The report identifies two key stages of generative AI adoption. The first wave, which is already underway, exposes 11 percent of tasks performed by UK workers. Routine cognitive tasks like database management and organisational tasks like scheduling are most at risk. 

However, in a potential second wave, AI could handle a staggering 59 percent of tasks—impacting higher-earning jobs and non-routine cognitive work like creating databases.

Bhargav Srinivasa Desikan, Senior Research Fellow at IPPR, said: “We could see jobs such as copywriters, graphic designers, and personal assistants roles being heavily affected by AI. The question is how we can steer technological change in a way that allows for novel job opportunities, increased productivity, and economic benefits for all.”

“We are at a sliding doors moment, and policy makers urgently need to develop a strategy to make sure our labour market adapts to the 21st century, without leaving millions behind. It is crucial that all workers benefit from these technological advancements, and not just the big tech corporations.”

IPPR modelled three scenarios for the second wave’s impact:

• Worst case: 7.9 million jobs lost with no GDP gains
• Central case: 4.4 million jobs lost but 6.3 percent GDP growth (£144bn/year) 
• Best case: No jobs lost and 13 percent GDP boost (£306bn/year) from augmenting at-risk jobs

IPPR warns the worst-case displacement is possible without government intervention, urging a “job-centric” AI strategy with fiscal incentives, regulation ensuring human oversight, and support for green jobs less exposed to automation.

The analysis underscores the disproportionate impact on certain demographics, with women and young people bearing the brunt of job displacement. Entry-level positions, predominantly occupied by these groups, face the gravest jeopardy as AI encroaches on roles such as secretarial and customer service positions.

Carsten Jung, Senior Economist at IPPR, said: “History shows that technological transition can be a boon if well managed, or can end in disruption if left to unfold without controls. Indeed, some occupations could be hard hit by generative AI, starting with back office jobs.

“But technology isn’t destiny and a jobs apocalypse is not inevitable – government, employers, and unions have the opportunity to make crucial design decisions now that ensure we manage this new technology well. If they don’t act soon, it may be too late.”

A full copy of the report can be found here (PDF)

(Photo by Cullan Smith)

See also: Stanhope raises £2.3m for AI that teaches machines to ‘make human-like decisions’

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Analysing job listings data, the report by AIPRM found that – between 2017 and 2022 – the average yearly growth rate for AI hiring was 1.2% in the US. This compares to 1.22% in the UK over the same period. 

The UK’s strong performance means it outpaced other major economies like India (1.19% growth), Canada (1.26%), and Brazil (1.21%).

“Despite consistent expansion of the AI job market in America, the pace of growth lagged slightly behind other countries like Britain,” said John Smith, lead author of the report. 

As well as analysing hiring trends, the report also identified the highest paying and most in-demand AI jobs in the US. The top position goes to Director of Data Science, with an average salary of £200,263. 

AI Architects take second place, earning approximately £197,431 per year on average. The technical skills required for this role include architecture, AWS, business intelligence, and DataOps.

Various other roles in data science and machine learning all boast median average salaries exceeding £150,000.

California was also highlighted as a major AI hub, accounting for over a quarter (27%) of listings across the whole US. This is more than double the next highest state, New York, at 13%.

Discussing what’s driving the promising growth forecasts, Smith said: “Rapid advances in AI technology have unlocked exciting new capabilities for businesses across many sectors. As companies look to capitalise on areas like computer vision and natural language processing, we can expect demand for skilled AI workers to keep accelerating.”

However, he also warned of potential headwinds due to growing debate around AI regulation. 

“Policymakers still need to strike the right balance between innovation and ethics. Getting this right will help the AI job market continue thriving.” concludes Smith.

The full statistics can be found here.

(Photo by the blowup on Unsplash)

See also: Bank of England Governor: AI won’t lead to mass job losses

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“I’m an economic historian, before I became a central banker. Economies adapt, jobs adapt, and we learn to work with it. And I think, you get a better result by people with machines than with machines on their own,” Bailey told the BBC.

