We’re living in the age of artificial intelligence (AI) disruption.
As AI gets incorporated into the way we work and live, it is touted to be a tool that transforms the way we’re working in the present day. Concerns regarding this looming shift pose a greater challenge for leaders. Along with every leader out there, even professionals working in the field need to upskill. For instance, an AI engineer or an AI specialist must have the relevant skillset the industry is looking to hire.
Leaders need to ensure they’re delivering maximum financial performance while maintaining workforce training, making investments in hiring, and adding newer technologies to boost growth and productivity. Such changes may be seemingly disturbing to compete with the business objectives making it challenging for leaders to make decisions.
However, a research team at the MIT-IBM Watson AI Lab has demonstrated how leaders may be able to adapt to the new transformation. By analyzing these findings, this research team has developed a roadmap that leaders can now follow while also managing profitability.
AI is still a new technology that has recently gained momentum. Therefore, navigating the AI workforce transition can get difficult for leaders, while they also need to manage how they can deliver profits. Here’s how leaders need to start unlocking productivity potential while being able to deliver business objectives as well.
Solution 1: Start investing in workforce training
Companies are not only responsible to deliver maximum shareholder value but also positively impacting stakeholders like suppliers, employees, communities, and customers. Not to mention, investing in hiring relevant talent is considered crucial in order to deliver long-term financial results.
As AI emerges to be one of the latest technology incorporated by almost every industry, millions of workers will need training or reskilling. Besides technical skills, intellectual skills will be in demand, thus, leaders and managers will need to stress their focus on preparing the workforce for the future.
Solution 2: Educate workers for tomorrow’s future
As AI continues to incorporate within businesses across all sectors, leaders must consider the impact it has on societal change. Beyond just making investments in reskilling workers, leaders must also work with the policymakers to provide proper support toward training and reskilling.
Based on the research, it shows that technology has drastically impacted even the earning potential for most mid-wage workers causing a dispute amongst the middle class. For every five tasks of the mid-wage jobs, it was found that four of the tasks have moved to low-wage jobs and the other one moved to the high-wage jobs. As a result, wages will likely rise from the low to high wage tiers as compared to the mid-wage tier. This sends an alarming message wherein every aspiring AI engineer now needs to understand the relevance of staying in sync with the latest tools and technologies.
Continuous learning through professional certification programs and training can help bridge the skill gap, therefore, providing aspiring AI professionals the opportunity to develop skills in AI.
Solution 3: Reallocation of capital resources
The research demonstrates how AI is likely to change workplaces by balancing and restructuring occupations. With the help of AI and machine learning, the team at MIT-IBM Watson AI Lab analyzed about 170 million job posts between the years 2010 and 2017. As a result, they found out that as occupations change slowly within years, most of the tasks get reorganized at a much faster pace. As AI keeps disrupting the way we work, occupations will eventually change.
However, most of the tasks will still be performed by humans. Automation and AI will take over the time-consuming jobs making our lives easier.