The popular artificial intelligence chatbot, ChatGPT reached 100 million users in just two months of launching as professionals use it regularly to help them accomplish their jobs. The potential for ChatGPT to impact how we work and live is so big that Microsoft invested $10 billion in ChatGPT’s parent company OpenAI and has already integrated it into Bing, their search engine. And, in response there are already a lot of competitors, including Google Bard. Between Buzzfeed replacing 12% of their workforce with it, and judges using it to make court decisions, the impact of ChatGPT is growing rapidly and can’t be ignored. I believe it will impact every single industry, company, department, and job in one way or another moving forward. Nearly one-third of U.S. white-collar workers have already used or integrated it into their everyday work.
ChatGPT is a language model developed by OpenAI that uses advanced artificial intelligence and machine learning techniques to generate human-like text. It was trained on a large corpus of text data, allowing it to understand and respond to a wide range of questions and prompts. ChatGPT matters because it represents a major step forward in the development of AI and machine learning technology. Its ability to generate human-like text with remarkable accuracy and consistency has wide-ranging implications for many professions like HR.
By using ChatGPT, HR can improve employee productivity while reducing costs. According to a study conducted by Deloitte, companies that use AI-powered systems, including ChatGPT, can see an improvement in employee productivity by up to 40%. ChatGPT's ability to provide instant support and information can help employees complete tasks more efficiently, freeing up time for more strategic and value-adding activities. ChatGPT can help HR departments save money by automating repetitive and time-consuming tasks, such as answering common questions from employees. A study by Accenture estimates that organizations could save up to 60% on operational costs by using AI-powered systems like ChatGPT.
ChatGPT can be integrated into chatbots, virtual assistants, and customer service platforms to provide instant, personalized support to employees. Its ability to understand natural language and respond to a wide range of questions makes it well-suited for tasks such as answering frequently asked questions, providing product recommendations, and resolving employee issues.
ChatGPT can provide HR departments with an efficient and cost-effective way to support and engage employees. Its ability to provide personalized support and information in real-time can help HR better meet the needs of their workforce and improve overall organizational performance. But, in its early stages, it has limitations in understanding different queries, bias in data, lack of emotional intelligence and it only has a knowledge base of research and events up to 2021.
HR departments need to consider the legal, ethical, and social implications of using ChatGPT in the workplace. They must also be diligent in evaluating the accuracy and reliability of the information provided by ChatGPT and work to build employee trust and acceptance of this technology.
Despite the potential risks, ChatGPT has the potential to transform the HR function in organizations by automating repetitive tasks, improving the employee experience, and enhancing HR departments' ability to deliver value to organizations. HR departments that embrace this technology will be well-positioned to support their organizations in a rapidly changing business environment.
Thanks for reading — be sure to join the conversation on LinkedIn and let me know your thoughts on this topic!
Check out the previous issues of the Workplace Intelligence Insider newsletter below and subscribe now to get new articles every Monday.
News Spotlight Entry-level jobs are being automated. AI is competing for jobs with college graduates as labor conditions have declined since the start of the year, even for M.B.A. grads (The Atlantic). AI helps job seekers change careers. New tools give users insight into how skills in one field can transfer to a different one (The Wall Street Journal). Pay-for-performance incentivizes productivity. Google, Amazon, and other companies are rewarding top performers to get higher rewards and...
News Spotlight Office amenities are being used for RTO. Companies are offering free food, a spa, sports activities, and more in order to lure workers back to offices (Chicago Tribune). The return of shared workspaces. More companies are ditching individual desks and embracing shared spaces (Fortune). ESOPs gain popularity as an employee benefit. Employers gravitate toward employee stock ownership plans for retention purposes (CNBC). Stat of the Week A new study finds that leaders expect their...
News Spotlight Monitoring brain activity to boost performance. Meta's new helmet reads brain activity non-invasively, allowing users to translate their thoughts into text and increasing productivity (Allwork Space). Employees can turn their PTO into cash. A growing trend allows employees to exchange unused paid time off for options like cash, retirement funds, or even help with student loan payments (Fortune). Gen X is worried they’ve become obsolete. Experienced professionals in creative...