Bailey’s comments come as the latest economic assessment shows that UK businesses investing in AI are expected to see gains in efficiency and output. Utilising AI is anticipated to provide productivity benefits across multiple sectors.  

However, Baroness Stowell of the House of Lords has cautioned that the UK risks “missing out on the AI goldrush” if it does not act quickly.

A report from the Lords’ Communications and Digital Committee honed in on large language models and tools like ChatGPT. The report called for updated copyright laws and urged the government to provide clarity on AI regulation—warning too much could hinder AI development in the country.

Both Bailey and the Lords committee seem to agree that the focus should be on harnessing the upsides of AI while managing legitimate risks. 

The financial services industry also stands to gain from responsible AI adoption.

“Generative AI brings potentially exciting benefits for financial institutions. When it comes to fighting financial crime, for example, AI can improve the accuracy and speed of detection by analysing large data sets,” said Dr Henry Balani, Head of Industry & Regulatory Affairs at Encompass Corporation.

Balani emphasised however that key roles like Know Your Customer (KYC) analysts are irreplaceable for now. “It will instead accelerate existing processes and augment the work of analysts, empowering them to detect financial crime risk more quickly and comprehensively,” he added.

“The maximum value of generative AI can only be realised if banks and financial institutions have already put in place robust digital and automated processes to optimise the quality of data collated and deliver deeper customer insights. By prioritising this now, banks will be well equipped to take advantage of this new technology as it continues to evolve and mature.”

Last month, research from EXL found that around 89 percent of insurance and banking firms in the UK have introduced AI solutions over the past year. However, issues with data optimisation are often hindering their benefits.

(Image Credit: Bank of England under CC BY-NC-ND 2.0 DEED license. Cropped from original for effect.)

See also: Experts from 30 nations will contribute to global AI safety report

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In a new analysis, IMF economists examined AI’s potential impact on the global labour market. While many studies foresee jobs being automated by AI, the technology will often complement human work instead. The IMF analysis weighs up both scenarios.  

The findings are striking: almost 40 percent of jobs globally are susceptible to automation or augmentation by AI.

Historically, new technologies have tended to affect routine tasks—but AI can also impact high-skilled roles. As a result, advanced economies face greater risks from AI but also stand to gain more of its benefits versus emerging markets.

Per the IMF’s research, about 60 percent of jobs in advanced economies may be impacted by AI. Around half of those jobs could benefit from AI integration, enhancing productivity. For the remainder, AI may execute key human tasks, lowering labour demand, wages, and hiring. In some cases, human jobs could disappear entirely.

In emerging and developing economies, IMF economists predict AI exposure of 40 percent and 26 percent respectively. This suggests fewer immediate AI disruptions than advanced economies. However, many emerging markets lack the infrastructure and skills to harness AI’s benefits. Over time, this could worsen inequality between countries. 

The IMF warns AI may also drive inequality within countries. Workers able to exploit AI may become more productive and boost wages, while those who cannot fall behind.

Research shows that AI can accelerate the productivity of less experienced staff. Younger workers could therefore benefit more from AI opportunities whereas older workers may struggle adapting.  

Advanced economies are better prepared for AI adoption but must still prioritise innovation, integration, and regulation to cultivate its safe and responsible use. For emerging markets, the priority is developing digital infrastructure and skills.

To assist countries in crafting effective policies, the IMF has introduced an AI Preparedness Index—evaluating readiness in areas such as digital infrastructure, human capital, innovation, and regulation. Wealthier economies – including Singapore, the US, and Denmark – have shown higher preparedness for AI adoption.

The AI era has arrived, and proactive measures are crucial to ensuring its benefits are shared prosperity for all.

(Photo by Levi Meir Clancy on Unsplash)

See also: McAfee unveils AI-powered deepfake audio detection

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The research, funded by the Nuffield Foundation, explores the nuanced impacts of AI adoption on jobs and work quality. Contrary to the doomsday predictions, the report suggests that AI could have a positive influence on employment and job quality.

The study, conducted by the Institute for the Future of Work (IFOW), indicates that AI adoption is already well underway in UK firms. However, rather than leading to widespread job loss, it suggests that AI has the potential to create more jobs and improve the quality of existing ones.

