2023 is the year that AI had its breakout moment, when it went from interesting news article to mainstream adoption. Going from unknown to the fastest growing technology platform ever.
In a recent study by Master of Code, 80% of business respondents said they would be increasing their investment budget in AI in the next 3 years.
AI has rapidly emerged as one of the most transformative technologies of our times. From conversational AI assistants to hyper-accurate medical diagnosis tools, AI is revolutionising industry after industry. 2023 is set to be a landmark year for AI adoption and development across sectors.
Let's examine some of the major statistics and trends that showcase the accelerating pace of AI innovation globally:
AI Job Market Overheating
As the AI job market heats up, challenges in cloud engineering and AI integration become more apparent. Krzysztof Słowiński from Kodlot highlights the significant 'knowledge and experience gap' in these fields. This calls for a workforce that is not only technically adept but also adaptable to evolving technologies and methodologies. Addressing this gap is crucial for businesses to effectively harness AI and cloud capabilities.
LinkedIn's data reveals that job postings related to artificial intelligence are attracting 17% more applicants than opportunities without AI mentions. The pace at which AI-focused roles are proliferating points to a talent crunch as companies scramble for the skills to adopt machine learning and automation.
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The World Economic Forum highlights that AI will create 97 million new roles by 2025 in areas like content creation, AI development/testing, and AI maintenance. However, dislocation is likely for 85 million jobs too as AI assumes responsibilities ranging from customer service to trucking.
Surging Demand for ML Engineers
Machine learning engineers are emerging among the hottest AI-related roles with over 7,700 open positions on LinkedIn alone. These hands-on experts develop, optimise, monitor and maintain ML systems end-to-end, commanding average salaries of $146,000.
Simplilearn has witnessed a dramatic 75% increase in AI/ML job roles over 4 years across sectors like technology, automotive, healthcare and education. Core specialisations that are attracting talent include computer vision, NLP, cybersecurity and IoT analytics.
We spoke with Olga Shatokha from Bee's Knees, where they are focused on hiring for a range of roles in tech, mainly engineering and product. She highlighted the importance of these in-demand skills for roles in AI:
“Proficiency in machine learning, deep learning, data science, and programming languages like Python is essential. Specialised skills in natural language processing, computer vision, and reinforcement learning are in demand. Knowledge in statistics, probability, domain-specific insights, ethical AI, and bias mitigation is also crucial for effective AI solutions.”
The Trust and Ethics of AI in Recruiting
Public anxiety around biases in AI recruiting tools is intensifying, highlighting the increasing need for specialised governance roles focused on trust and ethics in AI. These roles are essential, tasked with creating checks for unfair models, auditing training data composition, and instituting human review mechanisms for consequential AI recommendations.
Olga Shatokha from Bee’s Knees emphasises this growing concern. She notes, “Ethical considerations and bias mitigation techniques are becoming increasingly important in AI development, emphasising the need for a skill set that includes ethical AI expertise and problem-solving abilities.”
In a conversation with Adam Tully from JIE+ Search, the nuanced impacts of AI on recruitment were further explored.
“While AI streamlines recruitment, its limitations must be addressed. AI's tendency to prioritise keywords over genuine skills can lead to overlooking candidates' true capabilities. This underscores the necessity for a human-centric approach in AI-driven recruitment processes,” Tully explains.
This focus on human oversight and ethical considerations in AI is mirrored in legislative developments. A recent landmark bill by the EU represents a significant step towards regulating the safe and ethical use of AI. This legislation aligns with the growing call for responsible AI by:
- Implementing tighter rules on AI in public biometric identification.
- Banning social scoring systems.
- Enforcing stringent rules for high-risk AI applications.
- Introducing strict fines for breaches of AI regulations.
These measures reflect a proactive approach to managing the challenges posed by AI in sensitive areas like recruitment. By ensuring the ethical use of AI, we can trust the systems we build and maintain the integrity of our digital society.
