Companies that fail to prioritize the development of their employees’ digital skills risk being left behind in the rapidly evolving digital landscape. With artificial intelligence (AI) becoming more prevalent in various business sectors, many jobs are becoming obsolete while new tasks emerge in other areas. Instead of investing in retraining existing staff, many companies opt to hire new employees to acquire the necessary know-how.
A survey conducted by Adecco among 2,000 managers in nine countries highlights this trend as an “unbalanced buy-versus-build approach.” To fully leverage the potential of AI and ensure the employability of their workforce, companies should focus on developing internal competencies. However, over half of the companies surveyed plan to hire new talent to maximize the benefits of AI, which is expected to lead to stiff competition for professionals with digital skills in the job market.
Despite the growing demand for AI specialists, only a small percentage of companies are willing to retrain their existing employees. This gap between hiring externally and upskilling internally also extends to other digital skills beyond AI, as observed in the survey. This shift has implications for wage costs, with many managers expecting significant increases in salaries for jobs requiring AI skills in the coming year.
The President of Adecco Switzerland, Marcel Keller, emphasizes the urgency for companies to either restructure their teams and invest in staff training or risk facing challenges in the evolving digital landscape. The study also reveals a lack of confidence among managers in understanding the risks and opportunities of AI, reflecting the need for formal training programs for employees at all levels.
In countries where dual vocational training is not as prevalent, investing in employee upskilling becomes even more critical. Building up digital skills internally can contribute to long-term sustainability and competitiveness in the market. By securing their talent pipeline and adapting to changing trends in work, companies can ensure their success and growth well into the future.
In conclusion, developing digital skills is crucial for businesses that want to stay competitive and relevant in today’s fast-changing world. Companies should consider rethinking their approach towards staff training and development instead of opting for hiring external talent every time they need new skills or knowledge.
Upskilling existing employees can be cost-effective compared to hiring new ones as it saves on recruitment costs and ensures that employees already have a deep understanding of company culture and processes. Moreover, it builds loyalty among employees who feel valued by their employers.
Therefore, companies should prioritize employee upskilling by investing time and resources into developing their digital capabilities through formal training programs or reskilling initiatives that align with emerging technologies such as AI and automation.