AI Talent Demand: How Getting Over AI Skill Scarcity Is A Marathon, Not A Sprint – News18

Even as tech hiring has hit the slow lane, companies like SAP Labs India, Samsung’s HARMAN Digital Transformation Solutions, Tredence, and Compunnel are on a recruitment drive. They are hiring folks with niche AI skills. Non-tech firms such as Tata Steel and chocolate maker Mondelez also have leaped on the bandwagon and are hiring AI talent to outperform the competition.

According to estimates by recruitment services firms, the demand for AI talent from non-tech sectors has soared 50 per cent compared to last year. A report released by Spectrum Talent Management in July this year shows that interest in AI-related job postings has doubled compared to the past three years.

The emergence of generative AI models and the deepening of AI adoption has opened up a broad spectrum of roles, including prompt engineers, AI compliance specialists, AI product managers, AI data annotators, legal professionals specializing in AI regulation, AI ethics advisors, and content moderators. The demand for AI talent has scaled an all-time high, but supply remains extremely finite. India, which has emerged as a coveted hub for AI talent sourcing, is also reeling under a talent crunch.

As per an estimate by Nasscom, about 4,16,000 people are working in AI and data science in the country, but there is demand for another 2,13,000. One feels reminiscent of the talent war in 2021 when companies scrambled to onboard the best digital talent by offering stratospheric salaries and a suite of alluring perks. In that hiring tussle, companies with deep pockets and start-ups flush with funds had the edge over small to mid-scale technology companies with modest hiring budgets.

The good news is that hiring AI talent doesn’t have to be a costly bidding war. Companies must understand what motivates these highly prized recruits to take a job and what keeps them there. Businesses can build a long-term advantage in AI by understanding the unique needs of AI talent and offering an impressive employee value proposition.

Those companies that get the most value from AI follow the 10-20-70 rule: 10% of their AI efforts are spent on algorithms, 20% on building the underlying technology, and 70% on supporting people and adapting business processes. This is similar to a company investing in a high-performing asset like a machine or plant. The machine or plant is only as good as the people, processes, and systems supporting it, and without a good support system, the asset will never reach its full potential.

We are living in AI’s renaissance moment. The release of ChatGPT, AI-enabled Bing, and Google Bard has animated public debate on AI. Bridging the skill gap is critical to sustain this explosive growth in AI. Having said that, getting over the AI skill scarcity is a marathon, not a sprint. The industry needs a clear and compelling AI talent strategy for five years from now. Still, many organizations are facing a brick wall.

The demand for AI talent is at an all-time high, and it continues to outpace supply. Companies must find ways to differentiate themselves from the competition in an environment where few skilled professionals are available.

It is different from business as usual when it comes to attracting, developing, and retaining AI talent. For companies to attract and retain these folks, they must offer an attractive value proposition. To build a first-rate AI workforce that will stick around for the long haul, companies need to anticipate what mix of AI skills (rather than jobs) are required, understand what AI workers want and how to attract them, invest in reskilling and advancement opportunities, and keep AI talent fully engaged.

AI employees have different job expectations than traditional workers, so recruiting and retention efforts must be tailored to meet their needs. Companies can build an AI advantage by anticipating talent needs, attracting top-notch talent, developing talent quickly, and engaging AI talent.

Governments can play a catalytic role in AI transformation and building a pipeline of talent. The Government of India has embraced AI to reshape governance and public services, preparing the ground to use AI for public good. It has also launched initiatives like IndiaAI to support AI startups and plans to establish AI centers of excellence in educational institutions.

IndiaAI is a one-stop platform providing all resources on AI developments in India and the world for entrepreneurs, students and academics among others. The Government of Odisha has also launched ‘Odisha for AI’ portal and ‘AI for Youth’ programme to develop an ecosystem which fosters research, innovation and application across several sectors in the economy.

For companies, the futuristic strategy is to look beyond the coveted cities — San Francisco, Seattle, New York City, Bangalore, and London for acquiring talent. Secondary talent pools in other cities and countries can provide organizations with affordable access to exceptional talent. A more robust AI ecosystem emerges when government and grassroots initiatives collaborate.

A value network is the manifestation of an AI ecosystem. Offering stakeholders a path into AI, they redesign the entry margin.

A revolution is not a fruit that falls when it is ripe. You have to make it drop. AI has significantly moved beyond Proof-of-Concept and sandbox implementation. Businesses are looking to recruit top machine learning talent, cultivate AI skills across their workforce, and begin to use this blockbuster technology for incredible outcomes. A successful AI integration isn’t just about technology; it’s about people, too.

(The author is founder & CEO of CSM Tech)