How AI can increase well-being by reducing risks.

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The future of reporting professionals

How AI is the catalyst to transform every aspect of work.

The rise and evolution of Artificial Intelligence (AI) Ushering in a new era for business. This is affecting all industries and their employees. And while much of the buzz revolves around the ethical and regulatory issues surrounding AI, A potential benefit The impact of AI on mental health and well-being should not be overlooked.

The reality is that many of today's professionals are stressed and burned out. Accounting professionals are no exception. While it is true that industry professionals have long been associated with high-risk work and ever-changing laws and regulations, the need for greater flexibility in performing work and a better work-life balance has perhaps never been greater. happened

To shed more light on the role that AI can play in improving the mental health and well-being of today's professionals, Thomson Reuters interviewed people working in the fields of tax and accounting, legal, global trade, risk and compliance. Surveyed over 1,200 people. To get their insight. Some may find results The future of professionals Amazing report.

The impact of AI on well-being

Every profession has its stresses and dangers. Accounting is a high-stress job associated with long stressful tax seasons and long hours. Risk management must ensure that everything is safe at all times. Sometimes lawyers have to work long hours for each case. In today's complex and competitive business environment, against a backdrop of rising inflation and economic uncertainty, the pressure has only increased and what industry professionals are looking for. More meaning in their work.

Now mix in more and more client demands and expectations, and inefficient tools and resources. For many professionals, feelings of stress and burnout are very real and are taking a toll on their health.

Some within the profession are also concerned about the impact AI will have on the industry.

In the report, when professionals were asked to imagine how they would feel if a time traveler from 10 years into the future told them that AI would be ubiquitous in their profession, 22% of respondents equated this scenario with their “favorite snack being discontinued.This is certainly a playful take on their reactions to AI, but their concerns should not be taken lightly.

Change can be scary and the fear of the unknown can affect one's mental health. Anxiety and stress over job loss and displacement are notable and commonly cited concerns. There are also concerns about AI's negative impact on mental health and work-life balance. In fact, 26% of survey respondents believe AI could lead to longer working hours.

Professionals with pessimistic views of AI also “highlighted the potential for less rewarding work because there is less 'the personal touch of a consulting-based organization,'” the report noted.

In today's increasingly remote or hybrid work environment, human interaction can be reduced and some may already be feeling that the quality of interpersonal relationships is declining. AI, they fear, could exacerbate the disconnect.

When there is a fear of job loss and a feeling that one's professional abilities are not recognized or valued, it leads to a loss of engagement. And it's easy to connect the dots between work and mental health and wellness.

The future of reporting professionals

How AI is the catalyst to transform every aspect of work.

Mitigate risks with AI to improve well-being.

According to the report, 28 percent of professionals said their work had a severe or moderate negative impact on their mental health and well-being. Long working hours were among the top factors contributing to negative perceptions of mental health and well-being.

Despite concerns about AI negatively impacting the industry and the mental health and well-being of professionals, there remains a significant dose of optimism around AI.

The most common response to AI is cautious optimism, like “a year's supply of your favorite breakfast” – as equated to 36 percent of those surveyed.

From exercising greater capabilities, to rapidly analyzing vast amounts of data, to aiding research, the hopes and possibilities for AI are undeniable.

A majority (80%) of professionals said that long work hours and the worry of making a mistake or missing an important detail currently have a negative impact on their mental health. However, with the efficiencies gained through the widespread use of AI, such concerns can be directly addressed and mitigated.

As the report states, “Occupational mental health concerns, associate burnout and [high-risk work] The hope is to turn to the past, as working hours shorten, flexibility becomes the norm, and room for human error disappears.”

Furthermore, the efficiency achieved by AI can Increase capacity and widen mental bandwidth. This will give professionals more free time to spend on high-value, high-touch work.

So, what about the fear of job loss? This anxiety can affect one's mental health and well-being. Therefore, it is critical that firm leaders and in-house operations clearly state that AI and greater automation are designed to augment, not replace, the professionals in their work.

However, it is important for industry professionals to keep in mind that AI will not replace humans, but professionals who use AI will replace those who do not. Advanced skills and learning how to best leverage AI, as well as the output required to best serve the client or business, are critical.

AI can even help empower and boost the careers of young professionals. For example, professionals can add value by using AI to help them ask for the right cues for optimized output.

“Both positive and negative perceptions of AI's impact on professionals' work motivation, work-life balance, and mental health and well-being will persist over the next five years,” the report said.

That's why it's important for each individual professional to understand what they do internally, honestly evaluate their unique value proposition based on their expertise, and identify areas for professional development. , as well as establish their own personal checkpoints to maintain a healthy. mental health.

To learn more about the impact of AI on industry and how AI can improve the well-being of professionals by reducing risks, read The future of professionals Reports

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