The demand for AI talent is growing at a rate of 50% annually. The rapid takeover AI has had this year means organisations are scrambling to nab the latest talent in the workforce, or fear being left behind. But with competition fierce, where do businesses start, and how can they ensure they are bringing in the right people with the right expertise to their company?
This blog will explore the current complexities and costs associated with hiring AI-savvy talent in 2023, and shed a light on the challenges and opportunities that lie ahead over the next 12 months.
The increasing complexity of AI skills
In today’s rapidly evolving world, the demand for talent with basic AI skills and best practices is becoming increasingly urgent. In fact, Gartner have predicted that 75% of organisations will experience a shortage of AI talent – and hiring individuals with these skills is a complex process that requires careful consideration and a forward-thinking approach.
What constitutes as the “basic AI skills”? AI encompasses various subfields such as machine learning, natural language processing, and computer vision. Clearly outlining the specific skills required is essential to attract the right candidates who can meet your organisation’s needs.
Assessing candidates’ practical knowledge and experience in applying AI techniques is equally important. While theoretical knowledge is valuable, practical experience in real-world AI projects is a game-changer. By conducting technical assessments, coding challenges, and reviewing past projects, you can gain a better understanding of candidates’ capabilities and their ability to deliver tangible results.
Adopting best practices in hiring AI talent is essential for future success. Businesses need to look for candidates who demonstrate a thirst for continuous learning and development, as AI is a rapidly advancing field. Additionally, promoting diversity and inclusion in your hiring process can help foster innovation and bring fresh perspectives to AI initiatives.
The competitive hiring landscape
The increasing demand for AI talent has led to a highly competitive hiring landscape. As organisations across various industries recognise the potential of AI, the race to secure top AI talent becomes more intense. In 2024, companies will find themselves competing for a limited pool of professionals with the necessary AI skills, driving up both the complexity and cost of hiring.
To attract and retain AI talent, companies must offer competitive compensation packages, provide opportunities for professional growth and development, and foster a supportive and innovative work environment. Additionally, organisations may need to adapt their recruitment strategies to target AI professionals through specialised job boards, industry conferences, and networking events.
Considering the costs
Hiring AI-savvy talent in 2023 comes with its own cost considerations. Firstly, the cost of sourcing and screening candidates can be significant, especially when dealing with a niche talent pool. In fact, the cost of hiring AI talent can be up to 20% higher than traditional roles due to the scarcity and high demand for these skilled professionals. It may be the case you need to invest in external recruitment agencies or dedicate internal resources to ensure a thorough and efficient hiring process.
Furthermore, the compensation packages for AI professionals tend to be higher than those for traditional roles. The scarcity of AI talent and the specialised skill set they possess raise the market value of these professionals. Companies must be prepared to offer competitive salaries, bonuses, and benefits to secure top AI talent.
In addition to hiring costs, organisations must also consider the ongoing investment required to keep AI talent up to date with the latest advancements in the field. Continuous learning and professional development programmes, as well as access to cutting-edge tools and technologies, are crucial to retaining AI professionals and ensuring they can contribute effectively to the organisation’s AI initiatives.
The importance of AI-savvy talent
Organisations in 2023 face challenges and opportunities in hiring AI-savvy talent. There is a lot for businesses to consider: the complexity of AI skills, the competitive hiring landscape, and associated costs require strategic decision-making.
At Ten10, we understand the importance of investing in AI solutions and helping organisations attract AI-savvy talent. Our consultants collaborate with clients to identify effective uses of AI, speeding up delivery and enhancing efficiency. The Ten10 Academy trains junior talent in AI and machine learning, equipping them with the skills for valuable business insights.
As businesses plan for 2024, the role of AI-savvy talent and consultants becomes essential. Neglecting AI expertise can lead to missed opportunities and falling behind competitors. Investing in talent development, recruitment strategies, and education initiatives fosters the growth of AI-savvy professionals, positioning businesses for success in the AI-driven future.