A recent report found that over 40% of business leaders expected to employ less people within the next five years due to the growth of AI technology, while the World Economic Forum found that over 20% of jobs are expected to be disrupted during the same time period.
Such figures are hardly surprising. As more and more businesses incorporate AI into their operations, many tasks, such as administrative duties, may become automated. However, a rise in AI brings with it a rise in potential risk, with 57% of respondees saying they lack confidence in their own C-suite's ability to understand the risks and opportunities' afforded by AI.
What can businesses do to mitigate these risks and seize these opportunities?
Be early adopters
While over 60% of business leaders expect AI to be a game changer for their industry, only approximately 10% have made significant strides in adopting and implementing AI. With the relevant digital skills only likely to increase in demand, those who put processes in place now have the opportunity to avoid the recruitment rush.
Upskill teams
As things stand, the majority of firms are planning on recruiting externally for digital experts, leaving a gap in the market for those willing to train their existing teams and allowing them to mitigate the inevitable rise in wages when recruiting for AI-related roles.
Develop effective risk management strategies
How can you ensure that an AI recruiter doesn't discriminate a candidate? If human checks are still required, would adopting AI slow down recruitment processes?
Putting in place robust risk management strategies will allow for AI and its adopters to protect against these risks - more detail on what businesses can do now can be found in our recent webinar.
The survey also found the AI skills gap extends to the very top of their companies, with 57% lacking confidence in their own C-Suite's ability to understand the "risks and opportunities" afforded by AI. Just 43% among this group said they had formal training programmes in place to improve AI skills, while only 50% said they provide guidance to staff on how to use AI at work.
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