In an unprecedented collaboration, Microsoft and LinkedIn have released the 2024 Work Trend Index, a detailed report called “AI at work is here. Now, the hard part begins. ” This joint effort provides insights on the current state of artificial intelligence (AI) in the workplace and its significant impact on how people work, lead, and hire.
The report, which corresponds to a poll done on 31, 000 international professionals from 31 countries, LinkedIn statistics on the labor market and hiring trends, data from analyzing millions of Microsoft 365 productive signals, and the interviews held with Fortune 500 customers, points out that the one-year adoption of AI has been unprecedented, thus changing the nature of modern jobs.
“AI is democratizing expertise across the workforce,” said Satya Nadella, Chairman and CEO of Microsoft. “Our latest research highlights the opportunity for every organization to apply this technology to drive better decision-making, collaboration — and ultimately business outcomes.”
Key insights from the 2024 Work Trend Index include:
- Employees Embrace AI, but Companies Lag Behind: A startling 75% of knowledge workers already have experience in using AI at work which has proven to streamline processes, unleash creativity, and help to focus on the core ones. Nevertheless, while 79% of the leaders are convinced that AI adoption is the key to competitiveness, 59% are concerned about the way productivity gains can be quantified, and 60% admit that their company does not have a clear plan for implementing AI. This is the reason up to 78% of enterprises are using the tools that they already own and bringing their own AI (BYOAI) to work, preventing them from taking full advantage of the strategic advantages of AI using as an enterprise-wide asset.
- AI Raises the Bar for Employees and Employers: Even though the fears about job loss remain, this data appears to tell us a different story. A plurality of leaders (55%) are concerned that there will not be enough people to fill positions this year, especially in the fields of cybersecurity, engineering, and creative design. On one side of the coin, the Great Reshuffle of 2021 registered a record-breaking 46% of professionals worldwide last year thinking about quitting their jobs, which makes up an all-time high. While 66% of leaders wouldn’t hire an individual without AI skills, only 39% of users have received dedicated AI training from their organizations, and only 25% of companies plan to participate in such training in the current year.
- The Rise of the AI Power User: Four categories of AI users were identified, from skeptics to power users who use AI as their main tool. Regarding the skeptics, the power user has improved the current processes and saved over 30 minutes per day. About 90% of advanced users can reveal that AI has helped better manage their workloads and enjoy their tasks. Most importantly, these users are more likely to get AI training, encouragement from the leaders, and advice from their CEO on the significance of generative AI.
In response to these findings, Microsoft announced new capabilities in Copilot for Microsoft 365, including auto complete for prompts, a rewrite feature, and a chat interface for personalized insights. LinkedIn, on the other hand, has made over 50 AI learning courses available for free to LinkedIn Premium subscribers, empowering professionals to advance their AI aptitude.
“AI is redefining work, and it’s clear we need new playbooks,” said Ryan Roslansky, CEO of LinkedIn. “It’s the leaders who build for agility instead of stability and invest in skill building internally that will give their organizations a competitive advantage and create more efficient, engaged and equitable teams.”
As the world of work continues to evolve at an unprecedented pace, the 2024 Work Trend Index serves as a clarion call for organizations to embrace AI strategically, empower their workforce with the necessary skills, and foster a culture of agility and innovation. The future of work is here, and those who adapt and leverage the power of AI will undoubtedly gain a competitive edge in the years to come.