My career is rooted in the technology industry, but the lessons learned there are universally applicable across the board. Technology has always been synonymous with a frantic pace of change. the industry conjures up images of engineers working at breakneck speed to develop new release after new release, stagnation being a dirty word.
Artificial intelligence further expands this speed of innovation and accelerates the pace of the workplace across all sectors. As company founders, this allows us to look closely at trends and strategies in the tech industry and use that knowledge to predict what will happen across the board, shaping our hiring approaches for years to come.
CTOs (chief technology officers), often responsible for hiring and firing tech talent, are the canaries in the coal mine when it comes to future hires. They have been operating in a high speed traffic environment for longer than most. As the pace of change accelerates for us all, they are uniquely positioned to identify emerging trends and changes, particularly in skills and roles that are gaining or losing relevance. Their decisions and insights therefore provide valuable insight into the new demands of the technology industry.
In a recent survey I conducted of leading CTOs, a consensus emerged about hiring for longevity over immediacy, not prioritizing traditional skills, but instead emphasizing adaptability and problem solving. I know this firsthand, having dropped out of university twice because of its rigid structure. It wasn’t until later in life that I realized the key to success is not about formal qualifications but rather a willingness to learn and adapt. In engineering teams, it’s not just the conventional technical skills, like coding in the case of technology, but the ability to learn, work as a team, and proactively solve problems.
It wasn’t until later in life that I realized the key to success is not about formal qualifications but rather a willingness to learn and adapt.
Genetic AI making more inroads into workflows, as seen recently at companies like Duolingo, is a timely reminder that the need to adapt is now here. The company has reduced its contractor workforce by 10%, using artificial intelligence to fulfill some of its tasks, hinting that the impending change is here. This move signals a broader trend: The ability to quickly and adequately adapt to the use of new technological tools is becoming essential.
The shift towards AI-driven changes in the workforce underscores the importance of upskilling. More importance should be given to upgrading existing employees rather than recycling the workforce. Telecom giant AT&T is a great example. after conducting a skills gap analysis, they found that nearly half of their employees needed more adaptive skills for the company’s future needs. Rather than extensive hiring, AT&T has focused on upskilling and upskilling initiatives, particularly in areas such as artificial intelligence. In 2022, the company spent $135 million on employee learning and development, providing online training platforms for convenient learning opportunities.
What does this mean for startups? Upskilling, especially in areas like artificial intelligence, is more than just a cure for skills shortages. It’s a strategic long-term investment and will help foster a dynamic, adaptable workforce, which is vital to driving innovation and growth in your business.
