The artificial intelligence boom is creating a massive “job-pocalypse” for the young workforce as the global companies prefer AI over hiring the employees.
According to a British Standards Institution (BSI) study, the business leaders are emphasising on using AI to bridge skills gaps instead of putting efforts to train young workforce to enter into the market.
As per study’s survey, around 41 percent of businesses across the seven countries, including the UK, US, France, Germany, Australia, China and Japan, used AI to reduce the number of employees.
Nearly third of those said their organizations rely on AI tools before hiring a person. Two-fifth said, this scenario is about to come within 5 years.
Susan Taylor Martin, chief executive of BSI, said: “AI represents an enormous opportunity for businesses globally, but as they chase greater productivity and efficiency, we must not lose sight of the fact that it is ultimately people who power progress.”
The study shed light on the growing friction between the AI boom and creation of a young workforce.
“There is an urgent need for long-term thinking and workforce investment, alongside investment in AI tools, to ensure sustainable and productive employment,” Susan added.
Around 39 percent of firms believe that AI has already overtaken entry-level roles and administrative tasks due to high efficiencies.
The UK is among the countries where AI is being adopted by businesses at a rapid pace, because three-quarters believe new tools have brought benefits for their companies.
As per BSI analysis, the word “automation” appeared 7 times more frequently used than “upskilling”.
In a separate survey conducted by the Trades Union Congress , it has revealed that UK teens are worried about the growing dominance of AI and its impacts on their jobs.
Recently, Britain’s jobs market has been facing regression due to slow wage growth as the unemployment rate reached a four-year high of 4.7 percent.
