How Emerging AI Use Cases Are Addressing the $8.5 Trillion US Skills Gap

McKinsey data estimates that the US gross domestic product could have been between 0.5% and 1.5% higher across the economy if employers were able to fill their excess job vacancies. 

To make matters worse, PwC insights show that the skills gap in the United States is set to total a loss of $8.5 trillion by 2030. 

These steep losses can also mean that high-potential businesses miss out on opportunities for growth, leading to long-term stagnation. 

Particularly in the high-tech sector, where talent is in high demand, finding skilled candidates to fill key roles remains a major challenge that’s set to become worse over time. 

However, artificial intelligence is emerging as a leading solution to address skills gap concerns among employers, helping more businesses to come to terms with the job market, upskill internal talent, and discover skilled employees overseas. 

Adopting a Data-Driven Approach

One of the biggest transformative impacts that AI will have on companies seeking to address the skills gap will focus on data insights. 

When it comes to exploring skills gaps, it’s important to remember that no good business is static and that employees will continually develop new skills or shift roles. 

The skills gaps that needed addressing yesterday may be different today, and artificial intelligence tools like machine learning (ML) can naturally track these changes to offer real-time visibility into the capabilities of a company’s workforce. 

This means that you can identify crucial skill gaps as they emerge, rather than waiting for annual reports that may be inaccurate by the time they’re reviewed. 

Because ML is excellent at identifying trends, it can also anticipate future skill gaps by tracking industry trends and emerging role requirements. Again, this helps decision-makers to stay on the front foot and to proactively prepare their workforce for new skill demands, rather than waiting until a shortage begins to stifle their development. 

Powerful Upskilling Tools

The US workforce faces a significant upskilling problem. According to McKinsey data, upskilling remains the single biggest barrier to workers looking for employment, both among those willing to switch occupations and those who aren’t. 

Upskilling will be a core component of the AI revolution, with the World Economic Forum forecasting that the technology will displace 92 million jobs globally but also create 170 million new ones. This calls for new skill sets and the ability to both upskill and reskill to suit the changing requirements of employers. 

Generative AI tools can help more workers embark on upskilling journeys by creating adaptive learning paths tailored to their skills, interests, and career goals. As a result, learning can be made more relevant and engaging as a means of boosting retention and filling requirements for skilled roles. 

This will not only mark a shift away from traditional one-size-fits-all approaches to training but to also aid businesses in maintaining a strong company culture by internally promoting their brightest performers. 

Machine learning can also introduce more gamified elements to learning experiences for employees to make their upskilling processes more engaging. The technology can introduce true-to-life simulations based on realistic scenarios to improve problem-solving and decision-making skills in a controlled environment. 

Tapping Into Global Talent Pools

Artificial intelligence can also assist businesses in taking their talent search global by using big data analytics to scan international job boards, professional networks, and social media to matchmake high-potential candidates with the role that’s being recruited for.  

Because generative AI can work seamlessly with ML to assess workers based on their abilities, soft skills, and prospective culture fit, it’s possible to hire overseas with more confidence by tapping into diverse talent pools and hiring candidates with the best possible chance of success. 

Hiring remote talent beyond borders using platforms like Remote People will form a major competitive advantage when addressing the US skills gap in the future, and using AI tools to source skilled prospects will empower you to cast your net far wider in identifying the right candidates for your open roles. 

Bridging the Skills Gap

Although AI developments will initially make it more challenging for businesses to fill their skill gaps due to the sheer complexity of the technology, it will also play a leading role in empowering decision-makers to make smart movements when recruiting to fill high-tech roles within their company. 

Through better workforce planning, engaging upskilling initiatives, and intelligent access to global talent pools, businesses can take a multifaceted approach to both their HR and recruitment processes to address their skills gap. 

With the support of artificial intelligence, more US firms can overcome the dangers of stagnation and secure growth with a highly skilled workforce.