Back in 1990 on Wall Street, financial modeling was a nightmare. Changing a growth rate and other assumptions meant time-consuming, error-prone recalculations. Enter me, a younger kid fresh out of grad school with a magic trick: computer spreadsheets!
I remember whipping one up for my boss (20 years my senior) and... his jaw hit the floor. He was amazed that we could make changes in seconds, and save templates — a productivity revolution courtesy of yours truly and a relatively simple software program.
While I couldn't analyze the data with my boss' domain expertise, with his direction, I augmented his ability to make much faster, better decisions. Flash forward and we have a similar productivity breakthrough with artificial intelligence (AI) today. Yes, there's a lot of hype surrounding the field, but according to Stanford University's gold standard AI Index Report, AI has already surpassed human performance on several benchmarks, including some in image classification, visual reasoning, and English understanding. In fact, this report notes that AI development is accelerating so rapidly that many common AI tests are becoming obsolete.
Human resource professionals need to take this seriously and time is of the essence. AI will continue to disrupt traditional business models by transforming routine work employees perform every day. As IBM's Institute for Business has wisely noted, "AI won't replace people—but people who use AI will replace people who don't." For businesses to stay ahead of the curve and unlock the full potential of AI, targeted recruiting of AI-skilled workers is crucial. Yes, most CEOs understand AI's potential and the need for reskilling mid-level and executive employees, according to recent work by the consultants Arthur D. Little. But don't forget to integrate this into the routine recruiting of young junior professionals.
Current college students and recent graduates in STEM (Science, Technology, Engineering, and Mathematics) represent a critical talent pool for building AI into a company's future culture. Their fresh perspectives, combined with their strong foundational knowledge, make them invaluable assets in every sector from finance to healthcare.
Why STEM Graduates Are Prepared for Our AI Future
College students don't need to major in AI specifically. Many STEM degrees in computer science, engineering, math, and the physical sciences prepare graduates with key transferable skills to immediately help businesses advance in AI, including:
Rock Solid Foundations: STEM programs equip graduates with a strong understanding of core concepts like mathematics, statistics, computer science, and physics — all essential building blocks of AI. These disciplines provide the critical thinking skills necessary to analyze complex problems, design intelligent algorithms, and understand the intricacies of machine learning models.
Adaptability and Hunger for Learning: Fresh from school, current students and recent graduates possess a high level of cognitive adaptability. They are accustomed to learning new concepts and technologies quickly, making them ideal candidates for the fast-paced and ever-changing landscape of AI. They're also likely to stay updated on the latest advancements and contribute fresh ideas in teams that include older professionals who may not fully comprehend how AI can augment their industry knowledge and experience.
Passion and Curiosity for AI: Many recent STEM graduates choose their fields due to a genuine fascination with technology and its potential. This inherent interest translates into a higher level of engagement and dedication to the field of AI. They are more likely to approach their work with enthusiasm and a desire to push the boundaries of what's possible.
Digital Natives and Tech-Savvy: Being born since 2000 and growing-up surrounded by technology, recent graduates are digital natives. They are comfortable using various software tools and programming languages, and adapting quickly to new technological platforms. This digital fluency proves highly advantageous in the development and application of AI systems.
Diverse Perspectives and Fresh Insights: As Cap Gemini has noted, a diverse range of perspectives is crucial for innovation in AI. Recent graduates bring a wealth of unique experiences and viewpoints to the table. This diversity fosters a more inclusive environment and leads to the development of AI solutions that cater to a wider range of needs and applications.
Don't forget the numerous benefits of recruiting graduating and recent STEM graduates versus lateral hires or spending to train older workers:
Cost-Effectiveness: Compared to experienced professionals, recent graduates often require lower starting salaries. This can be particularly beneficial for startups or companies looking to build their AI teams without breaking the bank.
Malleable Skills and Long-Term Investment: Recent graduates are still shaping their skill sets. Companies have the opportunity to mold them into experts who align perfectly with their specific AI needs. This investment in early talent fosters long-term loyalty and expertise within the organization.
Sparks of Innovation: Unburdened by traditional methods, recent graduates often bring fresh ideas and innovative approaches to the table. They can challenge existing processes and propose novel solutions, leading to significant advancements in AI development.
Building a Strong AI Pipeline: Investing in recent graduates helps build a solid pipeline of future AI talent. By nurturing young talent early on, companies can create a pool of skilled professionals readily available as the field continues to evolve.
Casting a Wider Recruiting Net
Keep in mind there is a fierce battle for AI talent, and many graduates from elite STEM schools may head for other better paying areas in engineering, energy, and finance. But why not cast a wider net of college recruiting beyond the few well-known STEM worker incubators like MIT, Caltech, and Stanford?
Surveying data at Payscale.com lists salaries by major of hundreds of schools. Take a look, you might find talented graduates in schools near your location, as well at schools around the country that you may not immediately consider for computer science and math. For example, public schools such as CUNY's Hunter College and Stony Brook in New York, University of California at Santa Cruz, University of Maryland in College Park, and University of Kansas are producing talented STEM graduates ranking among the country's top 25 for mid-career pay. Payscale.com also lists successful schools in other STEM majors such as engineering, physical, and life sciences — all potential hotbeds for AI hotshots.
In short, the race for AI workers has begun and is intensifying. Recruiting and cultivating young STEM talent will be key to remaining competitive in any business sector. Finding them around the country may be easier than you imagine — if you widen your horizons.
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
