LinkedIn is now focused on gen AI and it has been injecting AI tools into each element across the app. It is helping its members capitalize on the opportunities of generative Ai wave which will have a big impact on broad range of industries over the years. As per the latest economic impact report of LinkedIn, it focuses on exploring the rising use of AI in industries and economies which are adopting AI tools and how businesses will be looking to build AI systems and train into their approach.
75% of the companies which have included generative AI tools into their system have seen significant time savings and revenue increase by more than 10% on average. As of now, adoption of AI tool is centered around big businesses which would put smaller companies at a disadvantage. Even though SMBs represent more than 90% of the businesses but its generative AI adoption remains low in various countries and it is being outpaced by bigger companies.
The report talks about how different brands and regions are looking to boost their adoption of AI tools for maximizing its potential benefit. As per LinkedIn, US stands to benefit the most from AI. As per Linkedin, American based companies based on Economic Graph data are set to gain major benefits from gen AI depending on how it’s likely to be applied across different elements. LinkedIn states that the real strength of generative AI lies in expanded opportunity as opposed to replacement of workers.
The highest AI adoption rates are in India and US. India is seeing digital transformation and US is just behind due to tech infrastructure and looking for early adoption of newer technologies for maintaining its competitive edge. Talent shortage and regulatory constraints is stated to be one of the reasons behind slower adoption rates in Germany, France and UK.
India is expected to become a major player in the AI race due to its huge population and cumulative learning capacity. At the moment, India is struggling to find the right set of AI candidates having the right mix of AI and human skills. Around 54% of HR professionals are saying that only half of the job applications are meeting the needed qualifications. As of now, AI expertise and software development are in high demand along with soft skills such as problem solving and communication. As per LinkedIn report, more than 60% of HR professionals in the country feel that AI powered tools makes hiring faster and easier. Companies are looking at selective hiring where they are only considering reaching out to 55% individuals and just hiring 54% of the candidates who are meeting 80% or more of job qualifications. HR professionals stated that they have been receiving too many applications from candidates who are not fit for the role and have been hiring selectively in the current year. 64% of them believe that AI powered tools can make hiring faster and easier. It is also launching a new Hiring Assistant which helps recruiters spend more time on their most meaningful work and new AI powered coaching features will help companies in building in-demand skills.
The report has been prepared basis data and insights from LinkedIn platforms which includes global studies of around 1,991 C-suite executives and around 300 Chief Human Resource Officers from companies having more than 1,000 employees.
I think that full trust should not be placed in AI output rather the best results would come from a combined approach which matches professional expertise with AI systems therefore too much hype around AI is unwarranted.
You can check the complete LinkedIn report here!
