The emergence of AI has left many job holders unsure of what their professional career would shape up in the coming years. Thanks to the recent industry reports, while AI may not necessarily take away jobs it is sure going to demand reorientation of professional skills.
A poll conducted by IBM Institute for Business Value says that around 120 million workers worldwide might need retraining or reskilling in the coming years to survive in their jobs. The study say that increased use of Artificial intelligence (AI) and Automation are going to be the driving force behind skills development.
How prepared are companies to face AI Revolution?
While everyone says that adapting to AI is a priority only 41% of 5,670 global executives in the poll said they have resources needed to carry out this development strategy and their other business initiatives.
For organizations, Talent crunch is going to be the greatest threat going forward says study. Moreover, training required these days is longer than it used to be, with workers needing at least 36 days to close a skills gap versus three days that it used to be in 2014.
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A close look at a study released in January says that CEOs reported being highly concerned about the scarcity of much-needed skills. PwC’s 22nd Annual Global CEO Survey says that the skills cavity is the most important agenda for organizations across the world.
- 55% of companies have admitted that they were not able to meet the demand effectively.
- More than half the executives cited the skills gap as the reason for an unusually high rise in staffing costs, with customer experience also getting affected.
Soft Skills not Technical is the real issue
Executives also expressed that it is the Soft Skills that need most training than the Technical,
“Reskilling for technical skills is typically driven by structured education with a defined objective with a clear start and end,” Amy Wright, IBM managing director for talent, wrote in an email. “Building behavioral skills takes more time and is more complex.”
Behavioural skills, for instance the ability to work well within a team, communication, creativeness, and empathy are best adapted through experience rather than structured learning programs like a webinar.
How is IBM dealing with the Challenge?
IBM has partnered with the Josh Bersin Academy to launch a new program, HR in the Age of AI. According to the company, the program centers on how HR professionals can use AI to convert the way they work within the HR function and throughout their organizations.