Artificial intelligence exacerbates skills shortage
A survey by Adecco shows that artificial intelligence is increasingly exacerbating the skills shortage. This is because a majority of companies are pursuing an unbalanced "buy vs. build" approach. There is an urgent need to develop skills in order to exploit the potential of AI instead of hiring additional specialists.
Over half of the companies surveyed that operate in leading global economies are planning to hire new talent to cope with the imminent massive deployment of artificial intelligence (AI). This is instead of retraining existing staff, which will lead to a veritable battle for specialists with digital skills. This is shown by the results of the study "Leading Through the Great Disruption", a survey of 2000 managers in nine countries conducted by the Adecco Group. 66% of those surveyed stated that they buy AI specialists externally. Only 34% stated that they would retrain their existing employees. Given the expected demand for these skills, 37% of executives expect salaries for AI-related roles to "increase significantly" over the next 12 months, compared to just 24% for white-collar roles and 9% for support staff.
Still a shortage of skilled workers despite a slowing economy
With regard to the Swiss labor market, the results of the Adecco Group Skills Shortage Index Switzerland 2023that the shortage of skilled workers in Switzerland has reached a new high of 24% despite the slowdown in economic momentum. Recruitment remains a challenge for companies. Vacancies for healthcare specialists, IT experts and technical engineers are currently particularly difficult to fill.
Marcel Keller, Country President of the Adecco Group Switzerland, says: "AI is forcing many companies to rethink and is presenting them with challenging decisions: Either they specifically restructure certain departments/teams or they invest in the targeted training and development of existing employees. The latter is more sustainable in the long term and ensures that existing knowledge remains within the company, but requires focus, resources, patience and perseverance."
"Buy vs. build" for other digital skills too
While the gap between "buy" and "build" is widest for AI talent, this is also true for other digital skills: 62% of executives say they will hire external experts in data skills, while 36% say they will retrain or upskill their teams. Similarly, 60% of executives plan to hire staff to fill gaps in digital skills, while 37% say they will build skills in this area.
Managing directors expect considerable upheaval in the entire labor market. Only 46% of respondents stated that they will replace employees whose jobs are eliminated due to AI. In addition, 41% assume that they will employ fewer staff in five years' time due to artificial intelligence.
AI skills gaps among managers too
The survey also shows that the AI skills gap extends all the way to the management levels of companies. 57% of respondents have little confidence in their own management's ability to understand the "risks and opportunities" of AI. Only 43% of this group indicated that they have formal training programs in place to improve AI skills, while only 50% indicated that they provide guidance to their employees on how to use AI at work.
Despite all the changes that AI is likely to bring, business leaders believe that human skills will continue to play a crucial role in the success of an organization. A majority of 57% say that the 'human touch' in the workplace is still more influential than AI, while creativity and innovation are cited as the key areas where skills are lacking.
Source: Adecco Group Switzerland
