The program recognizes EY workers who are able to use advanced technologies to “turn disruption into opportunity”
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NEED TO KNOW
- Major accounting firm Ernst & Young announced it is investing $100 million in bonuses to reward workers for using their skills to “advance the firm’s culture” and “drive innovation”
- Other companies are focusing on workers who use critical thinking and judgment amid a growing reliance on artificial intelligence
- A recent Pew survey found 71% of adults believe AI will result in fewer jobs in America over the next 20 years
As companies around the world continue to invest heavily in artificial intelligence in the workplace, a major accounting firm is rewarding its employees for still using their “human” skills.
Ernst & Young (EY), one of the “Big Four” accounting firms, announced on Monday, Aug. 31, that it is investing $100 million in bonuses as a reward to workers “who develop future-focused skills, advance the firm’s culture, drive innovation, and deliver exceptional client service.”
“The pace and complexity of change in our industry require confident leadership,” said EY Americas CEO and U.S. Managing Partner Dante D’Egidio in a statement. “This significant investment reinforces our commitment to building the workforce of the future by recognizing the skills and behaviors needed to lead our profession and serve our clients with excellence.”
EY also announced that along with rewarding technology adoption, the program recognizes workers who are able to use advanced technologies to “turn disruption into opportunity.”
The company outlined the program’s three award categories: recognition of actions that contribute “to learning, experimentation, collaboration and leadership in the moment”; rewarding those whose actions drive “meaningful change”; and honoring individuals or teams whose work makes “a long-lasting, material impact on the firm.”
The awards range from up to $500 for individuals to a maximum of $25,000 for people and teams, The Wall Street Journal reported.
“With these awards,” said Ginnie Carlier, EY Americas Chief Talent and Culture Officer in the company’s release, “we are empowering our EY professionals to bring a curious mindset to their work, to challenge what is possible and to ultimately shape the future of EY US.”
In addition to Ernst & Young, other “Big Four” companies like KPMG and PwC are shifting their focus through their programs and training on critical thinking skills, judgment and human traits, according to The Wall Street Journal. This comes as concerns increase that AI will replace workers.
“It seems very likely to a large number of people that we will get massive unemployment caused by AI,” British computer scientist Geoffrey Hinton, dubbed the “Godfather of AI,” said in a talk with Vermont Sen. Bernie Sanders last year at Georgetown University, Fortune reported.
“And if you ask where are these guys going to get the roughly trillion dollars they’re investing in data centers and chips…one of the main sources of money is going to be by selling people AI that will do the work of workers much cheaper,” Hinton added.
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According to a recent Pew survey, 52% of Americans said they are more worried than excited over the growing use of AI. The survey found 71% of adults believe AI will result in fewer jobs in America over the next 20 years.
Meanwhile, EY said that its rewards program is part of the firm’s continued multibillion-dollar investments to draw in talent “who can thrive in a tech-led, human-powered world.”
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