AI Won't Take as Many Jobs as Expected: Study.

A recent study by MIT's Computer Science and Artificial Intelligence Laboratory (CSAIL) suggests that the impact of artificial intelligence (AI) on jobs might be less severe than anticipated. The study examined the efficiency and cost-effectiveness of AI in comparison to human labor. Currently, computer vision AI can automate tasks equivalent to 1.6% of worker wages in the US, excluding agriculture. However, the study indicates that only 23% of these tasks would be economically viable for companies to automate at current costs. In simpler terms, while AI job displacement is expected, the study suggests it will be gradual, allowing room for government policies and retraining initiatives to mitigate unemployment impacts. The research also highlighted that, for now, the cost-effectiveness of AI in replacing human workers is limited, especially in tasks related to visual detection. The study acknowledges that the cost of AI may decrease over time, but it might not happen as rapidly as some predictions suggest, giving industries time to adapt.

Bank of England Governor: AI will not destroy jobs

Bank of England Governor Andrew Bailey is optimistic that Artificial Intelligence (AI) won't lead to job losses but will enhance human efficiency. The UK's economic assessment indicates that AI investments will boost productivity. The House of Lords committee advises against excessive AI regulation to foster development.

UK Employment Law Updates for 2024

In anticipation of 2024, significant employment law changes are on the horizon, bringing practical implications for HR professionals and business leaders in the United Kingdom. Key modifications include streamlining TUPE consultations for small businesses and those transferring fewer than 10 employees, simplifying the process. Starting April 6, 2024, redundancy protection expands, requiring employers to offer suitable alternative employment during the redundancy process to a broader category of employees, including those on family leave. Other changes encompass the ability to roll up holiday pay for atypical workers, the option for workers to carry over annual leave, enhanced protections against sexual harassment, and flexible working adjustments allowing employees to request flexibility from day one of employment. Working pattern protections, carer's leave, and amendments to paternity leave rights are also scheduled. Moreover, the government aims to cap post-employment non-compete clauses at a maximum of three months. As the prospect of a General Election looms, the Labour Party pledges an Employment Rights Bill within the first 100 days of office, foreseeing transformative changes like uncapped unfair dismissal awards and the prohibition of zero-hours contracts. Stay tuned for further updates on these evolving regulations.

The lack of clear guidelines and training is evident, with 7 in 10 workers globally having never received proper training on the safe and ethical use of generative AI. The survey also highlights unethical behaviors, such as passing off AI work as their own and exaggerating AI skills to secure job opportunities. The findings emphasize the need for businesses to establish clear guidelines and provide training to ensure the responsible use of generative AI in the workplace.

9 Workplace Trends for 2024 That Will Change Our Work Lives

Wondering what's in store for work in 2024? Fast Company has the lowdown on 9 trends shaping the workplace. The labor market seems stable, but some folks feel less optimistic about it. Unfortunately, diversity and inclusion programs might take a hit, but smart companies are focusing on skill-based hiring and keeping remote work policies. Benefits are adapting, with part-timers getting more attention and eligibility starting from day one. Good news for job seekers! Many companies plan to hire, especially gig workers. Artificial Intelligence (AI) is stepping up in the hiring process. More applicants are using tools like ChatGPT for resumes, and hiring managers are emphasizing skills over degrees. This shift benefits both companies and job seekers, opening up opportunities. Job hunting in 2024 involves AI skills gaining prominence, but soft skills still matter. Upskilling is a big trend, ensuring your skills stay relevant in the changing job landscape.

Josh Bersin's HR Outlook for 2024: A Roadmap for Success

Josh Bersin outlines several transformative predictions for the HR landscape in 2024. He foresees a significant paradigm shift where AI will impact every company and job, prompting a relentless pursuit of productivity. Traditional hiring cycles are evolving, urging companies to "hoard talent," invest in productivity, and strategically redeploy resources for growth. The current workforce landscape involves a 3.8% unemployment rate, labor shortages, and an empowered workforce making demands for pay raises and flexibility. Career dynamics are shifting towards skills-based paths, with employees feeling empowered to change jobs and explore different industries. Global workforce changes, declining fertility rates, and the rise of labor unions contribute to a dynamic environment. To navigate these shifts, Bersin emphasizes the importance of high-retention models, focusing on pay equity, hybrid work structures, and internal career development.

HR Technology in 2024: GenAI, Analytics and Skills Tech

In 2024, HR technology is evolving with a focus on generative artificial intelligence (GenAI), advanced analytics, and skills technology. Forward-thinking companies are advised to continue investing in employee experience (EX), emphasizing its long-term benefits. GenAI is moving from experimentation to broader adoption, prompting HR leaders to prioritize reskilling programs. Change management strategies are gaining importance for the effective adoption of new HR software. Employee engagement surveys are being rethought to combat survey fatigue, with an emphasis on meaningful measurement tools. Skills technologies, including AI-driven skills ontologies, are aiding skill-based hiring and promoting strategies. Predictive analytics tools are growing, enabling HR to enhance workforce planning and data-driven decision-making. Despite challenges, HR technology in 2024 is geared towards positive employee experiences, effective change management, and data-driven decisions.