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My career is rooted in the tech industry, but the lessons learned there are universally applicable across all sectors. Technology has always been synonymous with a frenetic pace of change; The industry conjures up images of engineers working at breakneck speed to deploy one new version after another, with stagnation being a dirty word.
AI is further extending this speed of innovation and accelerating the cadence in the workplace across all sectors. As business founders, this allows us to take a closer look at the trends and strategies within the technology industry and use these insights to predict what will happen everywhere, shaping our hiring approaches for years to come.
CTOs (chief technology officers), often responsible for hiring and layoff of technology talents, are the canaries in the coal mine when it comes to future-proof hiring. They have been operating in a high-speed moving environment for longer than most. As the pace of change accelerates for all of us, you are uniquely positioned to identify emerging trends and changes, particularly in skills and roles that are gaining or losing relevance. Therefore, their decisions and knowledge provide valuable insight into the new demands of the technology industry.
In a recent survey of top CTOs, a consensus emerged on hiring for longevity rather than immediacy, not prioritizing traditional skills but emphasizing adaptability and problem-solving acumen. I know this firsthand, having dropped out of college twice due to its rigid structure. Only later in life did I understand the key to success, and it was not about formal qualifications but the willingness to learn and adapt. In engineering teams, it is not just about conventional technical skills, such as coding in the case of technology, but rather the aptitude for learning, teamwork and proactive problem solving.
Generative AI that is increasingly advancing in the workflows, as seen recently from companies like Duolingo, is a timely reminder that the need to adapt is already here. The company reduced its contractor workforce by 10%, using AI to fulfill some of its tasks, hinting at imminent change. This movement signals a broader trend: the ability to adapt quickly and proficiently use new technological tools is becoming indispensable.
The AI-driven shift in the workforce underscores the importance of upskilling. More importance should be given to upskilling existing employees rather than retraining the workforce. Telecommunications giant AT&T is a prime example; After conducting a skills gap analysis, they discovered that nearly half of their employees needed more adaptable skills for the company's future needs. Instead of extensive hiring, AT&T focused on upskilling and reskilling initiatives, particularly in areas like AI. In 2022, the company spent $135 million on employee learning and development, providing online educational platforms for convenient learning opportunities.
What does this mean for startups? Upskilling, especially in fields like AI, is more than just a remedy for skills shortages. It is a long-term strategic investment and will help cultivate a dynamic and adaptable workforce, which is crucial to driving innovation and growth in your business.
