Wall Street Logic
  • Home
  • Metals
  • Crypto
  • Alternative Investments
  • Financial Literacy
  • AI
No Result
View All Result
Wall Street Logic
  • Home
  • Metals
  • Crypto
  • Alternative Investments
  • Financial Literacy
  • AI
No Result
View All Result
Wall Street Logic
No Result
View All Result
Home AI

AI and the Myth of Meritocracy

by Wall Street Logic
August 25, 2023
in AI
0
SHARES
4
VIEWS
Share on Twitter

The Myth of Meritocracy

The belief in meritocracy assumes that individuals are solely responsible for their success or failure based on their abilities and efforts. While this is a comforting model for many employers, it fails to acknowledge the systematic barriers that can limit educational and professional opportunities based on factors like race, gender, and socioeconomic status. Relying on meritocracy alone can lead to an inequitable distribution of rewards and recognition in the workplace.

You might also like

The Impact of AI on Business: Earnings, Efficiency, and Revenue Growth

Salesforce Introduces Einstein Copilot: Enhancing Productivity Through Generative AI

Waabi Partners with Uber Freight to Deploy Autonomous Semis

The Potential of AI in Minimizing Inequities

The introduction of AI technology in the workplace has the potential to minimize some of the effects of these inequities. One way AI can level the playing field is by enhancing productivity. A study from NBER by Erik Brynjolfsson, Danielle Li, and Lindsey R. Raymond, examining the impact of AI on call center employee productivity, found that employees in the lowest skill quintile experienced a 35 percent increase in resolutions per hour when assisted by AI, as opposed to a negligible productivity increase for the most skilled workers. This suggests that AI technology can help bridge the productivity gap between employees with varying skill levels, enabling those who may have had fewer opportunities for skill development to perform at a higher level.

AI can be a powerful tool for leveling the creative playing field as well. While creative thinking and problem-solving are crucial to success in many fields, employees that hold underrepresented identities often face pressure to conform to dominant norms, which can drain the cognitive resources that allow for creativity. While work needs to be done to reduce the need to assimilate at work, AI can help create a more equitable environment by supporting creative thinking. A study by Anil R Doshi and Oliver Hauser, examining the impact of AI on the creativity of writers, found that the use of generative AI-sourced ideas increased writers’ quality of writing by 27 percent and people’s enjoyment of their writing by 23 percent (as assessed by third party evaluators) for writers with lower creativity scores, while providing a negligible-to-negative impact on high-creativity writers. Additionally, an MIT study by Shakked Noy and Whitney Zhang, focusing on occupation-specific writing tasks by mid-level professionals, revealed that generative AI technology can narrow the gap in output between lower-ability and higher-ability workers. This increase in quantity and quality of work not only improves corporate results, but also benefits employees by contributing to a more equitable distribution of opportunities and rewards.

See also  Zoomerang: The AI-Powered Platform Transforming Short-Form Video Production

This occupation-specific potential was also validated by research from Jonathan H. Choi and Daniel Schwarcz, studying the use of AI in legal analysis. Their findings revealed that law students at the bottom of the class saw huge performance gains in multiple-choice testing when using AI assistance, while students at the top of the class saw performance declines.

Considerations and the Way Forward

While AI has the potential to lessen the inequitable aspects of meritocratic systems, there are important considerations that must be addressed alongside its use. This includes mitigating algorithmic biases that could perpetuate existing inequalities, and ensuring that processes are focused on enhancing, rather than replacing, human capabilities.

Most importantly, we must remember that the use of AI to create more equitable outcomes is not a replacement for efforts to promote diversity, equity and inclusion in the workplace. Combining AI with comprehensive DEI strategies can create a work environment where individuals have equal opportunities to succeed and thrive based on their potential, rather than being limited by an unwavering belief in meritocracy alone.

TweetShare

Recommended For You

The Impact of AI on Business: Earnings, Efficiency, and Revenue Growth

by Wall Street Logic
September 24, 2023

The Rise of AI in BusinessA recent survey conducted by McKinsey reveals that organizations that have embraced artificial intelligence (AI) have attributed at least 20 percent of their...

Read more

Salesforce Introduces Einstein Copilot: Enhancing Productivity Through Generative AI

by Wall Street Logic
September 23, 2023

Salesforce Introduces Einstein Copilot: Enhancing Productivity Through Generative AIMicrosoft launched its own generative AI assistant, Microsoft 365 Copilot, earlier this year. Now, Salesforce has entered the ring with...

Read more

Waabi Partners with Uber Freight to Deploy Autonomous Semis

by Wall Street Logic
September 21, 2023

Waabi Partners with Uber Freight to Deploy Autonomous SemisSelf-driving tech startup Waabi has entered into a partnership with Uber Freight to put a small fleet of autonomous semis...

Read more

The Role of Generative AI in Course Refresh: Enhancing Relevance and Student Engagement

by Wall Street Logic
September 20, 2023

IntroductionFaculty update their courses to maintain relevance as disciplines evolve, enhance student engagement, or for a plethora of other reasons. With the emergence of generative AI tools, faculty...

Read more

Generative AI: A Key Weapon in the Fight Against Cancer

by Wall Street Logic
September 20, 2023

IntroductionWe've all seen that generative AI tools like ChatGPT, or Stable Diffusion can create amazing text and images that closely resemble those created by humans. However, the potential...

Read more
Next Post

Gold and Silver Prices Steady Ahead of Federal Reserve Symposium

Related News

Cryptocurrency Market Experiences Downward Momentum Amid Global Economic Concerns

July 15, 2023

eToro Sponsors Women’s Football Teams to Tap into Rise in Female Investors

July 18, 2023

Salesforce’s Vision for Artificial General Intelligence in Business

September 17, 2023

Browse by Category

  • AI
  • Alternative Investments
  • Crypto
  • Financial Literacy
  • Metals

Newsletter

About Us

Wall Street Logic serves as a "to-go" portal for a wide array of financial and investment information. We consistently provide the most recent and impactful news, sourced directly from the heart of the financial markets. Our team hopes to stand as your reliable companion in navigating the complex world of the capital markets and beyond.

CATEGORIES

  • AI
  • Alternative Investments
  • Crypto
  • Financial Literacy
  • Metals
  • Contact
  • Privacy Policy
  • Terms & Conditions

© 2023 Wallstreetlogic.com - All rights reserved.

No Result
View All Result
  • Home
  • Metals
  • Crypto
  • Alternative Investments
  • Financial Literacy
  • AI

© 2023 Wallstreetlogic.com - All rights reserved.