The rapid rise of artificial intelligence is revolutionizing how businesses operate. According to a recent report by Microsoft and LinkedIn, 41% of executives expect to completely revamp their business processes with AI at the core within the next five years.
A large number (42%) also predict the need to train teams of AI-powered bots, while 47% emphasize the importance of responsible and ethical AI implementation.
Industries like healthcare, finance, marketing, e-commerce, and manufacturing are increasingly adopting AI to drive innovation, boost productivity, automate tasks, and analyze big data. However, over half of the business leaders surveyed (55%) are concerned about finding enough talent to fill AI-related positions in the coming year. The demand for AI professionals has skyrocketed, with hiring increasing by 323% over the past eight years. Companies are also looking for non-technical talent with AI skills.
AI Skills Can Boost Your Career
Having AI skills is becoming crucial for staying competitive in the job market. The high demand for AI expertise, paired with a shortage of qualified professionals, makes AI knowledge a valuable asset for career advancement. Aneesh Raman, LinkedIn’s chief economic opportunity officer, told CNBC Make It that learning basic AI skills, like prompt engineering, machine learning, or data literacy, can give you a competitive edge.
The 2024 Work Trend Index Annual Report by Microsoft and LinkedIn shows that AI skills are becoming as important as job experience. A majority of business leaders (66%) won’t hire candidates without AI skills, and 71% prefer hiring someone with AI skills over a more experienced candidate who lacks them.
Job postings for generative AI have surged tenfold on job boards like Indeed in the past year. From April 2022 to April 2024, there was a 75-fold increase in these listings. In the U.S., AI-related jobs now make up about 2% of all postings. This high demand is driving up salaries, with AI-related roles offering 77% higher pay than other fields.
While core software engineering skills remain valuable, adding AI expertise is becoming essential. Coding skills alone may not be enough to stay competitive in the evolving tech landscape.
Workers Are Upskilling
Employees are scrambling to learn AI skills as companies reassess their hiring needs and shift their focus. The rush to acquire AI skills is driven by workers’ fears that their jobs could become obsolete without this expertise.