Artificial Intelligence (AI) is rapidly reshaping how we work on a large scale. According to the World Economic Forum, 69 million new jobs are expected to be created and 83 million to be eliminated in the next five years, directly impacted by the emergence of new technologies.
Companies are now facing the need to equip their workforce with new skills to stay competitive in an increasingly technological market. Reports show that as much as 50% of all employees will need reskilling by 2025.
Strategic reskilling initiatives such as AI bootcamps, apprenticeships, or MBA online programs become imperative in today’s job market, empowering workforces to thrive long-term alongside technological disruption.
How is AI impacting the job market?
The recent explosion of Generative AI and tools like ChatGPT has been shaking the foundations of several industries. According to the latest annual McKinsey Global Survey, three-quarters of all respondents expect Gen AI to cause significant or disruptive change in their industry in the next three years.
The same study reveals that the use of generative AI is already widespread across several industries. One-third of all respondents say their organizations are already regularly using generative AI in at least one function, the most common ones being marketing and sales, product and service development, and service operations.
While several types of jobs are bound to become more and more automated such as telemarketing, bookkeeping, or data entry, a wide range of professions will emerge because of AI, from AI prompt engineers to VR experience designers, just to name a few.
Why is reskilling important in the age of AI?
The lifespan of skills is shortening. The average half-life of skills is now considered to be less than five years, and it’s even worse for technical skills, which is around 2.5 years. Companies are increasingly concerned about skill gaps and being able to attract talent.
For companies, their leaders, and their employees, this means that ongoing investment in reskilling is not only desirable but a necessity. Here are the top reasons why reskilling is so important in the age of AI:
- It allows companies to stay relevant and competitive within their industries.
- It reduces the risk of unemployment due to automation.
- It equips workforces with skills relevant to emerging professions related to AI.
- It leads to increased productivity and more efficient work processes.
- It fosters innovation and creativity in the workplace.
- It boosts employee engagement, motivation, and job satisfaction.
How to reskill your workforce in the age of AI?
Companies are now facing the complex challenge of not only facilitating employees’ learning curve within their current roles and areas of expertise but also training and preparing them for new roles with very different skill sets.
So how can companies and organizations wisely invest in reskilling initiatives that will retain and future-proof their talent? Here are a few important steps:
Clearly understand your business goals within AI
Before you start implementing reskilling programs in your organization, it’s essential to have a very clear picture of what kind of role artificial intelligence and other technological advancements will play within your company. Having specific and clearly defined strategic goals is the best way you can start laying out a reskilling plan.
These goals and strategic vision will help you understand the type of skills you will need to prioritize in the future, while also helping you gain more trust from your employees.
Analyze current skill gaps
The next step in reskilling your workforce is conducting an internal assessment to identify the current skill sets of your employees, and the skills needed to successfully integrate AI in your company. Understanding the skill gap and which employees would most benefit from training will help you effectively tailor your reskilling program to your company’s specific needs.
There are several ways you can identify these skills gaps, including analyzing key performance indicators, surveying and interviewing employees and managers, and reviewing HR records. It will give you valuable insights that will ensure you don’t waste money and time on your reskilling efforts.
Invest in high-quality training programs
Once you have a clear roadmap of your goals and needs, it’s time to deploy training programs that will help you fill in those gaps. Look into reputable instructors and organizations and consider different training formats, such as in-person, live online, or self-paced courses. There are also tech bootcamps, workshops, mentorship programs, and gamified learning experiences that can take training to the next level.
It’s also important to recognize that employees have different learning styles, preferences, and needs. Whenever possible, employers should offer training opportunities that cater to each employee’s learning style to ensure engagement and satisfaction.
Collect feedback from employees and monitor progress
Just as important as the launch of your reskilling activities is the feedback you get from your employees. You need this feedback to understand how successful and effective your training program was so that you can improve future sessions.
You can get employees’ feedback through surveys, interviews, and direct observation. Regularly monitoring the progress of your workforce’s skills is also crucial to determine how effective your reskilling efforts are.
Embrace a culture of continuous learning
Prioritize continuous learning experiences for your employees, fostering a culture of sustainable skill growth. This also means encouraging a collaborative work environment where innovation and creativity can grow and rewarding employees who show positive results in their reskilling.
Finally, make sure your training sessions and learning platforms are regularly tweaked based not only on your employees’ feedback but also on the changing industry trends and AI technologies.
Welcoming the future
In conclusion, the investment in reskilling employees is imperative as AI continues to disrupt the job market in profound ways. This is a collective effort that leaders and workers alike need to prioritize to remain relevant in a world that will continually be transformed by sophisticated technology.
Understanding the goals of your company within the AI revolution, identifying skill gaps, and fostering a culture of lifelong learning will help you successfully future-proof your workforce and position yourself ahead of the competition.