Anna Thomas, Co-Founder and Director of the IFOW, expressed optimism about the study’s results: “This report not only highlights that the adoption of AI is well underway across UK firms but that it is possible for this tech transformation to lead to both net job creation and more ‘good work’ – great news as we look to solve the UK’s productivity puzzle.”

“With the [UK-hosted global] AI Summit fast approaching, Government must act urgently to regulate, legislate and invest so that UK firms and workers can benefit from this fast-moving technology.”

One key takeaway from the study is the importance of regional investment in education and infrastructure to make all areas of the UK ‘innovation ready.’ The study also emphasises the need for firms to engage workers when investing in automation and AI.

Taking these suggested actions could help ensure that the benefits of AI are distributed more evenly across regions and demographics, reducing existing inequalities.

Professor Sir Christopher Pissarides, Nobel Laureate and Co-Founder of IFOW, stressed the significance of placing “good jobs” at the heart of an economic and industrial strategy in the age of automation. He believes that the study provides valuable insights into how this can be achieved.

The IFOW’s study suggests that with the right approach, AI adoption can lead to a positive transformation of the labour market. By investing in education, infrastructure, and worker engagement, the UK can harness the potential of AI to create more jobs and improve job quality across the country.

Matt Robinson, Head of Nations and Regions, techUK, commented: “Realising the benefits of technologies like AI for all will mean getting the right foundations in place across areas like digital infrastructure and skills provision in every part of the UK to enable and create high-quality digital jobs.

“Access to good digital infrastructure, as well as skills and talent, is a priority for techUK members, and the Institute’s work provides welcome insights into their importance for creating good work throughout the country.”

While the IFOW’s study paints a more positive outlook on the adoption of AI than most headlines, it will be an uphill battle to convince the wider public.

A poll of US adults released this week by Mitre-Harris found the majority (54%) believe the risks of AI and just 39 percent of adults said they believed today’s AI technologies are safe and secure — down nine points from the previous survey.

As the AI industry continues to evolve, urgent action from governments, employers, and employees is essential to realise the opportunities, manage the risks, and convince a wary public of the technology’s benefits.

A copy of the full working paper can be found here (PDF)

(Photo by Damian Zaleski on Unsplash)

See also: CMA sets out principles for responsible AI development 

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The ongoing skills shortage is making it difficult for businesses to attract, and retain, tech industry talent. AI expertise is particularly in-demand.

Among the sectors that have seen the biggest increase on Fiverr’s platform include ‘Accounting and Finance’ services, which has seen an 835 percent increase over the past six months—showing a clear demand for AI and machine learning technologies that can help businesses streamline their financial processes and optimise operations.

The report also highlighted the growing trend for AI in creative industries, with AI art seeing a 6,223 percent increase in searches in the UK over the past six months. This suggests that businesses are increasingly exploring the use of AI technologies to create new and innovative products in the creative sector.

Bukki Adedapo, UK Country Manager at Fiverr, said:

“The services that are trending on the Fiverr platform are indicative of society’s rapidly increasing awareness and adoption of AI on a wider scale, following the launch of a number of generative AI tools to varied success.

What may be a little more surprising is the suggestion that UK businesses are actually being founded more now during a time of global economic turbulence than before. Having said this, often recessions and times of dramatic global shifts present new opportunities for businesses to prosper.

In the last 6 months, businesses and freelancers have certainly been tested, but we’re delighted that Fiverr is helping them to overcome the odds.”

Despite the economic challenges caused by the pandemic, a large number of businesses are still being founded in the UK.

Fiverr’s data suggests that there has been a significant uptick in Business Naming services (+51%) and Website Development (+92%) over the past six months, indicating that UK businesses are continuing to back themselves to thrive during the economic downturn.

Overall, the latest Business Trends Index shows that businesses and freelancers are adapting to the challenges of the pandemic, with many looking to technology to help them navigate the changing landscape.

The rise in demand for AI services highlights the growing recognition of the benefits that these technologies can offer, from automating mundane tasks to improving decision-making processes.

