Technology worries are high on the list of the 104 U.S. CEOsinterviewed in the recent PriceWaterhouseCooper CEO survey. Theseworries have particular impact on the credit union industry.Moreover, these concerns have increased dramatically over the lastfive years. Only 8% of CEOs cited cyber-threat worries in 2013, butby 2017 it rose to 50% and in 2018 a whopping 63%. Concerns aboutthe speed of technological change rose from 11% in 2013 to 44% in2018, and apprehension about availability of key skills rose from11% to 32%. On a positive note, the economic uncertainty concerndid decrease over these five years to 17% from 53%. Addressingconcerns that advances in technology bring is increasinglyimportant for managing your talent pool, especially as improvementin the economy further accelerates the rate of technologicalchange.

PwC projects that artificial intelligence and automation cancontribute an additional $16 trillion to global GDP by 2030. Yetthis benefit will most likely come with a cost to those companiesand those employees who cannot meet the challenges these dramatictransformations will bring. Although PwC projects that job lossesfrom artificial intelligence and automation may be offset by newjobs in different areas in the long run, that does not help theemployees negatively impacted by the change.

The challenges of the digital world create anxiety in theemployee base that can disrupt organizational culture if notaddressed. Employees fear they could lose their technological edge,and may be replaced by AI or automation, with good reason. PwCfound a reduction in headcount because of technology was expectedfor 28% of CEOs surveyed, yet only about half of the U.S. CEOs(53%) felt they had a responsibility to re-train affected workersfor new positions. Contrast the U.S. philosophy to that ofother major economies, where CEOs feel an obligation to re-trainand re-skill those affected: Germany (85%), China (84%) and Japan(71%).