Generative AI: Embrace the FOMO and Start Reskilling

What impact will generative AI have on real estate? It's the question on everybody's lips. The most palpable effect so far is a sweeping wave of FOMO. And if you aren't feeling it yet, you probably should be.

Three quarters of leadership teams at Fortune 500 companies are already planning to incorporate generative AI within the next three years to bolster employee productivity, according to a study by The Harris Poll for Insight Enterprises. Meanwhile, nearly a third of respondents to an August study by McKinsey revealed their organisations are already harnessing the power of gen AI regularly in at least one business function.

But here's the catch. It's not as simple as flicking a switch. Finding the right experts to partner with or the most appropriate generative AI technology presents challenges in a nascent industry, but allowing staff adequate time for training and adjustment is a different ball game. The same McKinsey study found that nearly four in ten respondents envisaged more than 20% of their workforces will need reskilling to adopt generative AI. For those already advanced in gen AI adoption, that figure rockets to 30%. The process could take years. 

First movers are set to reap significant rewards, but tread lightly. Preparing companies for technological shifts requires a delicate touch. Research suggests that early starts combined with small increments of training (a method known as microlearning), can enhance content retention and motivation. By slicing large changes to work styles into smaller, digestible chunks, employees can more effectively absorb and apply newfound knowledge.

This measured approach will also provide ample time for employees to witness the productivity-boosting power of AI assistants like Fifth Dimension. Yes, job displacement anxiety is still rife, but let's clear the air: it takes humans to unlock the full potential of generative AI, and vice versa. This symbiotic relationship will only become evident through interaction.

So, here's a piece of advice: surrender to that gut feeling. Heed the FOMO and take the leap. Your teams will thank you for it. After all, the future of work is not just about embracing new technology, but about reskilling our workforce to make the most of it. The generative AI revolution is here. Now's the time to prepare.