Invited by Tengku Zarina, CEO of the Securities Industry Development Corporation, the training and development arm of the Malaysian Securities Commission, to keynote its annual leadership summit.
Matthew GriffinFounder, President and Futurist, 311 Institute
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Tengku Zarina, CEO of the Securities Industry Development Corporation (SIDC), the training and development arm of the Malaysian Securities Commission, asked Matthew to keynote SIDC's annual leadership summit on the future of work and the workforce, with a special focus on the impact of AI.
Matthew has spoken on this topic many times since the arrival of tools such as ChatGPT, but this brief was different. Rather than the impact of AI on a company, industry or set of job roles, he was asked to explore its impact on employability, employment opportunity, the workplace and, finally, banking itself.
"AI will help people learn more, faster, and make them more employable across a much broader range of domains than they are today. But, at the same time, it will depress wages and flatten pay scales."Matthew Griffin, Virtual, December 2023
Everyone understands that AI will both automate and augment work, with good and bad consequences. Less discussed is how it changes employability. Personalised skills assessments will let AI build personalised training for each person, helping people learn more, faster, and become employable across a far broader range of domains. At the same time, it will depress wages and flatten pay scales.
On opportunity, AI will play a growing role in helping candidates find jobs and in placing and onboarding them faster, and increasingly in managing, monitoring, disciplining and even firing them.
On whether AI could ever replace humans in private banking, his answer was not the one many expect: humans stay very much in the loop, at least until the rise of androids, digital humans and metaverse beings, each of which will bring its own impact.
311 Intelligence
What this means for your leadership team
Skills rise while pay flattens.
Personalised skills assessments will let AI build training for each person. People will learn faster and qualify for a far wider range of roles. The same shift depresses wages and flattens pay scales, so a bigger talent pool does not mean higher pay. 311 data on faster skills obsolescence points the same way: continuous reskilling is becoming a condition of employment, with wide use expected by 2027.
Opportunity now includes monitoring.
AI will help candidates find jobs and will place and onboard them faster. It will also manage, monitor, discipline and even fire them. 311 tracks the spread of workplace monitoring software, and leaders need clear rules on what is tracked and who decides.
Banking keeps humans in the loop.
For private banking, the near-term answer is that people stay involved. That holds until androids, digital humans and metaverse beings arrive. 311 puts digital humans at an Explore stage, with wide use expected around 2035, so there is time to plan the client relationship.
Three questions for your next leadership meeting
Which roles in our firm become open to far more candidates?
How will flatter pay scales change our hiring and retention plans?
Who sets the limits on AI managing, monitoring and disciplining staff?
The trends and technologies behind this session
From the 311 Starburst, the 311 Strategic Intelligence Unit’s map of the technologies and trends shaping the next 50 years.
It means treating AI as a force on pay and hiring as well as on tasks. Skills become easier to build, wages come under pressure, and AI takes a larger part in hiring and managing people. Leaders should plan for all three together.
How does the AI skills wage premium relate to flatter pay scales?
Both sit in 311 analysis. Jobs that ask for AI skills now pay over 60% more than similar roles that do not, while the keynote warns that AI will depress wages and flatten pay scales more widely. Pay may split between those with AI skills and those without.
How does workplace monitoring relate to AI managing staff?
Matthew expects AI to manage, monitor, discipline and even fire people. 311 data shows most US employers already track staff logins, browsing and messages, and the practice is spreading in the UK. Leaders need clear policy before the tools go further.
How can 311 brief our leadership team on this?
311 offers a private executive briefing or leadership workshop, tailored to your sector, in person first. It turns the findings into decisions on skills, pay, hiring and management for your organisation.
Bring this to your leadership teamA private executive briefing or leadership workshop, tailored to your sector. In person first, anywhere in the world.
Analysis by the 311 Strategic Intelligence Unit, from Matthew Griffin’s session and 311 data.
If Matthew gave this session today
One person now directs the work of many.
311 Institute's Future of Work research finds a heavy AI user already directs the work of about 18 people for $180 a month, which sharpens Matthew's point that AI will reshape employability and pay.
