In the first-ever survey of its kind conducted in the UK, strategic skills provider Corndel has unveiled the concerns among employees about the potential impact of Artificial Intelligence (AI) on their jobs. Particularly worrying is the fact that younger workers are more apprehensive, with 61% of them believing that AI will take at least 25% of their role by 2023. Additionally, 38% of individuals aged 18-34 fear that AI will take up to 50% of their job within the next decade.
Another alarming finding is that 39% of UK employees believe they will be affected by AI in the same way, but a staggering 82% of these employees have not been provided with any AI training. This number increases to 96% among those over the age of 55, indicating a significant lack of investment in data skills in the UK. Corndel’s newly published report, titled “Better Decisions, Realised,” sheds light on this issue.
According to research conducted by McKinsey Global Institute, companies that utilize data are over 20 times more likely to attract new customers and six times more likely to retain them. This underscores the crucial role of data-centered leadership in the success of organizations in the UK market. However, many companies are struggling to harness the benefits of data-driven decision-making. The Better Decisions, Realised Report by Corndel reveals that 92% of employees involved in data tasks believe there is a data skills gap within their organizations. Furthermore, 32% of data professionals report a significant data skills gap within their organizations.
In order to demonstrate the potential impact of both the lack of training and AI on the workforce, Corndel and Imperial College Business School recently organized a joint event. During this event, Imperial’s Associate Professor Dr. Mark Kennedy presented FOO.CASTR (Future of Organisations–Caster), which is an innovative visualization tool. FOO.CASTR enables organizations to model their future trajectory by incorporating advanced technologies such as AI. By showcasing precise, data-driven models that capture the intersection between technological evolution and job roles, the tool provides valuable insights into the future of work.
For their report, Corndel surveyed 300 senior data leaders and 1,500 employees involved in data tasks. The results indicate that 35% of data professionals believe that the data skills gap has led to reduced efficiency and productivity within their organizations. Additionally, nearly half of senior decision-makers in data roles (49%) feel that the lack of data skills is impeding their organization’s business transformation, with 37% identifying low data literacy as a significant barrier to economic success.
Moreover, professionals involved in data tasks identified several key risks and threats to their organizations as a result of the data skills gap. These include an increased risk of errors and misinterpretation (32%), higher levels of stress among employees (29%), missed growth opportunities (29%), and limited problem-solving capabilities (28%).
Corndel’s Better Decisions, Realised Report also highlights that 44% of employees feel that a lack of time allocated for learning and skills development is a significant challenge in keeping up with evolving data skills and knowledge within their organizations. This figure rises to 55% in larger organizations with over 1,000 employees. Other issues identified include insufficient support or budget (33%), limited access to relevant training resources (32%), and difficulty in identifying relevant skills to focus on (30%).
To close the data skills gap and enable organizations to make informed, data-driven decisions that drive growth and competitiveness, workplace training and development play a crucial role. The report reveals that 53% of individuals working in data roles believe that “on the job” workplace training and experience is the most effective way to eliminate the data skills gap. Furthermore, 43% highlight the importance of access to online training, while 39% believe that increased access to data analysis tools and software would help address the issue.
James Kelly, CEO and co-founder of Corndel, expressed his concerns about the research findings, stating, “Our research shows that many UK organizations are struggling to embed the data skills needed to fuel growth and drive performance. Nearly a third of employees who work with data say they aren’t confident in understanding, analyzing, and drawing insights from data, which is a major concern in today’s business environment.” He also emphasized the need for continuous skills development programs and investment in technology and data infrastructure to empower employees to harness technology and data knowledgeably, confidently, and effectively.
David Brown, Director of Executive Education at Imperial College Business School, commended the report, highlighting the crucial role of capability development in today’s fast-paced world. He stated, “The ROI on capability development is much faster, tangible, and easier to prove.”
Corndel partners with Imperial College Business School to deliver data skills programs and executive leadership programs. The school was recently ranked the sixth leading university in the QS World University Rankings. Corndel has collaborated with various organizations, including FTSE 100 businesses and national charities, to provide data skills training and leadership development programs aimed at enhancing business performance, boosting productivity, building resilience, and transforming workplace culture.
With the publication of the Better Decisions, Realised Report, Corndel hopes to draw attention to the urgent need for data skills development, emphasizing the significance of workplace training and development in closing the data skills gap. By equipping employees with the necessary skills and knowledge, organizations can make data-driven decisions that drive growth, competitiveness, and success in the ever-evolving digital landscape.