), India, Indonesia, Singapore, the United Arab Emirates, and Australia.

About Oliver Wyman
Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 7,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC].

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SOURCE Oliver Wyman