Half of UK Executives Think AI Will Mean Fewer Jobs

Article content(Bloomberg) — Artificial intelligence is increasingly expected to lower Britain’s level of employment during the next decade, according to a poll of executives, with entry-level roles bearing the brunt.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentAround half of business leaders fear net job losses across the economy, the Accenture research shows, up from a third when the survey took place two years ago. Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentThe authors of the report, shared with Bloomberg, warned of a vicious cycle. “If leaders assume displacement is inevitable,” they wrote, “the incentive to invest in workforce transition weakens.”Article contentArticle contentYoung people are most at risk. The share of leaders who expect AI to boost demand for entry-level roles has collapsed to 15% from 40% two years ago. Almost 40% now expect AI to reduce demand for entry-level roles, up from about a fifth. Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentYouth unemployment has become a pressing problem for Prime Minister Keir Starmer as the share of jobless 16-24 year-olds is at its highest in a decade, due to a mix of steep employment costs and technology affecting white-collar sectors.Article contentMatt Prebble, the CEO of Accenture’s UK and Ireland business, said the UK has to “get its swagger back,” speaking in an interview. He urged executives to focus on using the technology as a “driver of quality and revenue, not just efficiency.”Article contentThe report showed Britons are quickly adopting AI to enhance their work. Almost a fifth of employees now use generative AI daily, three times as many as two years ago.Article contentBut progress at the company level is much slower, suggesting that AI won’t show up in the UK’s GDP numbers anytime soon. AI is still mainly used for minor tasks rather than key processes, and businesses have not yet changed their systems and workflows to support it.Article contentThis disconnect between workers and their bosses reflects different approaches to AI. Workers use it to improve the quality of their work, while leaders tend to see it mainly as a way to cut costs rather than grow revenue, the survey showed.Article contentHowever, looking at 17 industries, Accenture found that AI could boost revenue by more than twice as much as it could save in labor costs, with energy, life sciences and retail among the top winners.Article contentAccenture’s findings are based on a survey of 2,085 employees and 510 business executives across the UK and Northern Ireland between February and March.Article contentTrending US Seizes First Iranian Ship in Blockade, Imperiling Talks PMN Business Posthaste: Why Canadians might be doomed to suffer a 'new normal' for oil prices News Brace for gas price 'shock' in inflation numbers out Monday, say economists Economy Bank of Canada's Macklem says he has spoken to Fed chair about risks from Anthropic's Mythos AI model Banking 'The impacts are massive': U.S. tariff change pushes Canadian manufacturers to the brink Economy Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. US Seizes First Iranian Ship in Blockade, Imperiling Talks PMN Business Posthaste: Why Canadians might be doomed to suffer a 'new normal' for oil prices News Brace for gas price 'shock' in inflation numbers out Monday, say economists Economy Bank of Canada's Macklem says he has spoken to Fed chair about risks from Anthropic's Mythos AI model Banking 'The impacts are massive': U.S. tariff change pushes Canadian manufacturers to the brink Economy