Latest news with #TeraAllas
Yahoo
14-07-2025
- Business
- Yahoo
AI Is Already Showing Signs of Slashing UK Job Openings
(Bloomberg) -- UK businesses are dialing back hiring for jobs that are likely to be affected by the rollout of artificial intelligence, a study found, suggesting the new technology is accentuating a slowdown in the nation's labor market. Why Did Cars Get So Hard to See Out Of? How German Cities Are Rethinking Women's Safety — With Taxis Philadelphia Reaches Pact With Workers to End Garbage Strike Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests Job vacancies have declined across the board in the UK as employers cut costs in the face of sluggish growth and high borrowing rates, with the overall number of online job postings down 31% in the three months to May compared with the same period in 2022, a McKinsey & Co. analysis found. But it has been the most acute for occupations expected to be significantly altered: Postings for such jobs — like white-collar ones in tech or finance — dropped 38%, almost twice the decline seen elsewhere, according to the consulting firm. The data provides a glimpse of how AI has started to reshape the job market since late 2022, when the release of ChatGPT set off waves of investment in the new technology and started factoring into corporate planning. 'The anticipation of significant – albeit uncertain – future productivity gains, especially as the technology and its applications mature, is prompting companies to review their workforce strategies and pause aspects of their recruitment,' said Tera Allas, a senior adviser at McKinsey. Businesses have been expecting the new technology to deliver big productivity gains and reshape large segments of the economy. Governments have also sought to harness its potential, with Prime Minister Keir Starmer recently focusing a cabinet meeting on how it could potentially be used to improve the government services and living standards. In the near term, though, the technology appears to be exerting another drag on the UK job market just as tax increases prompt cuts in lower-skilled sectors like retail and hospitality and the pace of economic growth stalls. Separately, a monthly report by KPMG and the Recruitment and Employment Confederation found that hiring plunged in June at the fastest pace in nearly two years. Occupations considered to be highly exposed to AI — meaning the technology can replace at least some of the tasks involved — have recorded the sharpest contractions in vacancies, McKinsey's analysis showed. Demand for jobs such as programmers, management consultants or graphic designers fell more than 50% over the last three years. Some of that may also be due to industry-specific issues and a challenging macroeconomic backdrop. But McKinsey said in some sectors, like professional services and information technology, the number of job openings dropped even as businesses reported healthy growth rates. Data shared by job-search website Indeed also indicated early signs that AI is affecting hiring decisions. It showed that employers tend to cut hiring in fields that involve building or using AI tools, according to Pawel Adrjan, director of EMEA economic research at the Indeed Hiring Lab. For example, vacancies in mathematics, which mainly consist of data science and analytics roles, had the highest share of AI mentions in job descriptions but are down almost 50% from pre-pandemic levels, Indeed figures showed. At the other end of the spectrum, real estate or education jobs that barely mention the technology grew over the period. Some entry-level jobs involving tasks like summarizing meetings or sifting through documents are particularly exposed to AI, accelerating a decline in such roles as companies streamline headcount costs. Entry-level postings, which include apprenticeships, internships or junior jobs with no degree requirements, have fallen by almost a third since ChatGPT came to market at the end of 2022, according to data from job-search website Adzuna. 'The rapid rise of artificial intelligence is adding pressure on young jobseekers, who are still in the grip of the Covid aftermath, marked by inflation, economic headwinds, and low business confidence,' said James Neave, head of data science at Adzuna. --With assistance from Joe Mayes. (Updates to add KPMG report in seventh paragraph.) 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Trump's Cuts Are Making Federal Data Disappear Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot Trade War? No Problem—If You Run a Trade School Will Trade War Make South India the Next Manufacturing Hub? ©2025 Bloomberg L.P. Sign in to access your portfolio
NDTV
14-07-2025
- Business
- NDTV
AI Drives 38% Decline In White-Collar Jobs In UK, Finds McKinsey
UK businesses are dialing back hiring for jobs that are likely to be affected by the rollout of artificial intelligence, a study found, suggesting the new technology is accentuating a slowdown in the nation's labour market. Job vacancies have declined across the board in the UK as employers cut costs in the face of sluggish growth and high borrowing rates, with the overall number of online job postings down 31% in the three months to May compared with the same period in 2022, a McKinsey & Co. analysis found. But it has been the most acute for occupations expected to be significantly altered by AI: Postings for such jobs - like white-collar ones in tech or finance - dropped 38%, almost twice the decline seen elsewhere, according to the consulting firm. "The anticipation of significant - albeit uncertain - future productivity gains, especially as the technology and its applications mature, is prompting companies to review their workforce strategies and pause aspects