Artificial intelligence (AI) used to only be a phrase used in science fiction films. Now, however, the term has moved out of the sci-fi world and into the mainstream. Smartphones and social media democratized technology into the hands of the average Joe, and over the next 10 years, AI is set to enter our homes and businesses in more significant ways.
Mention AI to your work colleagues, and the first response might be a collective eye roll or even a shiver of fear. The technology has some serious implications when it comes to the future of work. Many people are predicting that AI will replace jobs and that the working world will favor robotic productivity and efficiency over human talent.
Add to this unknown a labor market that is growing more and more polarized. The rise of technology has enabled a generation of remote workers. People are relocating less often – in fact, mobility among the millennials is at a historic low, and digital platforms are becoming more integrated into how people find work.
Because of this, work styles have changed faster than education systems can keep up with. Sixty percent of employers say that new graduates are not prepared for the world of work, while 37 percent of employees report that their talents and skills are not being fully appreciated.
How leaders can rise to the challenge
The development of technology and the proliferation of work styles presents several challenges for business leaders wanting to own their place in this new society.
Hiring bright and able people while embracing the opportunities of technology is the major test. Leaders will have to find the combined critical-thinking and creativity skills that are not replaceable by AI. They'll face the challenge of how to attract these types of employees, especially if their businesses are not currently operating in a major city brimming with talent.
In this climate of flux, a spirit of imagination and invention is needed if companies are going to spin the threats of technology into opportunities. Entrepreneurs must make changes to their businesses in order to survive and forge ahead in this new environment.
To do that, there are a few things business leaders need to keep in mind.
1. Hire for potential — not just skills.
Amid rising pressure to retain top talent, employers are scared to take hiring risks. They want to be sure that the people they hire have proven skills that will help them succeed. But potential might be a better indicator of how well a candidate will thrive in your company.
It's an employee's innate abilities that determine how well he or she can learn the particulars of a job, not necessarily the experience they already have. Specific job duties will inevitably shift, and the superstar employees are the ones who can adapt quickly and keep up with the changes.
Moreover, the markers of skill listed on a candidate's resume can be superficial. GPAs and college degrees don't necessarily correlate with being a great team member. Try leveraging tools that go beyond self-reported questionnaires. Assessments that capture real measures of aptitude can be game-changers for industries looking to win the war on talent.
2. Devote time to understanding tech advances.
AI is no longer a far-off monster – in fact, it's no longer a monster at all. As it becomes more prominent and mainstream, companies need to rethink how they are relating to tech within their organizations.
While Oxford University predicts that 47 percent of U.S. jobs are at risk of being replaced by tech, experts see the potential of AI as less of a takeover and more of a collaboration of "human-machine partnerships."
Humans will always be needed as the guardians of technology, and business leaders can prepare for this new reality by evaluating where to use tech's benefits in their organizations. What are the opportunities in your team for human-tech collaborations?
3. Expand your talent pipeline.
Small companies and budding entrepreneurs often take a narrow view of where their organizations establish roots. They attach to a particular location with a particular population, and they stay there. There's a reason large manufacturing companies often build plants in rural areas: The land is cheaper. While staying in one area might make sense for your economic model, it might not allow you to hire the best of the best. Instead, it's smart to think differently about how you're building your talent pipelines.
The truth is that young people are adapting to the economy and fast-tracking into careers. More high schoolers are bypassing college and starting their own businesses, or many go straight into high-demand jobs. Open your business to this generation: Talk to high schoolers, create internships and offer non-traditional pathways into your industry.
The world of work has always been catalyzed by new technology. Cottage industries were disrupted by the invention of the steam engine, and the dot-com bubble paved the way for companies like Amazon and Google. Society progresses by leaps that feel awe-inspiring and terrifying at the same time. It's the leaders who actively adapt to these leaps who will find themselves at the center of the new world when it dawns.
