How to Up-skill Your Workforce in the Age of AI
Artificial intelligence (AI) is slowly transforming the world around us. According to a study conducted by Deloitte the percentage of organizations deploying AI solutions is up by 270 percent from just four years ago. Their analysts forecast global AI spending will more than double over the next three years, topping $79 billion by 2022. Like many professions, project management will not be immune to the impacts of AI. As the number of AI projects increase, so will the need for skilled project managers to manage those projects. Organizations will need to be more agile and establish a culture of continuous learning to reskill and upskill their workforces to fill the skills gaps created by all the digital transformation.
In a report published by McKinsey, 80 percent of the 1,500 respondents surveyed from both public companies and not for profit organizations who were investing heavily in artificial intelligence pledged to retain and retrain existing employees.
As digital automation and AI reshape whole industries, the only way to realize the potential productivity dividends from that investment will be to have the people and processes in place to capture it. The consensus among all the McKinsey respondents was that investing in retraining will undoubtedly lead to increased employee productivity which can provide a significant competitive advantage in our increasingly technology-driven world.
Before creating an up-skilling strategy, conduct an assessment to see what skills you will need from your employees. Conduct a discovery phase of how technology will change the skill requirements within your company as well.
Here at Management Solutions, we have developed a proprietary system for assessing skills gaps and we have a program to upskill professionals with the project controls and project management expertise necessary to deliver a positive impact on projects. Our process aggregates input from key stakeholders to identify the project and skills needs for our clients. We compile results from these assessments to produce a recommended plan and provide training and mentorship to help implement those plans.
As you re-skill your employees, you create a more well-rounded, cross-trained workforce, and increase your team’s effectiveness. Up-skilling can also provide a competitive advantage when you are able to staff new positions immediately rather than go through the process of hiring someone new for a specific job. This makes an organization much more agile and amenable to ever-changing needs.