IT Home On October 14, according to Bloomberg, a权威 survey of chief financial officers shows that many large companies in the UK are planning to replace employees with artificial intelligence over the next year.
A report released by Duke University on Wednesday local time states, even though the application of artificial intelligence is still in its early stages, 52% of chief financial officers expect to lay off employees using this technology. More than two-thirds (67%) of the respondents said that only one-fourth of the changes expected by artificial intelligence have been achieved so far.
This report further confirms that the UK is experiencing a resurgence in jobless growth, which poses a political challenge for the Labour government led by Prime Minister Andy Burnham. The implementation of artificial intelligence, combined with high labor costs, has prompted companies to refrain from hiring more staff during expansion. As a result, the number of long-term unemployed people is increasing continuously, and the youth unemployment rate has reached a new high in over a decade. This phenomenon is very unusual in an economy that is growing faster than its European peers.
This also highlights the challenges faced by Minister of Artificial Intelligence Affairs Kanishka Narayan. In his speech on Monday, he promised, “We will never let ordinary workers bear the cost of the artificial intelligence revolution alone.”
Narayan said, “I understand that people naturally worry about their jobs and how artificial intelligence will affect the future of the next generation. I also feel this concern and unease.”
Although companies are using artificial intelligence to reduce costs, it is uncertain whether this technology will boost profits. A Deloitte report shows that only one-third of chief financial officers believe that artificial intelligence will help increase profit margins in the next year.
Deloitte surveyed 66 chief financial officers between September 17 and October 1, of which 12 came from FTSE 100 constituents companies, and 25 from FTSE 250 constituents companies.
IT Home noticed that the London training platform Multiverse released another report this week. The platform was founded by Euan Blair. The report states that it is difficult for companies to combine investment in artificial intelligence with the development of their employees’ skills. Blair said, “Almost no company knows exactly what tasks employees can perform using artificial intelligence, which results in wasted investment.” The report mentions that companies are continuously spending more on purchasing artificial intelligence tools, but they do not train their employees to use them properly.