AI will create more jobs than it replaces says business leaders
As the global workforce continues to adopt artificial intelligence innovations, business leaders name AI as their employees' most significant skills gap.
A survey by Multiverse of 1,000 business leaders in the UK and US, across 21 industries, has found the majority believe AI will spur the creation of new jobs, and 69% believe their organizations will require different skills in order to stay competitive over the next decade.
"Artificial intelligence is transforming businesses around the world, and it's clear from our research that business leaders anticipate huge opportunities while also recognizing the risks," said Gary Eimerman, Chief Learning Officer at Multiverse. "Both their bottom lines and the longevity of their staff's careers will be negatively impacted if businesses don't prioritize closing the AI skills gaps in a timely manner. If leaders lean into the massive upside that investing in talent now provides, they'll reap the outsized benefits of an AI-empowered workforce for years to come."
Business leaders point to learning and development as a core strategic priority for the remainder of 2023.
- 73% are likely to reskill employees into new roles,
- 76% of leaders say they are likely to invest in upskilling existing employees, and
- 77% say they plan to increase training and development budgets to prepare for 2030.
For employees ready for a career change, or for those with roles at risk of being displaced, a larger investment in upskilling opens opportunities to realize new career routes into tech, data and engineering.
Business leaders are investing: 83% say their organization is moving quickly to implement workforce skills development on AI.
"The skills gaps business leaders expect to face in 2030 highlight the importance of training that keeps pace with technology," said Ujjwal Singh, CPTO of Multiverse.
When it comes to building skills capabilities through alternative hiring and training methods, 42% of leaders say their organization plans to, or is currently, widening hiring criteria to consider candidates who have not gone to college, while over a third (37%) plan to adopt skills-first hiring.
Data management, software engineering and development, and data analytics are the top three skills gaps business leaders expect their organizations to face in 2030.
Download the report: Preparing for the AI revolution: How to build the future workforce of 2030.