1 00:00:00,050 --> 00:00:03,800 Lesson addressing workforce upskilling and reskilling needs. 2 00:00:03,830 --> 00:00:09,560 Addressing the workforce, upskilling and reskilling needs is critical in the context of artificial 3 00:00:09,560 --> 00:00:10,910 intelligence governance. 4 00:00:11,330 --> 00:00:18,200 As AI technologies advance, they not only disrupt traditional job roles but also create new opportunities 5 00:00:18,200 --> 00:00:20,510 that demand a different set of skills. 6 00:00:21,020 --> 00:00:27,110 The dynamic nature of AI necessitates that professionals continuously update their competencies to remain 7 00:00:27,110 --> 00:00:29,300 relevant and effective in their roles. 8 00:00:29,960 --> 00:00:35,900 Upskilling refers to enhancing one's existing skills, while reskilling involves learning new skills 9 00:00:35,900 --> 00:00:38,390 to transition into different job functions. 10 00:00:39,050 --> 00:00:45,260 Both processes are vital in fostering a workforce capable of navigating the complexities of AI governance. 11 00:00:46,940 --> 00:00:52,700 One primary driver for upskilling and reskilling in the AI sector is the rapid pace of technological 12 00:00:52,700 --> 00:00:53,390 change. 13 00:00:53,420 --> 00:00:59,630 AI technologies such as machine learning, natural language processing and robotic process automation 14 00:00:59,630 --> 00:01:02,270 are evolving at an unprecedented rate. 15 00:01:02,840 --> 00:01:10,280 According to a report by the World Economic Forum, by 2025, approximately 85 million jobs may be displaced 16 00:01:10,280 --> 00:01:16,460 by machines, while 97 million new roles may emerge that are more adapted to the new division of labor 17 00:01:16,460 --> 00:01:19,340 between humans, machines and algorithms. 18 00:01:20,180 --> 00:01:25,310 This statistic underscores the urgent need for workforce transformation to meet the demands of the AI 19 00:01:25,340 --> 00:01:26,390 driven economy. 20 00:01:27,980 --> 00:01:33,650 The integration of AI into various industries has led to the creation of new job categories that require 21 00:01:33,680 --> 00:01:35,450 specific technical skills. 22 00:01:35,840 --> 00:01:41,360 For instance, data scientists, AI ethicists, and machine learning engineers are roles that barely 23 00:01:41,360 --> 00:01:44,300 existed a decade ago but are now in high demand. 24 00:01:44,570 --> 00:01:50,810 A study by McKinsey and company highlights that nearly 50% of companies report a significant skill gap 25 00:01:50,810 --> 00:01:57,290 in their workforce, particularly in areas related to data analytics and AI technologies. 26 00:01:57,830 --> 00:02:03,220 This gap presents a significant challenge for organizations that must invest in training programs to 27 00:02:03,250 --> 00:02:08,620 equip their employees with the necessary skills to thrive in an AI centric environment. 28 00:02:10,420 --> 00:02:16,750 Moreover, the ethical and governance aspects of AI implementation necessitate a specialized skill set. 29 00:02:17,020 --> 00:02:22,870 Professionals in AI governance must not only understand the technical intricacies of AI systems, but 30 00:02:22,870 --> 00:02:27,310 also possess knowledge in ethics, laws, and regulatory frameworks. 31 00:02:28,000 --> 00:02:33,310 The Cambridge Handbook of Artificial Intelligence emphasizes that AI governance professionals must be 32 00:02:33,310 --> 00:02:39,730 adept at navigating the ethical implications of AI, including issues related to bias, transparency, 33 00:02:39,730 --> 00:02:40,840 and accountability. 34 00:02:40,870 --> 00:02:46,720 This multifaceted expertise is crucial for ensuring that AI technologies are developed and deployed 35 00:02:46,720 --> 00:02:47,770 responsibly. 36 00:02:48,910 --> 00:02:54,790 Governments and educational institutions play a pivotal role in facilitating workforce upskilling and 37 00:02:54,790 --> 00:02:55,660 reskilling. 38 00:02:56,230 --> 00:03:01,690 Many countries are recognizing the importance of this transition and are implementing policies to support 39 00:03:01,690 --> 00:03:02,020 it. 40 00:03:02,560 --> 00:03:08,350 For example, Singapore's Skillsfuture initiative aims to provide citizens with opportunities to develop 41 00:03:08,350 --> 00:03:14,470 skills relevant to the future economy, including those related to AI and data analytics. 42 00:03:15,010 --> 00:03:20,830 Such initiatives are essential for creating a resilient workforce capable of adapting to the evolving 43 00:03:20,830 --> 00:03:21,760 job market. 44 00:03:22,870 --> 00:03:27,790 Corporate training programmes are equally important in addressing the upskilling and reskilling needs 45 00:03:27,790 --> 00:03:28,810 of employees. 