More than 120 million workers globally will need retraining in the next three years due to artificial intelligence's impact on jobs, according to an IBM survey. That's a top concern for many employers who say talent shortage is one of the greatest threats to their organizations today. And the training required these days is longer than it used to be -- workers need 36 days of training to close a skills gap versus three days in 2014, IBM notes in the survey. Some skills take longer to develop because they are either more behavioral in nature such as teamwork and communication or highly technical, such as data science capabilities. "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.
A recent survey of 1,200 executives across the financial services industry by Accenture finds 74% of executives see artificial intelligence reshaping their industry. The report's authors, lead by Ellyn Shook, estimate that between 2018 and 2022, banks that invest in AI and human-machine collaboration at the same rate as top-performing businesses could boost their revenue by an average of 34 percent and their employment levels by 14 percent. But it takes investment in people – AI is taking over many tasks, but skilled people are needed to either create or train these systems, or to augment them. Tellingly, there has been precious little movement to provide the right training to bring these skills about with the current workforce. The Accenture survey finds only three percent plan to significantly invest in re-skilling the people in their workforces for this AI-driven future.
It would appear that the goal of every second headline on the topic of "the future of work" is to instill an inherent fear in workers regarding what is to come and concerning the status of their careers and their future AI coworkers. The message seems to be: "Robots are coming for your jobs and there isn't much you can do about it." The former portion of this message is somewhat true, automation is on the rise, which will cause many positions to be filled by high-speed, data-crunching technology. But the latter, rather uninspiring portion, is not true. Working humans are not doomed as long as the companies they work for recognize the skills of the future and focus on building and developing the areas robots cannot do well.
The average worker of the future is a socially adept leader, entrepreneur, and life-long learner with transferrable technology skills, who is also happy to work in a team, suggests a new McKinsey report. Chris Middleton looks at whether organisations can really find such people. Reports about the growing IT skills gap in digitally enhanced organisations have been circulating for as long as the internet has existed as a business tool, suggesting that the supposed urgency of fixing the problem has not been an impediment to many successful organisations. However, a new report from management consultancy McKinsey suggests that the rapid introduction of automation and artificial intelligence systems within companies is changing the very nature of work itself, as technologies increasingly augment some human skills, and replace others completely. Over the next decade, this will force companies to reconsider how work is organised internally.
Automation and artificial intelligence (AI) are changing the nature of work. In this discussion paper, part of our ongoing research on the impact of technology on the economy, business, and society, we present new findings on the coming shifts in demand for workforce skills and how work is organized within companies, as people increasingly interact with machines in the workplace. We quantify time spent on 25 core workplace skills today and in the future for the United States and five European countries, with a particular focus on five sectors: banking and insurance, energy and mining, healthcare, manufacturing, and retail. Key findings: Automation will accelerate the shift in required workforce skills we have seen over the past 15 years. Our research finds that the strongest growth in demand will be for technological skills, the smallest category today, which will rise by 55 percent and by 2030 will represent 17 percent of hours worked, up from 11 percent in 2016.