AI is the future, and it needs to be protected with the right skills and minds at work. There has been a considerable shortage in the industry because of the concepts being difficult. The experts state that because of this widening gap, there can be issues in the growth of the area.
The AI skills shortage is one of the most pressing issues in today’s industry. As nations and businesses worldwide expand their objectives, a lack of AI expertise is leaving them frozen in their ambitions rather than providing instant benefits. So much so that there is a never-ending competition for AI talent.
Experts say that this rapid rise was to be expected. The worldwide epidemic has sped up AI development and pushed AI to the forefront of business agendas. As revolutionary as the growing AI disruption is, it has also ushered in a burgeoning fight for AI talent that shows no signs of slowing down.
The supply of AI skills is increasing but not fast enough to keep up with demand
MMC Ventures, on the other hand, indicates that supply is also on the rise. Large corporations are giving upskilling training, and AI-focused technology start-ups are pumping the market with free educational materials. Developers see the tremendous prospects in the sector, and universities incorporate AI modules and resources in computer science courses. According to the study, all these elements contribute to the development of qualified AI specialists. The shortage can only be fulfilled with the help of offshore outsourcing agencies.
The early winners and losers in the AI talent battle
Although no industry is immune to the AI skills deficit, technology, and financial services represent the largest share of the worldwide AI talent pool, accounting for 60% of the total. The technology industry employs 44 percent of data scientists, which is more than the healthcare, consulting, marketing, retail, university, and government sectors combined. In comparison, the financial services sector, while a winner, comes in second place with only 14% of the vote.
Make the most of the company’s unique values and mission
According to the State of AI research, executives might use their advantages as a huge firm to provide access to massive data sets, the ability to have an influence at scale, and significant compensation. On the other side, entrepreneurs might use their advantages as start-ups to recruit AI talent. Apart from ownership, start-ups may use their position to offer ‘make a difference jobs, direct product influence, learning opportunities, access to desired technology, and an appealing office atmosphere.
Place a premium on and provide best-in-class training above recruitment
According to the Deloitte Study, corporate executives prefer to hire fresh AI-ready people rather than maintain and retrain their present staff. However, in the face of severe competition for already limited talent, looking to replace workers with fresh AI talent is not a sustainable approach.
Providing outstanding training and upskilling opportunities for employees, on the other hand, may be a tremendous competitive advantage for a firm in recruiting and maintaining top personnel.
Leaders who want to recruit AI talent should work with universities to help them find candidates, enhancing their reputation as a proponent of AI innovation. This includes attending job fairs, collaborating with AI-focused academic departments, supporting hackathons and student projects, and creating an AI-focused internship program.