Editorial
Depending on what day it is, what you’re reading or which experts you’re listening to, you’re likely to encounter a wide range of speculation about AI and its evolving impact on employment and the overall world of work. While the full extent of AI’s influence remains to be seen, one thing is certain: organizations and their employees must adapt quickly to this constantly changing new reality to stay competitive.
Almost 40% of global employment may be impacted by AI, with that number rising to 60% in advanced economies, according to estimates by the International Monetary Fund. And 69% of CEOs anticipate that AI will require most of their workforce to develop new skills, according to PwC’s “AI Jobs Barometer.” Given this new era of AI, organizations need to take a multipronged approach to upskilling employees, recruiting new talent and enhancing their teams with specialized AI expertise.
Employers Are Hiring for AI Talent and Knowledge
A report by our team, “Talent Report: AI, Upskilling and Staff Augmentation,” looks specifically at AI’s impact on jobs in the marketing, creative, technology, beauty, fashion and retail sectors. The report, based on a survey of over 2,100 professionals across the U.S., Canada and the U.K., finds that 70% of employees expect an increase in hiring for AI-specific roles in their organizations in the next two years. In addition, 86% of those who make or influence hiring decisions said it’s challenging to fill open roles. The vast majority (84%) said that their organization is using AI-powered tools. The problem is the lack of AI fluency with those tools. More than half (55%) believe employees in their organization have basic, very limited or no understanding of AI. To assist in filling AI-related knowledge gaps, 61% of respondents said their organization hired external consultants or freelancers with specialized AI skills.
There’s clearly an opportunity and urgency for creating highly targeted training programs to boost employee AI skills. And there are big rewards for workers too. The report by PwC finds that “growth in jobs that require specialist AI skills has outpaced growth in all jobs since 2016,” and these jobs “carry up to a 25% wage premium, underlining the value of these skills to companies.”
AI Upskilling: Both a Professional Development and Retention Strategy
While hiring for AI expertise might seem like the first choice, upskilling is also a way to address knowledge gaps and help employees gain in-demand skills that can make the business more innovative and efficient. When employees feel that their professional development is being prioritized, they’re more likely to be invested in the organization’s long-term success. In fact, in our survey, 90% of employees said more perks related to professional development and upskilling would encourage them to stay with their current employer.
However, it seems that many current training initiatives are missing the mark in terms of usefulness. Nearly 20% of survey respondents said their organization’s upskilling programs are slightly effective or not effective at all. Common complaints are a lack of time and resources to dedicate to the programs, insufficient knowledge about program availability, employee resistance and inadequate technology infrastructure to support them. For self-starters, there are many free online courses covering fundamental AI skills, but these still require time that may be hard to come by for busy employees who already feel stretched too thin.
Bridging the AI Skills Gap Through Staff Augmentation
While upskilling employees is a worthy strategy, it’s a much longer-term process, and many organizations need AI expertise right now. Bringing in consultants and freelancers with advanced AI skills can help quickly capitalize on opportunities and provide targeted expertise without the overhead costs and commitment of extending full-time offers. While a large number of survey respondents in our team’s report said their organization brought in external consultants, a common problem is that many companies fail to effectively anticipate staffing needs. Nearly half (49%) of respondents said their organization’s approach to staff augmentation is reactive based on project needs, while 28% said their company rarely or never brings in additional resources. Only 22% said that their company is proactive in seeking external experts.
Balancing AI Upskilling With Strategic Talent Solutions
The inability to effectively anticipate staffing needs and the reluctance to invest in AI expertise from freelancers or consultants coupled with less-than-effective upskilling training programs could be why 51% of employees surveyed admit they are currently experiencing burnout.
For organizations grappling with the impact of AI, a balanced strategy of upskilling and strategic staff augmentation can help meet immediate and long-term business needs while also addressing employee satisfaction.
This foundational work will also help ensure that organizations can properly leverage AI to expand and evolve their businesses.
In Conclusion
As AI revolutionizes the global workforce, it is imperative for organizations to adapt swiftly and strategically. The key lies in striking a delicate balance between nurturing the talents of employees and bringing aboard specialized expertise. By cultivating a culture of continuous learning and providing targeted upskilling programs, companies can empower their team members to harness the potential of AI. Simultaneously, by actively seeking out and integrating the knowledge of AI-fluent freelancers and consultants, organizations can fill critical skill gaps and stay at the forefront of innovation.
As we stand on the precipice of an AI-driven future, the organizations that prioritize these investments in human potential will be the ones that flourish in the face of unprecedented change.
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