‘AI is way beyond the hype phase’: Experts warn companies should reskill for the brand new actuality

During a panel session at the Fortune Global Forum in Riyadh on Oct. 26, experts weighed in on how work positions are shifting as technologies evolve, and even the roles that AI is beginning to compete with—including corporate jobs.

“Professional services—lawyers, accountants, management consultants like myself—the ones who actually process, analyze, and deal with a lot of data, those are the skills that can be replaced by AI and agentic AI,” said Anne Lim O’Brien, vice chair, partner, and global co-leader of the consumer products sector at executive search firm Heidrick & Struggles.

Hisham Radwan, CEO of Cigna Insurance Saudi Arabia, added actuaries to O’Brien’s list. “I believe that AI is moving so fast that we can’t control it,” Radwan said. “But bottom line: It’s an enhancement to our capabilities, rather than a replacement.”

Meanwhile, Vinay Firake, CEO of global tech services firm Wipro’s APMEA strategic market unit, believes that certain companies and even industries will decline in the AI era, especially those that do not prepare for the future. Firake cited Kodak’s business struggles as an example of a company that failed to respond quickly to technological disruption and adapt its model.

Firake also emphasized that AI is not a fad. “AI is way beyond the hype phase,” he said. He is witnessing many of Wipro’s clients, along with enterprises across different sectors worldwide, starting to realize meaningful benefits from large-scale AI projects and programs.

O’Brien is also working with clients who have moved from the hype phase to the adoption phase, now seeing productivity gains. However, she noted, this progress comes with a big question: What are you doing with the time saved by using AI?

For leaders, it can free up time for strategic thinking or developing innovation plans, O’Brien said. Yet there still needs to be a strong focus on work culture and communication, she explained. There will be employees who find their jobs taken away, replaced, or augmented by AI.

“Depending on your company’s use cases for AI, you may just have a lot of people who aren’t clear about what their jobs now entail,” O’Brien said.

When it comes to AI in the workplace, “We need to be very clear about empowering and engaging the human elements,” Radwan added.

Getting all employees on board with an AI-first approach can be challenging, especially if they are attached to familiar tools, like Excel spreadsheets, for example. Firake said Wipro has invested heavily in upskilling and reskilling its workforce. When speaking with clients, he advises that companies must not only develop existing talent but also rethink the skills they are sourcing.

Helping employees understand that AI may not necessarily take their jobs, but someone who knows how to deploy AI more effectively could, is crucial, O’Brien said, adding that maintaining an open mindset is key.

Attracting and retaining young talent—many of whom are native AI users—puts a premium on authentic leadership, growth opportunities, and inclusive cultures, according to the panelists.

To this end, you really have to cultivate a value set for curiosity and creativity within your organization, O’Brien said.