The leading position of one or another role in terms of profitability and prospects depends on the opportunities for developing the industry that requires this job. And today, one of the most promising business sectors is the AI industry. Accordingly, some of the most promising AI talents are needed to fill this area's vacancies in such business areas as education, finance, healthcare, or manufacturing, pushing some jobs out of the job market and opening the way forward to others.
Let us turn to AI recruitment statistics to ensure these statements are factual.
The trends of recruitment in AI as well as the recruitment in AI statistics, look cheerful and budding.
Thus, according to the 2022 World Economic Forum’s report, the number of AI-related jobs has increased by 450% since 2013. In addition, many traditional industries are adopting AI technologies, creating a demand for AI specialists in healthcare, finance, retail, education and manufacturing. Moreover, the World Economic Forum’s data demonstrated continuous growth, with an estimated 133 million new jobs during 2022 and previous years.
And the demand for AI specialists is believed to steadily grow in the coming years, with a projected growth rate of 40% in the AI workforce from 2023 to 2025, according to the World Economic Forum’s report. The number of AI-related job openings will reach an estimated 97 million new jobs created by 2025. The same report also claims that the share of jobs requiring AI skills will increase by 58%.
By the IDC official report, global spending on AI systems is predicted to reach $97.9 billion by the end of 2023, with a compound annual growth rate (CAGR) of 28.4% from 2018 to 2023.
This growth is thought to be driven by increased investment in AI research and development and the adoption of AI technology across industries. According to the report by LinkedIn, AI specialist is the #1 emerging job in the United States, with a 74% annual growth rate in job postings during the last five years.
To attract and retain top AI talent, companies recruiting AI specialists offer competitive salaries and benefits, as well as career development and growth opportunities. The report by Indeed states that the average salary for AI specialists in the United States is currently $134,000 per year.
One of the most important trends of recruitment in AI is the increasing importance of soft skills alongside technical skills. While technical skills such as programming, machine learning, and data analysis are still crucial, employers are also looking for candidates with strong communication, leadership, and problem-solving skills. These skills are required because AI projects often involve cross-functional teams and want collaboration with organizational stakeholders.
Another trend in recruiting AI specialists is the increasing use of remote work arrangements. The COVID-19 pandemic has provoked the adoption of remote work, and many companies are now offering remote work options for AI roles. This has expanded the available talent pool, as potential employees' geographic location no longer restricts companies.
On the other hand, like any other industry, the AI industry is not immune to economic downturns and other external factors that can lead to layoffs. For example, the COVID-19 pandemic has significantly impacted many sectors, including AI. Some companies in the AI industry have had to cut back on staff or delay hiring AI specialists plans due to the economic uncertainty caused by the pandemic. So, there is also a significant shortage of AI talent, with a projected shortage of 100,000 AI specialists in the United States, according to the 2022 report issued by Gartner.
The shortage of AI talent is supposed to continue to be a challenge for companies seeking to fill AI-related roles. According to the IBM report, the demand for AI talent is outpacing the supply, with fewer than 10,000 people worldwide possessing the skills necessary to become AI experts. The same report predicts that the shortage of AI talent will persist through 2030, creating a significant talent gap.
According to the report by McKinsey, up to 375 million workers may need to retrain and learn new skills by 2030 because of automation and AI. This presents an opportunity for companies to invest in employee training and development to fill AI-related roles. Companies plan to invest in re-skilling and up-skilling programs to overcome this talent gap.
Besides, companies are investing in training and upskilling programs for their existing employees to cover the shortage of AI talent. For example, IBM has launched an AI Skills Academy to train its employees in AI technology and applications. This helps companies build their AI capabilities and retain their existing talent.
There are also concerns about the diversity and inclusivity of the AI workforce. According to the latest Intel report, only 18% of AI professionals are women, and only 10% represent underrepresented minority groups. This lack of diversity could lead to bias in AI systems, as the data used to train these systems may differ from diverse populations.
To address this, companies are increasingly investing in promoting diversity and inclusion in the AI workforce. To get over this, companies are investing in diversity and inclusion initiatives, such as outreach programs to universities and schools, unconscious bias training for hiring managers, and mentorship programs for underrepresented groups. For instance, Google has launched a program called "AI for Social Good," aimed to support organizations that use AI to deal with social and environmental challenges, focusing on diversity and inclusion.
One more alarming factor in the recruitment of AI specialists is the diversity of the talent pool. The AI industry has traditionally been male-dominated, with women and underrepresented minorities being underrepresented in AI roles.
Another challenge for companies recruiting in the AI industry is the ethical implications of AI technology. Using AI in facial recognition, surveillance, or hiring algorithms has raised concerns about privacy, discrimination, and bias. Companies are increasingly adopting ethical guidelines for AI development and using them to cope with these concerns. Thus, Microsoft has developed a set of ethical principles for AI, which include transparency, accountability, and inclusivity.
Looking ahead, the use of AI in business is assumed to continue increasing, and the demand for AI talent is likely to multiply. As stated in the report by Gartner, by 2024, AI will have created 2.3 million jobs while eliminating 1.8 million. This means that while some job roles may be automated, new job roles will also appear thanks to the rapid development of AI technology.