Artificial intelligence (AI) has begun to impact the labor market. However, concerns about artificial intelligence and job loss are widespread. According to data from Microsoft and its subsidiary LinkedIn, the 2024 Work Trend Index Annual Report, there is a shortage of hidden talent and employees are willing to make career changes, and there are significant opportunities for those ready to improve their artificial intelligence skills.
Leaders are also actively hiring, according to the report. The report found that 55% of leaders are concerned about whether they will have enough talent to fill their positions in the coming year. This problem cuts across functions, with the percentage increasing to 60% or more for cybersecurity, engineering and inventive design roles.
Professionals are on the move too. The report shows that 45% of professionals fear that artificial intelligence could replace their jobs, and a similar percentage (46%) are considering leaving their jobs within the next year. That number is up from 40% who felt the same before the gigantic shake-up in 2021. LinkedIn reports that job applications per position have increased by 14% in the U.S. since last fall, and 85% of professionals are considering changing jobs in 2024
What business leaders have to say
The report shows that leaders are aggressively seeking technical AI talent. Hiring has grown 323% over the past eight years, and leaders are focusing on non-technical talent adept at using generative AI tools like ChatGPT and Copilot:
Leaders are also actively hiring, according to the report. The report found that 55% of leaders are concerned about whether they will have enough talent to fill their positions in the coming year. This problem cuts across functions, with the percentage increasing to 60% or more for cybersecurity, engineering and inventive design roles.
Professionals are on the move too. The report shows that 45% of professionals fear that artificial intelligence could replace their jobs, and a similar percentage (46%) are considering leaving their jobs within the next year. That number is up from 40% who felt the same before the gigantic shake-up in 2021. LinkedIn reports that job applications per position have increased by 14% in the U.S. since last fall, and 85% of professionals are considering changing jobs in 2024
What business leaders have to say
The report shows that leaders are aggressively seeking technical AI talent. Hiring has grown 323% over the past eight years, and leaders are focusing on non-technical talent adept at using generative AI tools like ChatGPT and Copilot:
- 66% of leaders say they wouldn’t hire someone without AI skills.
- 71% would rather hire a less experienced candidate with AI skills than a more experienced one without them.
- Younger candidates may have a up-to-date advantage: 77% of leaders believe that AI will give early-career talent greater responsibilities.
While leaders recognize the importance of hiring up-to-date employees with AI skills, they reportedly overlook the value of developing their existing workforce:
- 45% of U.S. executives are not investing in AI tools or products for employees.
- Globally, only 39% of AI employees have received AI training from their company.
- Just 25% of companies plan to offer generative AI training this year to fill this training gap.
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