Global talent gaps have long been lamented and continue to widen – in the U.S. alone there are currently 9.6 million job openings and only 6.5 million unemployed people.
Many are calling for upskilling and re-skilling of existing workforces; however, business leaders are limited in their efforts due to a lack of time, resources and funds required to develop materials on which their workers could be trained.
Cypher Learning believes generative AI holds transformative potential in upskilling leadership challenges and building training materials, with particular regard to closing gaps between available workers and available jobs. They recently published a study exploring leaders’ struggles in this area as well as using AI for upskilling training materials using Gen AI technology, among many other uses of the technology.
“Generative AI is already revolutionizing employee training,” according to Graham Glass, founder and CEO of CYPHER Learning. In 2024, however, its main purpose will be reimagining education with AI at its center.
Cypher’s survey on Generational AI: A Potential Lifeline Amid Workplace Turbulence” highlighted talent retention, employee well-being and upskilling as top concerns for HR and enterprise leaders in 2024.
More than half (65%) of respondents indicated that upskilling employees is essential to filling skills gaps; however, most don’t have the resources or abilities needed to create relevant training or course materials for this process. Furthermore, 69% lack the necessary capabilities necessary to maximize technology’s potential in their roles.
As such, only half of workers currently have access to appropriate training opportunities.
Many leaders reported that learning and development (L&D) departments within their organizations could assist with upskilling and cross-skilling, though larger L&D departments incur greater costs, according to the study.
Organizations continue to struggle to strike a balance between allocating funds to revenue-generating initiatives and building up their talent pool.
“Skills gaps limit companies’ abilities to innovate and compete effectively,” according to Glass. As such, HR leaders must prioritize talent retention through comprehensive training programmes designed to elevate employees, engage them fully and increase job satisfaction.
These findings emerge as the World Economic Forum forecasts 2024 as marking a period of increased disruption, including shifting job markets and an increasing need for resilient workforces.
Such disruption is caused by multiple factors: economic and geopolitical shifts, changes in supply chains and mountain social and environmental pressures (among others).
This organization asserts that within five years, nearly 25% of jobs will transform and half of workers’ skills may become redundant.
Gartner predicts employee turnover to increase 50-75% above what companies have experienced previously.
“With so many open positions available, skilled employees may see more options elsewhere,” according to Glass. If they feel undervalued in their current organizations, this could prompt them to look elsewhere for work.
Recruitment costs, decreased productivity and culture disruption are the results.
Glass states: “It is widely acknowledged that hiring new employees costs more than developing existing staff members, according to this study. Furthermore, implementing effective learning and development programs and providing employees with new skills can significantly enhance overall job satisfaction for existing workers.”
He cited an earlier Cypher survey wherein more than three-quarters (76%) of respondents indicated they are more likely to remain employed with an employer that prioritizes training, while 71% agreed that companies who do not invest in training for employees don’t care about them as employees.
“Employees want to stay with companies that invest in their career development,” according to Glass. Simply put: employees want employers that support them as individuals in pursuing their desired path forward.
Generative AI Adoption on the Rise, But Barriers Remain
Generative AI can aid this goal by producing learning materials with text, images, videos and interactive modules in record time according to Cypher study findings. AI also draws content from diverse sources to meet learners’ specific needs more efficiently than human teachers could do alone.
“Despite its promise, Gen AI still faces several formidable barriers to its widespread adoption,” according to the report.
Notably, nearly half (44%) of those surveyed voiced concerns over data security and AI outputs, and more than half worry that AI may take their jobs while 57% remain uncertain how this technology could support their roles.
The majority of respondents (77%) indicated they would use AI more if they could verify the credibility of information being given; 87% added if general AI were available in more usable forms they would be more inclined to adopt it.
However, this does not indicate that enterprises are completely forgoing Gen AI: in fact, over three-fourths (86%) of HR and business leader respondents stated they use Gen AI technology either personally or within their team workflows.
How? By using Gamification in training courses; creating engaging professional development experiences for learners; building assessments to evaluate learner progress; and saving time on course creation.
As more enterprises adopt AI to build training materials, Glass highlighted its role as more of a driver of change: rather than just repackaging traditional methods of education with AI features, “it should be used strategically and measuredly to transform the educational experience.”
He predicted that virtual learning assistants or mentors, combined with human supervisors, will eventually autonomously support personalized development. For instance, AI agents could bring relevant topics directly into users’ attention based on their interests.
“After taking a coffee break, the AI agent may present new topics for exploration,” according to Prof. Ralston.
He predicted: “By 2024, AI systems will become proactive but well-controlled, suggesting relevant options to users rather than waiting for inputs.”
