As I touched on in my column at the start of the year, a must have resolution for Scottish businesses in 2024 is to ensure that they stay on top of artificial intelligence.
Whether we like it or not, AI will be a key component of any business activity moving forward, so if you are just starting your career or currently a CEO, it’s vital that we develop our knowledge and skill set, otherwise we are likely to be left behind.
That prediction has already been backed by recent analysis from the International Monetary Fund (IMF), which believes artificial intelligence is set to affect nearly 40 per cent of all jobs globally in the not-so-distant future.
And, while the potential for increased productivity and growth is immense, so too are the concerns about job displacement and deepening inequality, not just here in Scotland, but on a worldwide stage.
Predicting the net effect of AI is challenging, given the complex ways in which we will see it ripple through economies. However, one thing is clear to me, we must have a strong government both in Scotland and the UK to devise a set of policies, which will both prudently unlock AI’s vast potential to the business landscape, but also address the associated challenges that many might face.
After all, we are all aware of the scare stories that AI and computers will steal our jobs and make us all redundant. And, whilst automation driven by AI will undoubtedly change the job landscape, the IMF’s findings highlight a nuanced reality to this unhelpful take.
In advanced economies, where the stakes are higher, a disproportionate number of jobs may be influenced by AI. While this presents risks, it also offers substantial opportunities for productivity enhancement.
Conversely, emerging markets and developing economies face fewer immediate disruptions from AI, but they lack the infrastructure and skilled workforce to fully harness its benefits, potentially exacerbating inequality.
With this in mind, it’s easy to see that AI’s impact will extend beyond national boundaries and will likely affect both income and wealth inequality within countries, including our very own. There is potential for us to see a very real polarisation between income brackets, with workers adept at harnessing new technology enjoying an increase in productivity and wages, while those unable to adapt fall behind.
COVID, for me, hit home the digital divide that exists between our younger workforce and those in more advanced years, and whilst those beginning their careers may find AI opportunities more accessible, you get the sense that older workers will be left grappling with adaptation challenges.
Throwing in the fact that the average age of a UK business leader is 52, and a UK politician is 51, it becomes apparent that there will need to be an attitude shift at the top. After all, the likely exacerbation of overall inequality through AI will be down to poor policy making.
Our economic focus in the short to medium term should be on prioritising AI innovation, integration, and regulatory frameworks to foster a secure and responsible AI environment, whilst both the Scottish and UK government must also establish comprehensive social safety nets and retraining programmes to ensure an inclusive AI transition that will protect livelihoods.
The big question for me though is whether this current SNP government would be up to that task? And to be honest, if you struggle to get two ferries built on time and budget, I’m not too sure.
We saw the UK government step up late last year to host an AI safety summit, attended by major players within global politics, the tech sector and business, which post event has been seen as a success for the PM.
The Scottish government, if it wishes to do what’s best for the country, would be wise to follow that lead and ensure that it is proactive in ensuring we are at the top table for any further such discussions.
At this moment, we are standing on a technological frontier, so it’s imperative that our decision makers can have the vision to shape policies that will harness the power of AI for the collective benefit of our economy and workforce, otherwise we will quickly fall behind.
Cycling to work delivers a mental health boost
As business leaders, I believe we have a level of responsibility when it comes to looking after our staff in all elements of their working life – especially when it comes to mental health.
I’m a big fan of workplace wellbeing initiatives, and one which I think has been completely transformational for workforces across the country is the ‘Cycle to Work’ scheme – a UK Government initiative that sees employers loan bicycles to employees as a tax-free benefit.
The impact the scheme has had is phenomenal – not just because of its great environmental benefits, but how it has encouraged tens of thousands of us to get on our bikes and get more active on either side of our working day.
In fact, the benefits of cycling to and from work have been revealed in a new study by researchers from the University of Edinburgh, who have found those who do are less likely to be prescribed antidepressants.
Analysis of nearly 380,000 people living in Scotland suggests commuting by bike reduces the risk of mental ill health, while the survey found a 15 per cent reduction in prescriptions for depression and anxiety among cyclists, compared to non-cyclists.
The survey makes for interesting reading, not least for business owners looking for ways to help improve the overall wellbeing of their workforce. I’d strongly encourage any employer – or employee – to get on a bike to get to work. The figures really do speak for themselves.
It Made Me Laugh
How do you fancy getting your hands on Scotland’s very best kebab?
If you’re in easy reach of Glasgow then you’re in luck, as the city centre eatery Shawarma King has been crowned this year’s Best Kebab Restaurant at the annual Scottish Asian Food Awards.
Their fantastic creations regularly see them going viral on social media, attracting audiences from across the country as a result.
In fact, they have proved so popular the operator has recently opened a second venue in the city to keep up with demand.
The ‘Kings’ are providing a masterclass in how entrepreneurs can harness social media to support their growth. Coupled with their brilliant – and delicious – offering, I wouldn’t be surprised if we see a Shawarma King-dom growing across the west of Scotland soon.
It Made Me Weep
I was sorry to hear about the planned closure of Oban-based delivery firm Menzies Parcels, which has unfortunately placed 270 jobs at risk.
The courier, which provides services across Argyll, Aberdeenshire and the Highlands and Islands, is set to shut at the end of February, citing “significant losses” as the reason why.
Not only will this present significant implications for the families of the workers affected, but I fear we could see Highland delivery charges skyrocket even further because of this potential closure.
At a time where so many people are already struggling to make ends meet, I hope to see urgent action from the Scottish Government to provide financial support to those affected.