Alexia Pedersen, VP of EMEA at O’Reilly, commented:

“As the demand for jobs increases, so will the need for digital skills in order to meet the growing demand. However, our research shows that demand for digitally skilled workers in the UK is outgrowing the level of digital skills available. 

To minimise the growing skills gap, organisations must invest in creating a highly skilled workforce to meet the growing availability of staff. At the same time, employees should prioritise L&D to make themselves an invaluable asset to their company – proactively identifying training opportunities with a quality L&D partner, particularly one that aligns with their unique learning style and objectives.

While there is no cookie-cutter approach to upskilling, individuals should be granted access to a range of learning opportunities as part of a defined path of individual development and wider organisational culture of personal development.”  

As the world continues to evolve, businesses that are quick to embrace AI and other emerging technologies are likely to be best positioned for success in the years ahead.

Want to learn more about AI and big data from industry leaders? Check out AI & Big Data Expo taking place in Amsterdam, California, and London. The event is co-located with Digital Transformation Week.

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Despite recent high-profile layoffs, the wider talent shortage is ongoing. Organisations looking to attract, or retain, the best candidates are offering numerous unique benefits.

However, research from BenchSci finds that AI, machine learning, and data professionals are mostly looking for flexibility and stability in their future career.

Vanessa Ribreau, Chief People Officer at BenchSci, said:

“While the global economy continues to face challenges and instability, competition for tech talent is not slowing down.

This research, conducted with one of the most sought-after groups in terms of tech talent, clearly shows that well-recognised names and generous salaries are no longer enough to entice the brightest talent.”

Here are the top five priorities of talent when choosing an employer: 

• Flexibility (e.g. Flexible hours, unlimited vacation days)
• Chance for progression
• Remuneration
• Stability
• Challenge

Among the areas that professionals value less – but are often focused on by employers – include whether the organisation is doing good in the world and has environmentally-sustainable practices, and benefits such as healthcare plans.

“Talent are willing to invest their personal capital in the form of time, energy, and labour for the right company, but only for a healthy return on their investment. Career progression and personal development are a must,” adds Ribreau.

“The companies that will stay ahead are the ones who think of their employees as key stakeholders, not a means to an end.”

When assessing stability, the top aspects that respondents look for in an employer are their plans for long-term growth (46%) and strong profit margins (43%).

Elizabeth Hanson, Director of Engineering, Data Delivery at BenchSci, commented:

“Despite widespread murmurings of employees being flighty, perhaps as a result of the pandemic and the current recessionary environment, the data firmly shows that the AI workforce is still thinking long-term.

Engineers specifically are looking for companies where they can invest their time, energy, and expertise in return for growth opportunities – both financial and developmental. This is the trend I’ve seen while hiring and searching for roles myself. 

Workplaces that meet these needs will not only attract the best talent, but retain them too.”

You can find a full copy of BenchSci’s whitepaper here.

(Photo by Hunters Race on Unsplash)

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The data, retrieved by the Parliament Street think tank, shows that DCMS has spent an estimated £20,606,100 on data scientist and data analyst roles between 2017 and 2021.

Niall Crosby, CEO of AG Grid, commented:

“Today’s digital world creates a lot of data, and the ability to process, understand, and make decisions based on this data is very important.

Investing in data analytics will enable the Department of Culture, Media and Sport to operate more efficiently.

I am delighted to see the investment the government is making in this area.”

Last year saw record investment in data scientist/analyst roles. Around £7,383,000 was spent by DCMS in 2021 on bolstering its talent; a 75 percent increase over 2020 when an estimated £4,213,800 was spent.

Here’s the full breakdown:

As of 2021, DCMS employs around 150 full-time staff relating to data science.

(Photo by Colin Watts on Unsplash)

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A large number of vacancies across many sectors of the jobs market are leading employers to offer higher salaries to attract and retain staff. With inflation expected to hit five percent next year, workers are simultaneously looking for pay increases to keep pace with the cost of living.

Adrian Smith, Senior Director of Operations at Randstad UK, said:

“Since February, employers have started having to put the pedal to the metal when it comes to starting salaries.

