Despite the ongoing decline in the UK job market, the demand for AI skills remains robust, raising concerns that employers might face difficulties in recruiting new AI talent in an already scarce talent environment. This is based on new data from the leading talent solutions provider, WilsonHCG.
WilsonHCG’s talent intelligence and labour market analytics platform has disclosed that the UK job market, while faring slightly better than in recent months, continues to struggle, with overall job postings decreasing by 1.2% between June and July 2024. This marks the tenth consecutive month of decline.
Despite these adverse market conditions, the demand for AI skills remains strong, emphasising the critical role of AI expertise in fostering innovation and business growth. This trend aligns with findings from PwC’s Global AI Jobs Barometer, which revealed that growth in AI-related job posts has been 3.5 times faster than for all other vacancies since 2016. WilsonHCG’s data indicates that the demand is particularly high for Senior Data Scientists and Machine Learning Engineers, highlighting the need for professionals skilled in algorithms, modelling, and programming languages to support AI growth.
However, the global talent solutions provider cautions that many organisations will struggle to fill AI positions due to ongoing shortages in the technology sector, and stresses that adopting a skills-first approach should be a key component of workforce planning strategies.
Craig Sweeney, EVP of global strategic talent solutions at WilsonHCG, commented:
“Despite challenging economic conditions, and an overall fall in job postings, AI is the outlier, and demand for expertise has remained particularly strong. It’s no secret that these areas of technology will be pivotal in the future of almost every industry. However, many employers will struggle to fill roles as a result of the major ongoing skills shortages in the technology and other STEM remits.”
“With a talent deficit impacting many businesses, adopting a skills-first approach to recruitment is vital. If employers are seeking professionals with a clear track record of working in AI, they will really struggle, as talent pools of any real scale simply don’t exist yet. Instead, companies need to look to source those with the skills and understanding of emerging technologies and at how those people can be integrated, regardless of their backgrounds, qualifications or employment histories. This essentially means looking past the surface-level indications of talent and looking deeper into their abilities, softer skills, and growth potential.
“Given the competitive business advantage that AI can offer, ensuring that recruitment strategies are correctly aligned, and that there is a continued investment in upskilling existing employees, will be key.”