TODAY’S NEWS. TOMORROW’S INSIGHTS.A daily newsletter from McKinsey & Company
Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities
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Acquiring AI skills. Employees are keen to develop AI skills, but many employers aren’t yet offering the opportunity to learn, a recent survey has found. Organizations are providing AI training programs to only around one in ten workers, according to the study, which included more than 7,000 employees in Australia, Germany, India, the UK, and the US. For companies, that could mean being overlooked by Gen Z talent. Around 40% of Gen Z workers said they’d quit their jobs if their employers didn’t help them to update their skills within the next 12 months. [Fortune]
Competitive compensation. Employers want workers who have AI skills, and they’re willing to pay hefty sums to recruit them. To compete in what one CEO calls a “smoking-hot market,” US companies are proffering six-figure salaries, with some reaching nearly $1 million. In entertainment, manufacturing, and other sectors, executives know they will need more skilled workers, such as data scientists and experts in machine learning, to help organizations adopt the technology. Some businesses are considering acquiring AI start-ups to secure talent. [WSJ]
Advancing with gen AI. Generative AI (gen AI) is advancing quickly in the business world. By 2030, gen AI could enable automation of up to 70% of business activities, adding trillions of dollars in value to the global economy, McKinsey research shows. This smart technology is only going to get more intelligent—and experts warn that those who don’t learn to work with it now will be left behind, McKinsey senior partner Dana Maor and coauthors share. At the same time, there’s no one right way to successfully roll out gen AI in organizations.
Demystifying gen AI. The central task for senior leaders is to demystify the technology for others. They will need to develop a deep understanding of gen AI and its capabilities, such as the ability to create first drafts, facilitate employee training and upskilling, and suggest new lines of code. Executives can also help to introduce mechanisms for managing uncertainties about gen AI, such as establishing clear guidelines regarding the use of gen AI platforms in hiring and recruiting. See three steps leaders can take to capture early gains with gen AI.
— Edited by Belinda Yu, editor, Atlanta
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