What Lies Ahead for AI in 2024?
AI is no longer a buzzword — it's the engine driving the future, right before our very eyes. To put that into perspective, let’s talk a bit of numbers…
- ChatGPT, as of date, has 100 million weekly active users.
- The global AI market is on a steep climb. We're looking at an annual growth rate (CAGR) of 17.30% from 2023 to 2030. That means we're racing toward a market volume of a jaw-dropping $738.80 billion by 2030.
- A report from Goldman Sachs estimates that AI could automate about 300 million jobs globally. That's 18% of all jobs.
- According to a Gartner survey, a staggering 79% of corporate strategists view AI and analytics as critical to their success in the next two years.
Understanding AI and its impact is more essential than ever as we head into 2024. If you haven’t already jumped on the bandwagon, this year is going to be the year to do it.
With that, I thought it would be helpful to share my top 5 thoughts on what we can expect to see from AI this year - from both a TA and general perspective.
1.) Moving From Hype to Reality
Not revolutionary, I know, and this is probably the safest prediction out there, but…
AI was in every headline in 2023. From podcasts to LinkedIn statuses to boardroom meetings, it was (& still is) all the rage. But the big difference with AI in 2024 is that instead of hyping it up (or criticizing it), AI will be put into practice in some way within your role.
We recently held a webinar with Hung Lee, Curator of Recruiting Brainfood, and his biggest advice concerning AI this year is to…embrace it! I couldn't agree more, and I encourage teams to accept the fact that AI isn’t going anywhere and to prepare for adoption. Where should you start? I recommend examining all the activities you currently perform, try out the available AI tools in those areas, and then conduct A/B testing to see what, if any, improvements they bring to the table.
2.) It’s Not Going to Solve Every Problem
While AI holds tremendous potential to address complex challenges, it’s important to acknowledge that AI is not going to solve every problem we have. When the hype of something dies down, generally people get disillusioned as to how little a new technology can actually do now. AI is developing quicker than any other technology in history, but it has to start somewhere. Typically new technologies start by helping with fairly rudimentary tasks, and AI will be no different.
According to this RecruitingDaily article, hiring teams are using AI in a variety of ways, such as:
- Automating resume screening
- Improving candidate matching
- Enhancing diversity & inclusion
- Enhancing the onboarding experience
- Optimizing job ads
- Utilizing chatbots for real-time candidate engagement
I’d add to this that AI is also good at crunching through data and producing analytics. This list will only grow in the years to come as AI continues to accelerate productivity amongst teams.
3.) Accelerating AI Skills
We’re going to start to see the need for AI skills filter its way into significantly more job postings and job descriptions. In fact, in a recent Amazon Web Services survey, 42% of surveyed employers are actively looking for people with AI development qualifications today and this will rise to 51% in the next five years.
Also, as companies identify the gaps inside their business, they are becoming more challenged in determining the skill sets they need and less prescriptive about what the actual job title is. Most companies don't have the internal capabilities to do this type of data analysis, so will need to rely on AI to bridge the gap. Coursera lists the fastest-growing AI skills here.
4.) Regulatory Environment
The coming year is going to see the first sweeping AI laws enter into force. As a start, many items detailed in Biden’s executive order will be enacted. We’ll also be hearing a lot about the new US AI Safety Institute, which will be responsible for executing most of the policies called for in the order. This HR Executive article outlines key takeaways from the executive order.
From a congressional standpoint, it's not clear what exactly will happen. What we can expect, though, is an approach that grades types and uses of AI by how much risk they pose, a framework similar to the EU’s AI Act. Another thing is clear as well: the US presidential election in 2024 will color much of the discussion on AI regulation.
5.) Candidate Usage of AI
We’ve seen that candidates are ahead of recruiters in their use of AI in a lot of instances. They’re using AI to optimize their resumes, automate their job applications, practice interview questions, and more.
This will be something for recruiters to solve in 2024 because many organizations have not designed their systems to deal with AI-enabled candidates. To manage AI-enabled job seekers, some considerations include:
- Understand how to recognize AI-generated content
- Focus on assessing skills. While technology may assist in resume creation, it's crucial to evaluate the actual skills, experiences, and achievements of candidates.
- Familiarize yourself with AI tools used by candidates
AI will offer exciting new opportunities for hiring teams (& organizations as a whole) in 2024, but I understand that it also comes with risks and a degree of uncertainty. If I can be of any help to you during your AI journey this year, feel free to shoot me a DM.
CEO & Founder