In the ever-evolving technology landscape, AI stands at the forefront of innovation, promising groundbreaking solutions to complex problems and transforming industries across the globe.

However, with the rapid innovation comes a challenge that threatens the progress of AI: the talent shortage.

AI has seen a rapid growth of demand in talent, with job postings more than tripling since 2019. As more organisations begin to adopt AI, the scarcity of AI professionals becomes increasingly evident.

So, what can we do about it?

In this blog, we delve into the reasons behind the talent shortage and how it’s hindering AI from reaching its full potential, as well as looking at possible ways we can help to close the widening talent gap.

What are the key factors contributing to the talent shortage?

1. Rapid technological advancements

We’re all aware of the incredible progress AI has made in the 18 months. In fact, artificial intelligence has been such a big deal in 2023 that Collins Dictionary named ‘AI’ their word of the year. One minute we’re all revelling in the amazement of Open AI’s ChatGPT, and the next minute, we’re being stunned by text to image generating AI; the tech hasn’t stopped.

These advancements have been brilliant in helping individuals with all manner of tasks, with a study finding that workers who use ChatGPT in their day-to-day tasks saw their productivity increase by 37%. AI is helping people with everything from menial administration to complex problem solving, so what exactly is the issue?

Well, with these rapid technological advancements, come challenges. The development of AI is moving forward so quickly, that it’s becoming extremely difficult for us humans to keep up, causing the talent gap to widen by the day.

2. Educational gaps

A huge contributor to the talent shortage is the educational gap faced within artificial intelligence.

25% of global workers ranked AI proficiency in the top three most important digital skills to have, but only one in ten workers possess the AI skills needed.

Traditional education systems are struggling to keep up with the ever-evolving technology, and there’s a distinct lack of specialised AI courses and programs out there. This has led to a big gap between the actual skills needed for current AI technology and those acquired through conventional education, leaving aspiring AI professionals unequipped to meet industry demands.

How can we address the shortage?

1. Invest in education

Since Microsoft’s $10bn investment in OpenAI back in January, both startups and tech giants have been forced to invest in generative AI simply to keep up. In April, PWC announced a $1bn investment to upskill 65,000 people in generative AI and in May, IBM announced a new Centre of Excellence focused on generative AI.

Investment to help plug the educational gaps are great for the longer-term issue of an AI talent shortage, but it’s not a quick fix. To help with today’s talent shortage, companies need to play a proactive role in addressing the talent shortage by investing in upskilling and reskilling initiatives for the existing workforce. This will not only contribute to employee retention but will help ensure organisations have the expertise needed for AI development.

2. Tap into diverse talent pools

Diverse perspectives bring a range of experiences and problem-solving approaches, enriching the creativity and adaptability of AI development teams.

By actively seeking talent from underrepresented groups, organisations can harness a broader skill set that aligns with the diverse challenges AI seeks to address. Additionally, leveraging talent from non-traditional educational backgrounds, including self-taught individuals and those with cross-disciplinary expertise, can contribute fresh insights to the field. This strategy not only helps bridge the educational gap but also promotes a more comprehensive and adaptable workforce.

3. Get your talent strategy in place

Getting your talent strategy in order is a proactive approach to tackling the talent shortage. The sooner you can hire, the less competition you’ll face.

Structuring your roles and benchmarking your rewards package ahead of hiring means that you can design your EVP to attract great talent and move quickly on offers because you’ll have clarity on exactly what you’re looking for.

Get in touch

The digital skills gap The AI talent shortage is a significant obstacle to the continued progress of artificial intelligence. As we navigate this challenge, efforts are needed from across the industry to invest in educational development and upskilling initiatives. After all, overcoming the talent shortage is crucial for unlocking the full potential of AI.

If you’d like help building your talent strategy, reach out to our CEO, Alan on LinkedIn here. Or, if you’re looking to scale your AI team, connect with with our specialist consultant, Magda on LinkedIn here.