In-Demand Skills: The Impact of the AI Revolution

As Artificial Intelligence (AI) and tools like ChatGPT continue to make significant strides in the workplace, Canadian businesses must adapt to stay competitive. Human resource executives and people resource managers play a crucial role in guiding this transformation. This blog post will explore the impacts of AI on the Canadian workforce over the next 5 years, focusing on enterprise skill needs, skill development and career exploration, and the importance of investing in training and talent initiatives.

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Enterprise Skill Needs In The Next 5 Years

According to a McKinsey Report, by 2030, 14% of the global workforce may need to change occupations due to AI and automation. This highlights the need for Canadian businesses to anticipate skill demands and adapt accordingly.

Here is just a sample of the skills shifts identified by McKinsey’s Global Institute Workforce Skills Model. 

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So why is this important?

Recognizing that these skill gaps are expanding is not enough. Canadian companies must act now in order to prepare their workforce for this transition that has already begun. AI will only accelerate the need to ensure that employees have the resources they need.

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Skill Development and Career Path Exploring

A recent survey by RBC’s Future Skills report revealed that 54% of Canadian workers lack confidence in their ability to navigate the digital economy. Investing in employee upskilling is essential. 

Take Shopify for example, which offers its employees access to advanced AI and machine learning courses, ensuring they stay ahead of the curve.

In a piece published by Protocol and Pluralsight, Shopify’s Director of Talent Development Kimberley Mullins highlights, “We offer internal training for all employees, regardless of whether they're technical or not, on technical components like coding or data science. We have internal courses that help train and expose individuals in different aspects of the work. We also have programming that enables them to be supported in augmenting that.”

Career path exploring is recognized as extremely important however most employees are unsure how to actually start.

That’s whyThrive built a Career Path Explorer which leverages AI and real live database of labor market data in order to make it easy to identify career paths, and skills the gap analysis by compare a resume with the skills required for the role. Learn more about the Thrive Career Path Explorer feature here. 

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Canadians Spend Less on Training and Talent

A study by the Conference Board of Canada found that Canadian organizations rank last among 14 countries in spending on employee training. To remain competitive, Canadian companies must invest more in talent development initiatives.

Some companies in Canada have already begun prioritizing employee investment program. The Vector Institute for Artificial Intelligence has partnered with the startup hub Communitech, with the partnership aiming to bolster AI expertise and application across Canada. Over 140 founders representing startups from various industries have signed up for this training program.

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Becoming a Leader in Tackling This Challenge

Organizations that invest heavily in learning and development are 37% more productive and experience 44% higher employee retention (Deloitte Human Capital Trends). By prioritizing talent investment, Canadian organizations can emerge as leaders in the face of artificial intelligence shaking up the future of work.

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In Conclusion

As AI continues to reshape the Canadian workforce, human resource executives and people resource managers must rise to the challenge. By anticipating enterprise skill needs, fostering skill development and career exploration, and investing in training and talent initiatives, Canada can not only keep pace but thrive in the AI revolution. The future belongs to those who embrace change, adapt, and innovate.

Thrive is extremely proud to be one of the Canadian business that is supporting organizations in navigating the future of work. Our award winning Career Wellness platform enables organizations to support their employees at all stages of their career. As a one-stop digital solution for Career Transitions, Internal Redeployments, and Career Management and Training programs, we are among the groups leading the way to a brighter future.

Find out how Thrive can help your organization by booking a free demo below!