When we first introduced “The State of Tech Talent Acquisition” in 2023, our research shed light on the persistent hurdles around sourcing talent and fostering diversity, revealing shortcomings in the traditional tech talent pipeline.
Fast forward to today, and companies are still facing hiring difficulties, amplified by the emergence of artificial intelligence. Who could’ve anticipated that ChatGPT would become the fastest-growing consumer app in history, reaching 100 million weekly users and achieving a 90% saturation rate at Fortune 500 companies within its inaugural year?
In this year’s edition of “The State of Tech Talent,” we explore the transformative impact of on-demand, generative AI on the global workforce. Drawing insights from a comprehensive survey of over 1,000 HR professionals worldwide, this research offers invaluable perspectives on talent acquisition and pipeline development amidst ever-shifting ground.
Survey says, the future of work is here…and so much more:
1. There’s a Gold Rush for AI Skills.
The demand for cutting-edge tech skills reaches new heights with the meteoric rise of AI last year. We’ve found 97% of surveyed companies across the globe are incorporating AI into their operations or products, and 95% of managers are adding “AI skills” into the mix of job requirements for non-technical roles. Amid the soaring demand, 69% of HR leaders are grappling with the scarcity of AI-proficient talent, which surpasses shortages observed in other coveted skills such as data analytics, data science, software engineering, or UX design.
2. The Price of Tech Talent is Rising.
Given the limited pool of AI-skilled candidates, companies are shelling out more to secure top tech talent; 91% of HR leaders report that qualified applicants are demanding higher salaries, and 66% of companies are willing to pay it. Particularly in Europe and Asia, or within AI-heavy organizations, job seekers are poised to secure above-average paychecks. Over half of companies are investing at least $10,000 in AI recruitment, and the average North American firm is spending $23,247 to fill these roles.
3. Navigating the Tech Talent Maze Is Tricky, But Mission-Critical.
The vast majority of HR leaders (93%) say that sought-after job description skills are evolving at breakneck speed, with 29% admitting they lack full comprehension of the roles they’re recruiting for. Post-onboarding, the hurdles persist, with almost all HR leaders (97%) witnessing the need for different skill sets in new hires, underscoring the imperative of robust upskilling programs.
4. Charting a New Course Requires Alternative Approaches.
Despite the challenges, companies are forging innovative paths to bridge the AI talent gap. Leaders around the world are forming partnerships with educators to cultivate new talent pipelines. They’re investing in upskilling their current employees, including executives and those in traditionally non-technical roles. They’re dropping degree requirements for open roles, increasing hiring budgets, and bolstering HR teams. With a holistic approach, companies are putting themselves in a better position to meet their tech hiring needs head-on in 2024.
5. Transformation Starts With Training.
AI has arrived on the international stage in a big, bold way, and organizations around the world are trying to make the best of this rapidly emerging tech.
In this age of accelerated business transformation, the key to filling your roster with tech talent lies in taking a skills-first approach. By democratizing access to emerging AI tools and empowering every employee with the know-how to use them, you’ll drive greater innovation and efficiency — along with securing the tech talent necessary to future-proof your organization.
We invite you to dive deeper into the insights of the “State of Tech Talent 2024” report.
Since 2011, General Assembly has upskilled, reskilled, and trained over 100,000 learners worldwide to help tackle the ongoing supply and demand challenges within the tech sector.
Take the first step toward unlocking your organization’s full potential. Get in touch with our team to learn more about the tech training and talent solutions we can provide to help your business.