I have recently spoken with business leaders who are very excited with the increased productivity they expect thanks to GenAI. 

And yet, from what I see, their employees do not generally show the same enthusiasm. The way they see it, they will be generating more money for the business while working the same number of hours for the same salary. Someone is bound to be very disappointed.

The expectation of redundancies due to AI is common. You might think that this should motivate them to work harder or fully adopt AI to not lose their job, instead, it is driving many to consider career change, moving jobs, or starting side gigs. There is a feeling of inevitability to it, as if nothing that they do will make a difference.

And I am not the only one hearing this, 70% of Gen Z are either freelancing or planning to do it soon. Read that again and let it sink in. A not insignificant number of Millenials are in the same boat too. Think now about the talent crisis there is, and make a prediction for how that is going to go in the near future. 

Job dissatisfaction has been growing non-stop for the last ten years, with no sign of slowing down. Ten years ago I barely knew actuaries who were not happy with their jobs. Sadly, it is not like that anymore. Over the last couple of years many actuaries I know have expressed their unhappiness with actuarial jobs. In general, not just with their current role. And it is not actuaries only, the Accounting Profession is facing significant challenges too (in case you thought it was me, spreading unhappiness amongst all them innocent actuaries!).

I doubt any government initiative will make a difference to what seems to boil down to dissatisfaction with working conditions, being disillusioned with one’s career, and a general lack of trust in employers, particularly amongst younger people.

A few years ago, a senior leader expressed his frustration at his employees’ reluctance to return to the office post-Covid. He could not understand why. According to him, they had a great office culture. I pointed out that that culture worked for him, but was clearly not working for everyone. I suggested that he should acknowledge it and try to fix what was not working rather than force people to return to work in an environment they did not enjoy. 

It went down like a lead balloon. And I have learned the lesson, whenever I hear a similar story I smile, I listen politely, and I say nothing. I am freelancing now, I have no skin in the game. It is, bluntly, not my problem anymore. But businesses that ignore this will continue to struggle to attract and retain happy, engaged, and productive staff. A big shift in workplace culture is required. 

In my early 20s there was huge competition for jobs. There were many candidates of my age so you had to accept things that you did not like in order to get and keep a job. Demographics in all developed countries show that there are fewer candidates now of that age cohort (and no hope of reversing that trend for many decades), but demand is still considerable, so they have more options.

Check the link about the shortage of accountants again, and I am sure you have also read of similar issues in the hospitality sector. Some industries are in trouble, as younger people show little interest in joining them for a variety of reasons. And think too of how many times you heard (I know I did) negative comments about the insurance industry, and nothing changed because people needed jobs and insurance was stable. Well, maybe there is your talent crisis in a nutshell. Either companies change their culture and the relationship with their employees, or the talent crisis will be here for a long time.

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