Domain Experts - The Secret AI Weapon
While data scientists and ML engineers account for most direct AI hires, many companies are learning the hard way that domain expertise is indispensable too for impactful AI solutions. Doctors are vital for validating healthcare ML models. Archaeologists can best ground AI image classification of ancient artefacts. Beyond technical grounding, real-world perspective guides AI priorities.
Internal Mobility and Upskilling
Leading companies investing in internal talent transformation are seeing 15% greater internal mobility according to LinkedIn. Upskilling programs focused on augmenting existing teams with AI and analytics skills help firms ramp AI capabilities faster compared to long talent searches. Coupling external recruitment with reskilling also aids retention amidst a hyper-competitive talent crunch.
Democratising Access to AI Skills Training
Underlining the dynamic nature of AI, Krzysztof Słowiński emphasised the 'need to prioritise learning and sharing experiences' in the AI sector. This ongoing education is vital for professionals to remain relevant and innovate, especially in a field where developments occur rapidly. Such continuous learning is key to democratising AI, allowing for a more diverse range of voices and expertise to shape the future of this technology
Tech leaders like Amazon and Google are already rolling out free training programs focused on democratising access to artificial intelligence skills for learners from all backgrounds.
Amazon recently launched its "AI Ready" program which provides free online courses covering machine learning foundations. This aligns with an AWS study highlighting strong business demand for AI talent, with the potential for experts in this field to earn 47% higher salaries.
Similarly, Google announced a broad initiative to offer AI skills development modules for individual learners as well as support for businesses and government organisations ramping up institutional capabilities. Google's course library encompasses AI basics, productivity in machine learning, and tutorials using Google Cloud AI services.
Simplilearn's career development programs focused explicitly on machine learning engineering, data science, and AI programming are also seeing remarkable growth. Enabling professionals from non-technical backgrounds to reskill or upskill via such offerings is vital for distributing AI expertise more widely across business and society.
Preparing for the AI Talent Boom
For both employers and individuals, proactively developing AI prowess opens substantial career opportunities on the horizon. Here are our top recommendations:
The AI field is dynamic, and the specific skills in demand evolve over time. Staying updated with emerging technologies, industry trends, and regional job market demands is critical for the candidates.
“Companies often seek international talent to address specific skill gaps, such as expertise in emerging technologies, languages, and cultural insights that may not be available in the local talent pool.” Olga Shatokha, Bee's Knees Co-founder.
For Companies
- Audit skill gaps to pinpoint where existing staff need AI training to carry out evolving roles. Then provide ample upskilling resources.
- Complement internal development with external recruitment of AI experts who can transfer cutting-edge knowledge.
- Explore government incentives surrounding AI hiring, R&D and training partnerships.
- View your talent search on a global basis with the support of specialist recruiters and global payroll specialists such as Teamed
For Individuals
- Identify how AI advancements are impacting your industry and job function. Proactively gain baseline AI literacy.
- Consider credentials like nano-degrees and professional certificates to formalise in-demand skills like data science.
- If pursuing higher education, opt for programs emphasising hands-on AI applications over purely theoretical content.
- Follow leading AI thinkers across social media to continually expand perspectives.
Final Thoughts on the AI Job Market
The AI job boom is real and accelerating across industries. While deep tech roles anchor model development, the expansion of AI use cases is catalysing new types of fusion jobs marrying technology with domain specialisation.
In parallel, the urgency of imbuing AI systems with transparency and fairness is spotlighting emerging governance functions. Responsible and ethical AI will be a competitive advantage in a world increasingly defined by predictions, automation and insights from machines.
For both companies and individuals, the opportunities within the AI job market warrant proactive preparation through skilling, reskilling and talent mobility.
In most of the cases, companies need to look to other countries to find that AI talent, who will positionate their organisations ahead in their sector. Here is where Teamed, aligned with the best global recruiters specialist in AI roles, comes. Discover how our EOR services can streamline the employment process for your hires, regardless of their location.
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