46 00:03:29,260 --> 00:03:34,780 Companies like IBM and Microsoft have launched extensive training programmes focused on AI and related 47 00:03:34,810 --> 00:03:35,830 technologies. 48 00:03:35,860 --> 00:03:42,490 IBM's Skills Build platform, for instance, offers courses in data science, AI and other emerging 49 00:03:42,520 --> 00:03:47,470 technologies tailored to help individuals transition into new roles within the company. 50 00:03:48,700 --> 00:03:54,580 These programmes not only help bridge the skill gap, but also enhance employee engagement and retention 51 00:03:54,580 --> 00:03:57,760 by providing clear pathways for career advancement. 52 00:03:58,990 --> 00:04:04,420 The importance of a continuous learning culture cannot be overstated in the context of AI. 53 00:04:04,960 --> 00:04:09,370 As AI technologies evolve, so too must the skills of the workforce. 54 00:04:09,730 --> 00:04:15,490 Lifelong learning is a concept that emphasizes the ongoing nature of education and skill development 55 00:04:15,490 --> 00:04:17,500 throughout an individual's career. 56 00:04:17,980 --> 00:04:23,860 According to a report by the organisation for Economic Co-operation and Development, lifelong learning 57 00:04:23,860 --> 00:04:28,360 is essential for maintaining employability in the face of technological change. 58 00:04:28,930 --> 00:04:34,150 Organisations must foster a culture that encourages continuous learning and provides employees with 59 00:04:34,150 --> 00:04:38,410 the resources and support needed to pursue ongoing education. 60 00:04:40,240 --> 00:04:45,130 Practical examples illustrate the effectiveness of upskilling and reskilling initiatives. 61 00:04:45,850 --> 00:04:51,670 At-ats Future Ready programme is a notable case where the company invested $1 billion to retrain its 62 00:04:51,670 --> 00:04:55,090 workforce in areas such as data science and AI. 63 00:04:55,480 --> 00:05:01,510 This programme not only helped AT&T address its skill gap, but also empowered employees to take ownership 64 00:05:01,510 --> 00:05:03,100 of their career development. 65 00:05:03,430 --> 00:05:10,330 Similarly, Amazon's career choice program pre-pays 95% of tuition for employees to take courses in 66 00:05:10,330 --> 00:05:14,110 in-demand fields, including IT and computer science. 67 00:05:14,740 --> 00:05:19,630 These examples demonstrate that strategic investment in workforce development can yield significant 68 00:05:19,630 --> 00:05:22,630 benefits for both employees and organizations. 69 00:05:23,680 --> 00:05:28,000 The role of AI in facilitating upskilling and reskilling should also be considered. 70 00:05:28,570 --> 00:05:34,360 AI driven learning platforms can provide personalized training experiences, adapting to the learning 71 00:05:34,360 --> 00:05:36,700 pace and style of each individual. 72 00:05:36,910 --> 00:05:43,120 For instance, AI algorithms can analyze an employee's current skill set and recommend specific courses 73 00:05:43,120 --> 00:05:45,850 or training modules to address any gaps. 74 00:05:46,300 --> 00:05:51,760 This approach not only enhances the efficiency of learning, but also ensures that the training is relevant 75 00:05:51,760 --> 00:05:52,780 and targeted. 76 00:05:53,260 --> 00:05:58,840 According to a study by Deloitte, companies that use AI and other Advanced Technologies for learning 77 00:05:58,840 --> 00:06:05,110 and development report a 32% higher employee engagement rate compared to those that do not. 78 00:06:05,520 --> 00:06:11,160 This statistic highlights the potential of AI to transform the landscape of workforce training. 79 00:06:13,110 --> 00:06:18,270 In conclusion, addressing the upskilling and reskilling needs of the workforce is imperative in the 80 00:06:18,270 --> 00:06:19,380 era of AI. 81 00:06:20,070 --> 00:06:26,250 The rapid advancement of AI technologies necessitates a continuous learning approach supported by government 82 00:06:26,250 --> 00:06:31,140 policies, corporate training programs, and AI driven learning platforms. 83 00:06:31,920 --> 00:06:37,680 By investing in the development of their employees, organizations can bridge the skill gap, enhance 84 00:06:37,680 --> 00:06:43,560 employee engagement, and ensure that they are well equipped to navigate the complexities of AI governance. 85 00:06:43,950 --> 00:06:49,710 The integration of ethical and governance considerations into training programs is particularly important 86 00:06:49,710 --> 00:06:54,120 for fostering a responsible approach to AI development and deployment. 87 00:06:54,720 --> 00:07:01,260 As the AI landscape continues to evolve, a commitment to lifelong learning and skill development will 88 00:07:01,260 --> 00:07:05,430 be crucial for sustaining a competitive and resilient workforce.