Leveraging AI and future skill requirements to foster a more age inclusive culture
- Andrew Stirling
Andrew Stirling FCBI continues his own personal views of the implications of multi-generational groups for banking organisations, both for employees and customers, also having so far identified why maintaining the engagement of those at more advanced stages in their careers is so critical. In Andrew’s third and final blog he advocates that the input of multi-generational expertise can be invaluable to the successful embedding of future skills, including technologies like AI.
Decisions around employment or granting credit are increasingly viewed as being of the ‘computer says no’ variety. Concerns over any bias in such decision making generated from sophisticated AI applications means a need to be cognisant of the diversity of those groups the decisions impact. This necessitates data strategies that also place emphasis on inclusiveness. [1] However, as my previous blog Age bias and the demographic time-bomb identified for age bias more generally, research into AI and ageism observes age bias again lagging behind other biases like race and gender in AI ethics narrative. [2]
Surveys among US and European hiring managers do indicate younger candidates being more likely targeted for AI driven roles and foreseen are essential opportunities for employers to better leverage the experience of older workers in AI embedding. Echoing the concerns of AI’s potential to accentuate workplace ageism, Anika Heavener at the SCAN Foundation (which promotes age-inclusive employment) identifies distinct skills and expertise of older workers which can be effectively complemented by the use of AI tools. The full benefits though can only be optimised if employers invest in the corresponding training and development of these individuals. [3]
From a banking perspective, and also highlighting the value of experience, the Chartered Banker Institute’s Giles Cuthbert sees a continuing need for banking professionals who understand and are trained in their organisation’s core offerings not to be cut off from technology teams. Able to identify flaws, banking professionals need to be working in tandem with in-house technology and external providers. [4]
Acknowledged in addition is the importance of the right skills strategies in addressing the future skills deficit caused by retirees. Data from the Financial Services Skills Council (FSSC) identifies skills shortfalls, particularly in data analysis and insights skills, along with relationship management and coaching. Also of note is a high demand for expertise in green and sustainable finance. [5]
The variety of roles banks offer clearly put them in a strong position to accommodate more diverse inputs from multiple generations, and not only in the technology sphere. Accordingly, it would be sensible to promote these new opportunities as a means of incentivising especially those experienced colleagues (who may be at more advanced stages of their careers) to upskill and engage with future skill requirements.
Fully engaging a multi-generational workforce requires considerable effort though. For each person corresponding to generational stereotypes, many others will completely defy these expectations. Hence one of a leader’s responsibilities is to look past generational boundaries by challenging bias and preconceptions in both themselves and others. [6] Recommended is a range of leadership and management initiatives to optimise the effectiveness of multi-generational collaboration that includes: creating an environment in teams of psychological safety; confronting stereotypes; encouraging diverse thinking; recognising everyone’s personal goals are not the same; and two-way mentoring between colleagues of different generations. [7][8]
Essential are the right mindsets, not just from senior leaders but to be exhibited by all colleagues. Ensuring organisations are inclusive to everyone and consequentially thriving, this will create the broadest possible range of knowledge and expertise. Such a culture can only enhance employee motivation and in turn deliver positive customer outcomes.
Professional bodies like the Chartered Banker Institute are at the forefront of ensuring learning for today’s bank employees remains relevant to the digital age. Examples include their Principles for Responsible Banking Academy and certificated modules on the likes of Climate and AI. Such learnings can enable colleagues of all generational groups to future-proof their careers.
There is no perfect solution to multi-generational groups in the workplace, but in meeting the societal and technological challenges identified in my three blogs, the Chartered Banker Code of Professional Conduct’s principles are more pertinent than ever. Particularly so is treating all customers, colleagues and counterparties with respect and acting with integrity. [9]
[1] Riseborough, P. ‘How Financial Services Can Become Intelligent in the Age of Digital Transformation’ (2024). Available at: https://www.charteredbanker.com/resource_listing/knowledge-hub-listing/how-financial-services-can-become-intelligent-in-the-age-of-digital-transformation.html (accessed 22 December 2024).
[2] Stypinska, J. ‘AI ageism: a critical roadmap for studying age discrimination and exclusion in digitalized societies’. AI & Soc 38, 665–677 (2023). Available at: https://doi.org/10.1007/s00146-022-01553-5 (accessed 22 December 2024).
[3] Faragher, J. ‘Older workers and AI could be missed opportunity’ (2024). Available at:
https://www.personneltoday.com/hr/older-workers-ai/ (accessed 18 December 2024).
[4] Cuthbert, G. in ‘The ethics of AI’ (2021). Available at: https://www.charteredbanker.com/resource_listing/knowledge-hub-listing/the-ethics-of-ai.html (accessed 22 December 2024).
[5] Tunley, C. in ‘A delicate equilibrium’. Chartered Banker Magazine, Issue 1 2024 ed. (accessed 22 December 2024).
[6] Girvan, N. ‘5 Top Tips for Leading Multigenerational Teams’ (2024). Available at: https://www.gpstrategies.com/blog/5-top-tips-for-leading-multigenerational-teams/ (accessed 22 December 2024).
[7] Girvan, N. ‘5 Top Tips for Leading Multigenerational Teams’ (2024). Available at: https://www.gpstrategies.com/blog/5-top-tips-for-leading-multigenerational-teams/ (accessed 22 December 2024).
[8] Roy, A. ‘Managing an Ageing Team’ (2019). Available at: https://www.charteredbanker.com/resource_listing/knowledge-hub-listing/managing-an-aging-team.html (accessed 22 December 2024).
[9] Chartered Banker Code of Professional Conduct (2016). Available at: https://www.charteredbanker.com/resource_listing/knowledge-hub-listing/chartered-banker-code-of-professional-conduct.html (accessed 22 December 2024).