Artificial Intelligence (AI) continues to evolve, shaping our world in unprecedented ways. While 2023 showcased impressive generative AI applications, the new year is poised to unveil even more groundbreaking innovations in the realm of AI technology.
Learn more about the current and projected future impacts of AI on hiring and the staffing world.
Top AI Trends for 2024
Here are six ways AI is impacting the staffing world:
1. Growing Use of Generative AI
Generative AI is about to get better with upcoming releases like GPT-5, shaping creative industries and processes. The generative AI market is projected to grow at a compounded annual growth rate of 27.02 percent from 2023 to 2032, with the market size reaching $118.06 billion by 2032.¹
There is a shift towards more autonomous agents, multimodal models, and open-source approaches. Businesses are increasingly investing in AI governance to manage risks and comply with evolving regulations. Multimodal AI, which processes different types of inputs like text, images, audio, and video, is expected to bring new levels of productivity across several industries, including staffing.
According to a McKinsey report, generative AI could boost labor productivity by 0.1 to 0.6 percent annually until 2040. This increase depends on how quickly technology is adopted and how workers’ time is redirected to more productive tasks. Combined with other technologies, work automation, including generative AI, has the potential to add another 0.2 to 3.3 percentage points to productivity growth each year.²
2. Smarter Candidate Matching with AI
Approximately 65 percent of recruiters now use AI in their recruitment processes, and its integration is expected to continue growing rapidly.³ AI technologies, including advanced machine learning and natural language processing, enable a more comprehensive understanding of a candidate’s skills and experiences. These technologies are not just limited to resume screening but also extend to AI-assisted video interviews, strategic talent sourcing, and support in onboarding and employee retention.
While AI significantly enhances efficiency and may help reduce biases in hiring, there is still a need for human oversight, particularly in strategic and relationship-building aspects of recruitment. One of the major concerns among recruiters is that AI might overlook candidates from historically underrepresented groups or people with unconventional backgrounds. Despite these concerns, its potential for time savings makes it a tool that most recruiters will not ignore.
3. Career Disruptions and Skills Needed to Adapt
The impact of AI is not limited to recruitment alone. According to the 2023 Stanford AI Index Report, there’s a growing demand for AI-related skills across almost every sector, with an increase in AI-related job postings from 1.7 percent in 2021 to 1.9 percent in 2022.⁴ This represents a significant 10 percent increase in the share of AI-related job postings among all job listings, escalating importance of AI proficiency, not just in technology fields but across various industries.
OpenAI researchers have also developed a rubric that measures the “exposure percentage” of different occupations to AI, indicating the proportion of an occupation’s tasks that can be completed or aided by AI. They found that 19 percent of jobs now have at least 50 percent of their tasks exposed to AI, particularly in business-related fields.⁵
To succeed in this AI-dominated job market, there’s a need to focus on foundational skills like self-development, self-knowledge, and self-efficacy. These skills are critical for career readiness and will help individuals adapt to the evolving labor market, where AI continues to play an increasingly significant role.
4. Rising Emphasis on Responsible AI Practices
The integration of AI technology across various sectors raises concerns about societal impacts, particularly regarding bias, discrimination, and misuse of AI. Bias and fairness in AI involve ensuring that AI systems or applications do not produce or reinforce unfair or harmful outcomes.
This includes tackling issues like algorithmic bias, which can occur due to biases in training data or the algorithms themselves. Factors like feedback loops and feature selection in AI models can contribute to such biases. For instance, biased outcomes can reinforce themselves in systems with feedback loops, and the choice of features in AI models may inadvertently discriminate based on these feedback loops. Navigating the ethical landscape of AI in 2024 involves a delicate balance between fostering innovation and promoting fairness and non-discrimination.⁶
5. Increased Automated Administrative Tasks with AI
The automation of administrative tasks is increasingly influenced by Intelligent Automation (IA), which combines robotic process automation (RPA), artificial intelligence (AI), machine learning (ML), and business process management (BPM). This trend sees the expansion of IA into generative AI, leading to a more advanced and comprehensive automation of business processes.
In 2022, 85 percent of large enterprises used RPA in their operations.⁷ This integration enhances rule-based automation with intelligent decision-making, leading to operational excellence and cost efficiency. AI’s role in decision-making processes is amplifying, with AI-driven support systems enabling businesses to make faster and more precise decisions.
Emerging technologies like human augmentation and quantum computing are also playing significant roles. Human augmentation technologies are anticipated to boost workforce productivity, promoting a collaborative environment where human skills are complemented by machine efficiency.
6. Personalized and Efficient Learning with AI
AI integration personalizes training by tailoring learning paths to individual employees’ skills and learning styles, making training more engaging and effective. Data analytics in learning and development (L&D) are utilized to customize training plans and predict future needs, enhancing the overall effectiveness of training programs.
There is also a growing emphasis on developing soft skills such as critical thinking, communication, and emotional intelligence, which AI cannot replicate. This trend reflects the need for a balanced skillset where technical proficiency is complemented by interpersonal and problem-solving abilities.
PEAK PERFORMERS IS YOUR ALLY IN TODAY’S AI-DRIVEN WORLD
In an era where AI is revolutionizing the workforce, the need for an agile and skilled team is becoming more crucial than ever. At Peak Performers, we understand that even in a landscape increasingly shaped by AI, the human element remains irreplaceable. We specialize in connecting you with talented individuals who are not just skilled but also adaptable to the evolving AI-integrated workplace.
If you’re an employer seeking a workforce that can seamlessly blend with AI advancements and drive your business forward, partner with us to access a diverse talent pool including individuals with disabilities. And if you’re a job seeker aiming to thrive in this AI-transformed era, irrespective of your abilities, join our network to find roles where your skills and adaptability are valued.
Together, let’s navigate the challenges of an AI-dominated future and build a workforce that’s not only technologically proficient but also humanly exceptional. Connect with us today to begin your journey toward a workforce that’s ready for tomorrow’s challenges.
References
- “Generative AI Market” Precedence Research, Accessed 6 Jan. 2024, www.precedenceresearch.com/generative-ai-market.
- “The economic potential of generative AI: The next productivity frontier” McKinsey, 14 June 2023, https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/the-economic-potential-of-generative-ai-the-next-productivity-frontier#introduction.
- Stefanowicz, Beata. “AI Recruitment Statistics: What Is the Future of Hiring?” Tidio, 28 Nov. 2023, www.tidio.com/blog/ai-recruitment/.
- “AI Index Report.” Stanford Institute for Human-Centered Artificial Intelligence, Stanford University, 2023, www.aiindex.stanford.edu/report/.
- “GPTs are GPTs: An early look at the labor market impact potential of large language models” OpenAI, 17 March 2023, www.openai.com/research/gpts-are-gpts.
- “Artificial Intelligence (AI) – Peatworks.” Peatworks, 7 Dec. 2023, www.peatworks.org/employer-topics/artificial-intelligence-ai.
- “Robotic Process Automation: Top Statistics” Strategic Market Research, Aug. 2023, www.strategicmarketresearch.com/blogs/robotic-process-automation-statistics.