of their recruitment," said Tera Allas, a senior adviser at McKinsey. The trend appears to be exerting another drag on the UK job market just as tax increases prompt cuts in lower-skilled sectors like retail and hospitality and the pace of economic growth stalls. Occupations considered to be highly exposed to AI - meaning the technology can replace at least some of the tasks involved - have recorded the sharpest contractions in vacancies, McKinsey's analysis showed. Demand for jobs such as programmers, management consultants or graphic designers fell more than 50% over the last three years. Some of that may also be due to industry-specific issues and a challenging macroeconomic backdrop. But McKinsey said in some sectors, like professional services and information technology, the number of job openings dropped even as businesses reported healthy growth rates. Data shared by job-search website Indeed also indicated early signs that AI is affecting hiring decisions. It showed that employers tend to cut hiring in fields that involve building or using AI tools, according to Pawel Adrjan, director of EMEA economic research at the Indeed Hiring Lab. For example, vacancies in mathematics, which mainly consist of data science and analytics roles, had the highest share of AI mentions in job descriptions but are down almost 50% from pre-pandemic levels, Indeed figures showed. At the other end of the spectrum, real estate or education jobs that barely mention technology grew over the period. Some entry-level jobs involving tasks like summarizing meetings or sifting through documents are particularly exposed to AI, accelerating a decline in such roles as companies streamline headcount costs. Entry-level postings, which include apprenticeships, internships or junior jobs with no degree requirements, have fallen by almost a third since ChatGPT came to market at the end of 2022, according to data from job-search website Adzuna. "The rapid rise of artificial intelligence is adding pressure on young jobseekers, who are still in the grip of the Covid aftermath, marked by inflation, economic headwinds, and low business confidence," said James Neave, head of data science at Adzuna.
South China Morning Post
14-07-2025
- Business
- South China Morning Post
AI is already showing signs of slashing job openings in the UK
UK businesses are dialling back hiring for jobs that are likely to be affected by the roll-out of artificial intelligence, a study found, suggesting the new technology is accentuating a slowdown in the nation's labour market. Job vacancies have declined across the board in the UK as employers cut costs in the face of sluggish growth and high borrowing rates, with the overall number of online job postings down 31 per cent in the three months to May compared with the same period in 2022, a McKinsey & Co analysis found. But it has been the most acute for occupations expected to be significantly altered by AI: Postings for such jobs – like white-collar ones in tech or finance – dropped 38 per cent, almost twice the decline seen elsewhere, according to the consulting firm. 'The anticipation of significant – albeit uncertain – future productivity gains, especially as the technology and its applications mature, is prompting companies to review their workforce strategies and pause aspects of their recruitment,' said Tera Allas, a senior adviser at McKinsey. The decline in job vacancies has been the most acute for occupations expected to be significantly altered by AI. Photo: Shutterstock Images The trend appears to be exerting another drag on the UK job market just as tax increases prompt cuts in lower-skilled sectors like retail and hospitality and the pace of economic growth stalls.
Straits Times
14-07-2025
- Business
- Straits Times
AI is already showing signs of slashing job openings in the UK: Study
Job vacancies have declined across the board in the UK as employers cut costs in the face of sluggish growth and high borrowing rates. Businesses in Britain are dialling back hiring for jobs that are likely to be affected by the roll-out of artificial intelligence, a study found, suggesting the new technology is accentuating a slowdown in the nation's labour market. Job vacancies have declined across the board in Britain as employers cut costs in the face of sluggish growth and high borrowing rates, with the overall number of online job postings down 31 per cent in the three months to May compared with the same period in 2022, a McKinsey & Co. analysis found. But it has been the most acute for occupations expected to be significantly altered by AI: Postings for such jobs – like white-collar ones in tech or finance – dropped 38 per cent, almost twice the decline seen elsewhere, according to the consulting firm. 'The anticipation of significant – albeit uncertain – future productivity gains, especially as the technology and its applications mature, is prompting companies to review their workforce strategies and pause aspects of their recruitment,' said McKinsey senior adviser Tera Allas. The trend appears to be exerting another drag on the UK job market just as tax increases prompt cuts in lower-skilled sectors like retail and hospitality and the pace of economic growth stalls. Occupations considered to be highly exposed to AI – meaning the technology can replace at least some of the tasks involved – have recorded the sharpest contractions in vacancies, McKinsey's analysis showed. Demand for jobs such as programmers, management consultants or graphic designers fell more than 50 per cent over the last three years. Some of that may also be due to industry-specific issues and a challenging macroeconomic backdrop. But McKinsey said in some sectors, like professional services