Attracting and retaining talent in the face of AI advancement

Advocacy News – July 25, 2024 

What’s happening: One of the most pressing realities across business sectors is the lightning pace of technological advancement. For many employers, so much has changed in recent years — work schedules, the mobility of work, attracting and retaining employees, and more. Last week, the U.S. Chamber of Commerce Foundation hosted the Burning Glass Institute to share their research and analysis on the best ways to increase talent pipelines in the face of growing artificial intelligence (AI) capabilities.

Why it matters: 30% of job skills have been replaced over the past decade, with more on the horizon. It’s imperative that companies and communities can ensure that the workforce they have now can be the workforce they need for the future.

What they’re saying: To increase talent pipelines, employers should reconsider where they are looking for needed employees and also reexamine roles that require similar skills, but may not necessarily fit all needed criteria — then upskilling as many jobs share similar needs.

Here are the top take-aways from the presentation:

1. For some industries, the development of AI may mean that entry-level positions will decrease as barriers to information and educational development will be more readily available. However, AI won’t necessarily solve talent shortages.
2. With the creation and development of AI, kills become increasingly automated. This has led to some formerly necessary skills for a career to cycle out. This doesn’t mean careers will no longer exist but rather, new skills are needed. Schools at all levels will need to reconsider what skills are being taught. The workforce has already felt this shift, particularly in the field of marketing and communications as social media has rapidly developed.
3. To increase talent pipelines, employers should reconsider where they are looking for needed employees. Experts at the Burning Glass Institute urge employers to look at roles that require similar skills, but may not necessarily fit all needed criteria — then upskilling as many jobs share similar needs.
4. One of the most actionable take-aways is pulling talent from within. Similar to the above, there are positions that can be upskilled or moved into a different trajectory if they share similar talents. Furthermore, it strengthens the culture of an organization to be led by those that understand their place of employment and have helped build success.
5. To retain talent, the most critical aspect of an organization or business is their culture and interaction with an employees direct report. In a post-pandemic workforce, there has been significant reconsideration by employees as to what they are willing to spend their time doing. Work-life balance, believing in a company’s values and enjoying a job, is crucial to the next generation of workers. It is time for employers to seriously think about how they show up for their employees and who they hire to lead them.

Go deeper: Read the full list of take-aways from the event. For questions or more information, contact Leah Robinson.