- Significant skills shortage has more than tripled since last year
- Workers even lack basic digital knowledge and skills
- Four out of five London companies are increasing investment in training
In a survey of more than 2,000 London business leaders, one in two believe their workforce does not currently have the skills needed to meet their AI adoption needs.
Although this is a decrease compared to 63% last year, it still leaves half of companies struggling to keep up with AI.
However, the proportion of companies reporting a significant skills shortage has risen to 15% this year, compared to just 4% last year, implying that even basic training is not being given attention.
The AI skills shortage is growing
According to BusinessLDN, this is the highest level recorded since the annual survey began. But in addition to a significant skills shortage, more than a third (35%) also warned that they face a moderate shortage.
AI aside, 60% also noted a lack of advanced digital skills and 23% shared a lack of even the most basic digital skills, but while companies do not have the human capacity to develop AI strategies at the moment, three in four have gone down the path anyway.
“While London businesses are embracing AI, many are finding it difficult to keep up with the skills needs of their workforce given the pace of change,” wrote Mark Hilton, Policy Director for People and Skills (via bbc).
However, it is exactly this lack of digital and AI skills that could be creating jobs in the short term, because four in five (83%) companies revealed that they had vacant positions, a counter narrative to multiple reports that maintain that AI is replacing entry-level roles. In support of this, three quarters (76%) do not expect to reduce headcount, suggesting we may have finally reached a balance after previous mass redundancies.
But while countless surveys reveal that companies are failing to support their workers with the right upskilling plans, London appears to be doing things differently: 81% plan to increase investment in training over the next year.
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