and information technology, the number of job openings dropped even as businesses reported healthy growth rates. Top stories Swipe. Select. Stay informed. Business Singapore's economy continues to expand in Q2 despite US tariff uncertainty: Advance estimate Singapore Singapore to train more aviation and maritime officials from around the world Singapore What's in a name? Local author traces the evolution of Singaporean Chinese names Business From wellness zone to neurodivergent room: How companies are creating inviting, inclusive offices Singapore Swift action needed to stop vaping's slide from health risk to drug epidemic Singapore Govt will continue to support families, including growing group of seniors: PM Wong at PCF Family Day Singapore Art by Pathlight students to be displayed along Singapore River Sport Jannik Sinner dethrones Carlos Alcaraz to capture maiden Wimbledon crown Data shared by job-search website Indeed also indicated early signs that AI is affecting hiring decisions. It showed that employers tend to cut hiring in fields that involve building or using AI tools, according to Mr Pawel Adrjan, director of EMEA economic research at the Indeed Hiring Lab. For example, vacancies in mathematics, which mainly consist of data science and analytics roles, had the highest share of AI mentions in job descriptions but are down almost 50 per cent from pre-pandemic levels, Indeed figures showed. At the other end of the spectrum, real estate or education jobs that barely mention the technology grew over the period. Some entry-level jobs involving tasks like summarising meetings or sifting through documents are particularly exposed to AI, accelerating a decline in such roles as companies streamline headcount costs. Entry-level postings, which include apprenticeships, internships or junior jobs with no degree requirements, have fallen by almost a third since ChatGPT came to market at the end of 2022, according to data from job-search website Adzuna. 'The rapid rise of artificial intelligence is adding pressure on young jobseekers, who are still in the grip of the Covid aftermath, marked by inflation, economic headwinds, and low business confidence,' said Mr James Neave, head of data science at Adzuna. BLOOMBERG
Business Times
14-07-2025
- Business
- Business Times
AI is already showing signs of slashing job openings in the UK
[LONDON] UK businesses are dialling back hiring for jobs that are likely to be affected by the rollout of artificial intelligence (AI), a study found, suggesting the new technology is accentuating a slowdown in the nation's labour market. Job vacancies have declined across the board in the UK as employers cut costs in the face of sluggish growth and high borrowing rates, with the overall number of online job postings down 31 per cent in the three months to May compared with the same period in 2022, a McKinsey analysis found. But it has been the most acute for occupations expected to be significantly altered by AI: Postings for such jobs, such as white-collar ones in tech or finance, dropped 38 per cent, almost twice the decline seen elsewhere, according to the consulting firm. 'The anticipation of significant, albeit uncertain, future productivity gains, especially as the technology and its applications mature, is prompting companies to review their workforce strategies and pause aspects of their recruitment,' said Tera Allas, a senior adviser at McKinsey. The trend appears to be exerting another drag on the UK job market, just as tax increases prompt cuts in lower-skilled sectors such as retail and hospitality and the pace of economic growth stalls. Occupations considered to be highly exposed to AI, meaning the technology can replace at least some of the tasks involved, have recorded the sharpest contractions in vacancies, McKinsey's analysis showed. Demand for jobs such as programmers, management consultants or graphic designers fell by more than 50 per cent over the last three years. A NEWSLETTER FOR YOU Friday, 3 pm Thrive Money, career and life hacks to help young adults stay ahead of the curve. Sign Up Sign Up Some of that may also be due to industry-specific issues and a challenging macroeconomic backdrop. But McKinsey said in some sectors, such as professional services and information technology, the number of job openings dropped even as businesses reported healthy growth rates. Data shared by job-search website Indeed also indicated early signs that AI is affecting hiring decisions. It showed that employers tend to cut hiring in fields that involve building or using AI tools, according to Pawel Adrjan, director of EMEA economic research at the Indeed Hiring Lab. For example, vacancies in mathematics, which mainly consist of data science and analytics roles, had the highest share of AI mentions in job descriptions but are down almost 50 per cent from pre-pandemic levels, according to Indeed figures showed. At the other end of the spectrum, real estate or education jobs that barely mention the technology grew over the period. Some entry-level jobs involving tasks such as summarising meetings or sifting through documents are particularly exposed to AI, accelerating a decline in such roles as companies streamline headcount costs. Entry-level postings, which include apprenticeships, internships or junior jobs with no degree requirements, have fallen by almost a third since ChatGPT came to market at the end of 2022, according to data from job-search website Adzuna. 'The rapid rise of artificial intelligence is adding pressure on young job seekers, who are still in the grip of the Covid-19 aftermath, marked by inflation, economic headwinds, and low business confidence,' said James Neave, head of data science at Adzuna. BLOOMBERG
