The battle for AI talent - A race in the digital age

In the era where artificial intelligence (AI) is the driving force behind innovation, organizations face a challenging task: finding and retaining specialized AI talent. According to a recent Deloitte study, 55% of organizations recognize the need to bring more AI expertise in-house, but struggle to find the right candidates[1]. This discrepancy between supply and demand puts immense pressure on companies to revise their talent acquisition and development strategies.

The Artificial Intelligence Act (AIA) demands human oversight by organizations. Thus, each organization must have at least a number of employees capable of understanding AI applications and underlying decision models. The effect of this law is that it limits organizations from simply purchasing AI software packages and running them without supervision.

In the financial services sector, there’s an additional challenge: computer science students show predominantly more interest in career opportunities at tech startups than at traditional institutions in the banking and insurance industry.

Attracting AI talent requires more than an attractive salary package. It’s about creating a culture and work environment where these professionals can thrive. Research by BCG emphasizes the importance of four key areas[2]:

• Shifting focus from specific roles to skills
• Understanding the desires of AI employees
• Developing career paths
• Integrating AI talent into the organization

To maintain a competitive advantage, it’s essential that organizations anticipate the skills needed for AI transformation and act proactively to attract and retain the right talent.

Offering development opportunities and training to current employees is also a common strategy. Organizations should train their employees to be multi-skilled, which can help reduce the need for AI talent. The dynamic nature of digital transformation means that job requirements can change in a short time, sometimes every six months. This underscores the fundamental importance of education and training, which must be seamlessly combined with a continuous talent acquisition process.

CEO Digital also points out the growing need for CIOs to recruit and retain top AI talent[3]. Organizational culture plays a critical role; cultural tensions and skill shortages in change management can severely hinder organizational transformations. Companies need to focus on creating a culture that promotes autonomy and mastery while simultaneously providing the conditions to attract and retain top talent.

The complexity of attracting and retaining AI talent lies not only in the attractiveness of the company or working conditions. It’s crucial that organizations truly understand why candidates do or do not join and why employees stay or leave. Diversity, inclusivity, and ESG goals are more important than ever, and the impact of leadership behavior on employees should not be underestimated.

In this complex context, it’s crucial for organizations to be transparent about their mission and values, offer clear career paths, and create a work culture that supports both personal and

professional growth. Only then can they win the battle for AI talent and build a sustainable competitive advantage in the digital age.

Are you ready to effectively integrate AI talent into your team? With PrepAIr by your side, we set the course for sustainable success in the world of artificial intelligence.

The first step is awareness: Contact us to participate in our study on AI-PrepAIredness!

[1] Williams, Natalie. 2023. “Winning the War for Talent in the Age of AI & Data: A Guide for Insight-Driven Organisations.” Deloitte. Accessed November 1, 2023.

[2] Vinciane Beauchene, Julie Bedard, Julie Jefson, and Nithya Vaduganathan. “How to Attract, Develop, and Retain AI Talent.” BCG, May 16, 2023. Accessed November 1, 2023.

[3] “Talent War Set to Become Top Priority for CIOs in 2023.” CEO.digital. September 8, 2022. Accessed November 1, 2023.