When it comes to the best data scientists in London, we will be seeing six-figure sums offered to new joiners by spring of 2022—that’s despite London-weighting losing some of its power, as more people choose to work remotely.

Organisations simply have no choice, the jobs market is burning white hot. Organisations are offering large signing-on bonuses, employees are asking for raises three months after they join, and headhunters are cornering hot recruits before they’ve even settled behind their desks.

Companies are scrambling to hire and retain the people they need and talented data scientists are critical to the performance of the team of any director of data science.”

The average UK salary for a data scientist in February 2020 was £47,600. Over the pandemic, that only increased marginally to £47,800. With the worst of the pandemic now (hopefully) behind us, many employees are in for bigger paydays.

By April 2022, the average salary for a data scientist is forecast to hit £68,100.

“As a result, any head of data or director of data who isn’t paying top dollar is going to end up weakening their talent pool. They’ll soon discover that without the best people, their data team is an empty shell,” commented Smith.

“Even if they recognise the benefits of strengthening their data team’s talent pool,  they’ll need to start thinking and acting differently if they’re going to win the war for talent.”

Other sectors – including high flyers in banks, insurers, and professional services within London’s financial services sector – are expected to see even bigger growth, with the base salaries of “A-players” set to break the £100,000 barrier over the same period.

“Venerable bastions of data talent – such as investment banks and consulting firms – are losing talent to tech start-ups,” added Smith. “The war for talent has reemerged from the ashes of the pandemic and will continue to reshape the workplace for the next decade.”

Bonuses for workers in the UK’s tech sector are also on the increase. The forecast for an individual’s bonus is 25 percent higher than last year.

“Base salary is not the whole story. Overall, data scientists are expecting another four percent in bonuses as well. In the capital, that could represent a juicy four grand for the best and the brightest,” concludes Smith.

(Photo by Fred Moon on Unsplash)

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Within three months of investment in automation technologies, UK companies saw an average increase of five percent – or £14 billion – per month.

The impact on US businesses was even higher. Over the same three-month period, US companies witnessed an average year-on-year increase in revenue of seven percent—equivalent to an extra $195 billion per month.

Unsurprisingly, businesses that invested more heavily in automation displayed more resilience during the COVID-19 pandemic.

If the US entered the pandemic with similar levels of automation as Singapore, the report suggests the country could have reduced its GDP contraction by $105-212 billion.

The UK, meanwhile, could have prevented its 2020 GDP contraction by around £10-14 billion if it matched the automation levels of the US.

“Our new research confirms a significant positive relationship between automation and economic resilience,” said Josie Dent, Managing Economist at CEBR.

“The adoption of automation, spurred on by the recent pandemic, has helped organisations shield themselves from disruption and quickly position themselves for accelerated growth.”

Rather than destroy jobs, as some fear, automation is boosting employment.

US companies saw an average annual increase in employment of seven percent – equivalent to 7.2 million jobs – within three months of adopting automation technologies.

Over the same period, UK counterparts created an average increase of four percent in jobs—equivalent to around 676,000 roles.

The report suggests that automation has the potential to boost productivity in the UK by 15 percent in the long-term. The healthcare, social work, and transportation industries were noted as particularly benefiting from automation.

“Automation has also led to job creation and greater worker productivity, a significant contrast to the economic picture seen in the period following the global financial crisis,” explained Dent.

The pandemic and clear benefits of automation have driven more businesses than ever to invest in relevant technologies.

In the US, companies spent an average of 13 percent of their annual revenue (amounting to $4.4 trillion) on automation-related technologies. In the UK, companies spent an average of 8 percent of their revenue, or £268 billion in total.

“This first of its kind report from Cebr demonstrates the power of automation to help businesses navigate widespread disruption, and shows how it can be used as a tool to accelerate growth in a post-pandemic age,” said Gaurav Dhillon, CEO at SnapLogic. 

“Businesses today need to equip themselves with enterprise automation technologies that will allow them to quickly adapt and execute business strategies in a rapidly-changing world.”

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