The rapid surge of Machine learning and Artificial Intelligence (ML and AI) has expedited the growth of emerging businesses that provide solutions and services to major e-commerce and hospitality industries. In the last 2 years, ever since the pandemic set in, we have seen how new types of ML and AI use cases have emerged, driving revenues at a much higher accelerated pace. Today, the AI development industry is projected to touch 6 billion US dollars by end of 2022, and more than quadrupled to 275 billion US dollars by end of 2025. It would be very naïve to decline the offer to work in the AI industry if you get one. In fact, 5 out of 10 job offers made in the mid-managerial levels are pertaining to working in AI and machine learning services industry. Yet, only 1 candidate out of 35 shortlisted profiles cleared the first screening round during the job interviews.
So, what is the real problem? Why are job conversions so low despite such as the high number of vacancies? Let’s find out in this article.
In this article, we have identified three major challenges that are influencing the job trends in the AI ML industry.
Limited Number of AI experts On the Interview Panel
The first problem in the journey of AI job seekers is the faulty job descriptions and the way interviews are structured to assess the skills required to perform the tasks. In this article, we will restrict the discussion to job interviews only.
AI interview panels require different kinds of personalities to assess the hardwired skills of the interviewee.
The biggest limitation of the AI job industry is the lack of AI experts in the interview panel who themselves are unaware of what kind of training and data management experience would be required to handle the projects. According to a research study, organizations substantially lack the resources and human intelligence to accurately measure the technical skills of an AI specialist. In top organizations, and AI job interview would be conducted by a panel of 5-6 highly qualified specialists, which drops to 1 in tier-2 and startups. For those starting from scratch, AI job interviews remain the biggest hurdle towards making a successful transition into the industry.
Lack of AI upskilling or training at an organization level
We know now that data is a cultural thing – when in the early 90s, the organizations would immediately hire anyone with some knowledge of computer science and coding similarly trends shifted to hiring professionals with big data and cloud computing knowledge in the 201Xs. But, things catch up eventually. With so many resources available on AI and Machine learning, employees are not doing enough to upskill their knowledge with practical assessments and training to get promotions internally. Instead, they prefer to jump jobs and change companies. This has led to the “Great Resignation” trend that has resulted in a flood of eligible candidates in the tech domain eating into the share of job opportunities that would be available for freshers. If organizations focus on upskilling their employees with a strategic plan to promote top talent internally and also absorb young fresh talent from ML courses, it would serve the industry just right in the long term.
Industry experts blamed the abysmal conversion rates on the poor learning curve and non-practical training approach taken by candidates during their initial data science works.
To overcome these challenges, it is very important to enroll with a reputed machine learning institute that upskills employees on the most contemporary curriculum with advanced artificial intelligence course details.
Another major concern for the hiring industry in the AI market is the lack of knowledge among applicants about data security, data governance, and compliance frameworks. Only very few candidates from top courses are trained and examined for their knowledge of GDPR, privacy laws, and cyber security laws. These shortcomings and lack of initiative among the trainers to teach data governance laws during AI ML courses cost the candidate big time in their career. Professionals who are able to answer queries on data security and privacy concerns sail into the next round of technical interviews easily.
To assist with hiring requirements and career placements, top ML training institutes could play a very important role as the trainers in these institutes have the right kind of knowledge and approach to provide all the relevant Artificial Intelligence course details that would help candidates crack the interviews in a successful manner.