Today’s dizzying market is all-but defined by constant change, making it imperative for companies of all shapes and sizes to have a comprehensive strategy for retraining their workers on the fly. Retrofitting your employees with new skills and the knowhow needed to succeed in a digital economy is easier said than done, however, and many business professionals are failing when it comes to understanding retraining in the age of AI.
Here’s how you should approach the subject of retraining in an era defined by intelligent machines, and how worker training is set to abruptly change in the near-future.
Our workforce is in dire need of an overhaul
It’s beyond dispute that the American workforce is in desperate need of an overhaul to make it more effective in the 21st century market economy; the Information Technology and Innovation Foundation recently released a report noting than an inability to grapple with AI would reduce our potential to support full-employment, for instance. The foundation’s impressive report helps business leaders understand the key areas they need to be focused on when it comes to adapting to AI, namely creativity and flexibility.
Workers who are too inflexible to learn the ropes of how to leverage a new technology are going to cost your company dearly in the long-run, making it imperative that you focus on hiring diligent workers who are also capable of changing themselves. You’ll have to help them along the way, however, as effectively retraining workers in the age of AI demands that employers become involved and invested in the training process. With McKinsey recently noting that as much as 14 percent of the global population could soon be forced to change its career field thanks to rapidly encroaching technological developments, it’s more imperative than ever before to get a jumpstart on this training right now.
The first thing you need to do is admit that retraining is possible; far too many business leaders actually think it’s not worth retraining employees today, and instead try to rotate in new, younger hires when their workforce begins to age or grow inefficient with contemporary tech. All workers are valuable and have the capacity to grow, however, meaning you shouldn’t cross anyone off the list when it comes to potentially investing in training them.
You can’t be afraid to invest
Some business owners posit that they do understand the importance of training but can’t realize their training goals because it’s too expensive or challenging to do so. While costs are a legitimate concern when it comes to worker retraining, it’s imperative to understand that retrofitting your workforce is essential to your business’ longevity. Retraining is effectively never complete, because technological progress which demands further retraining can itself never be restrained.
While some owners lament that turnover rates are so high that retraining simply isn’t worth it, many of your workers are likely leaving because they see no opportunity for growth within your business. The ability to retrain workers, instilling within them the greater capacity to achieve their goals, helps link them to your company by showing them they have space to grow and succeed. In short, don’t let staggering industry turnover figures somehow prevent you from investing in retraining.
The age of artificial intelligence is confusing, and at times can be downright scary. Nonetheless, business owners can’t afford to lose their cool now. Don’t let a short-term investment hold you back from long-term growth. As the era of advanced machine-learning begins to unfold, you should seriously consider investing in flexible employees who can be readily retrained to keep your business competitive.
A social media marketing executive and entrepreneur, Alex has led the marketing divisions of some of the UK's leading advertising and PR firms. He specializes in usng the power of big data and business analysis to deliver actionable metrics.
As manager of a large team of digital marketers, Alex is responsible for delivering the training and development of his entire department. He emphasises standardizing procedures and creating an immersive on-boarding process as key to bringing new members to your team.
Outside business, Alex is a keen videographer and music producer, living and working in Brighton, UK.