How AI is putting a strain on skills
Up to 120m employees in the world’s dozen biggest economies may require retraining or reskilling over the next three years due to the rollout of artificial intelligence and automation, according to a new IBM Institute for Business Value report.
In addition, many executives participating in the study say their countries simply aren’t equipped to handle the effects of advanced intelligent automation.
The research also finds that the rate at which professional skills become obsolete is increasing. The half-life of professional skills was once estimated at 10 to 15 years. Today, the half-life of a learned skill is estimated to be five years and even shorter for technical skills, meaning a skill learned today will be about half as valuable in just five years or less.
Also, it is now taking longer to close skills gaps with traditional training approaches like classroom and virtual learning. Some skills take longer to learn because they are largely behavioural, such as teamwork, communication, creativity, and empathy.
“Other new skills take more time to acquire because they are highly technical (such as data science capabilities),” the report says. “Also, many of the skills themselves are changing rapidly, making it hard to stay on top of the latest requirements.”