In an exclusive interview with Ankit Aggarwal, Founder & CEO of Unstop, we delve into the profound impact of Generative AI on talent acquisition. Aggarwal, an industry expert, discusses the transformative potential of AI in reshaping the workforce landscape.
In the fast-evolving world of talent acquisition, where the demand for exceptional skills and the right fit is paramount, the emergence of Generative AI promises to be a game-changer. Ankit Aggarwal, the visionary Founder & CEO of Unstop, shares his insights and expertise on the monumental shift that Generative AI is poised to bring to the world of HR, addressing senior CHROs and heads of talent and recruitment.
The Productivity Revolution
Aggarwal begins by emphasizing the remarkable rise of Generative AI. Drawing a parallel with the unprecedented growth of consumer internet apps, he notes how ChatGPT reached 100 million users just two months after its launch, making it the fastest-growing consumer internet app ever. The CEO's message is clear: Generative AI is rapidly becoming an integral part of our professional lives.
The Economic Impact
Aggarwal underscores the financial implications of Generative AI. With annual spending on Generative AI projected to increase by 36% by 2030, organizations can expect a massive transformation in how professionals operate. These investments will generate $9.5 trillion and $15.4 trillion in industry, as per McKinsey estimates. The potential value created by data and analytics, if embedded at scale, is staggering, further validating the importance of AI in reshaping the business landscape.
Impact at Work
There will be a massive impact of these investments; it will reshape how all professionals operate and how work gets done. The World Economic Forum estimates that machines and algorithms in the workplace are expected to create 133 million new roles but cause 75 million jobs.
That's going to affect every role, at every function in the organization. Aggarwal provides a practical example of how Generative AI is enhancing productivity in software engineering. By automating tasks such as code generation and correction, AI accelerates the coding process, ultimately pushing professionals toward higher-level design tasks. This not only boosts productivity but also motivates teams by showcasing the tangible impact of their work, thus accelerating their learning curve.
The Call for Upskilling at a Scale
In response to this seismic shift, Aggarwal calls upon professionals and organizations to priorities upskilling. As AI becomes more integrated into work processes, the demand for talent who can thrive in this new context will surge. Simultaneously, organizations must focus on elevating skill levels internally to leverage the full potential of Generative AI.
How can Generative AI support the skilling process? Aggarwal employs a relatable cricket analogy to illustrate the concept of skill enhancement through Generative AI. He likens employees to cricket players who, like professionals, require both foundational training and consistent practice. AI, in this scenario, serves as the coach, providing real-time feedback and suggestions for improvement across various fields.
Making Talent Discovery Possible
The CEO highlights the challenge of talent discovery in the current landscape, especially at the entry-level. Platforms like Unstop play a crucial role in helping organizations discover, engage, assess, and find the right fit for their teams. Deloitte's Human Capital Trends 2023 report further underscores the importance of talent matching, making platforms like Unstop invaluable tools in the recruitment process.
A Promising Future
Aggarwal paints a bright picture of how Generative AI is set to revolutionize talent acquisition and development. By offering scalable, rapid, and personalized solutions, AI is not only streamlining processes but also enhancing the overall experience for both professionals and organizations.
As senior CHROs and heads of talent and recruitment, the message is clear: Generative AI is no longer a novelty but a necessity in the evolving landscape of talent acquisition. The future is here, and it's empowered by AI.