Benevolent AI, a UK-based drug discovery firm, has recently announced that it will be cutting half of its workforce. This news comes as a shock to many, especially considering the company’s previous success in utilizing artificial intelligence (AI) in drug discovery.
It’s no secret that AI has been transforming the recruitment industry for several years now. In fact, according to a study conducted by Jobvite, 55% of talent acquisition professionals have already implemented AI into their recruitment process. From sourcing candidates to predicting which applicants are most likely to succeed in the role, AI is enabling companies to make more informed and strategic hiring decisions.
But what about hiring AI professionals themselves? As AI continues to play an increasingly important role in virtually every industry, companies are now seeking out experts in the field to join their technology groups. The demand for these professionals is high, and the competition is fierce.
So, what can companies do to attract and retain top AI talent? Here are some strategies to consider:
1. Offer attractive compensation packages
AI professionals are in high demand, and they know it. To attract top talent, companies must be prepared to offer highly competitive compensation packages. This includes not only a competitive salary, but also additional perks and benefits such as flexible work arrangements, professional development opportunities, and stock options.
2. Provide opportunities for growth and development
AI is a rapidly evolving field, and professionals in this space are constantly seeking out new challenges and opportunities to grow. To retain top AI talent, companies must be willing to invest in their professional development. This might include offering training programs, mentorship opportunities, or sponsoring attendance at conferences and other industry events.
3. Foster a supportive and collaborative work environment
AI is a complex and challenging field, and professionals in this space often work on projects that require extensive collaboration and teamwork. To attract and retain top AI talent, companies must create a work environment that fosters collaboration, encourages experimentation, and prizes innovation. This might include offering opportunities for cross-functional collaboration, providing access to cutting-edge technologies, or promoting a culture of experimentation and risk-taking.
In the case of Benevolent AI, it’s not clear what factors led to the decision to cut half of the company’s workforce. However, it’s clear that the use of AI in drug discovery continues to hold promise for companies in the healthcare industry. As AI adoption continues to rise, it will be more important than ever for companies to attract and retain top AI talent in order to compete and thrive in this rapidly evolving landscape.
References:
– Jobvite. “The Surprising State of Recruiting in 2019.” 2019.
– Forbes. “The AI Talent Shortage: How Companies Can Fill the Skills Gap.” 2019.
– Harvard Business Review. “Why People Are Key to AI Transformation.” 2019.